Copper Matte Market

The global copper matte market is forecasted to experience growth in consumption over the next 8 years, with the market volume expected to reach 957K tons by 2030. The market value is also projected to increase to $3.4B by the same year. Canada emerges as a key player in both consumption and imports of copper mattes and cement copper. Import trends and growth rates indicate a positive outlook for the market in the immediate future.

Market Forecast

Driven by increasing demand for copper mattes and cement copper worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.4% for the period from 2022 to 2030, which is projected to bring the market volume to 957K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.5% for the period from 2022 to 2030, which is projected to bring the market value to $3.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Copper Mattes And Cement Copper

Global copper matte consumption soared to 926K tons in 2022, picking up by 33% against the previous year's figure. The total consumption volume increased at an average annual rate of +2.6% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. As a result, consumption attained the peak volume and is likely to continue growth in the immediate term.

The global copper matte market size rose significantly to $2.6B in 2022, with an increase of 10% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +63.2% against 2016 indices. Over the period under review, the global market reached the peak level in 2022 and is likely to continue growth in the immediate term.

Consumption By Country

Canada (215K tons) remains the largest copper matte consuming country worldwide, comprising approx. 23% of total volume. Moreover, copper matte consumption in Canada exceeded the figures recorded by the second-largest consumer, the Philippines (78K tons), threefold. Chile (74K tons) ranked third in terms of total consumption with an 8% share.

From 2012 to 2022, the average annual growth rate of volume in Canada amounted to +42.7%. The remaining consuming countries recorded the following average annual rates of consumption growth: the Philippines (+2.4% per year) and Chile (+36.8% per year).

In value terms, Chile ($457M), Canada ($392M) and South Korea ($260M) were the countries with the highest levels of market value in 2022, with a combined 43% share of the global market.

Canada, with a CAGR of +42.3%, saw the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of copper matte per capita consumption in 2022 were Canada (5,556 kg per 1000 persons), Chile (3,860 kg per 1000 persons) and Malaysia (2,082 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Canada (with a CAGR of +41.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Copper Mattes And Cement Copper

In 2022, approx. 753K tons of copper mattes and cement copper were produced worldwide; with a decrease of -1.7% against the previous year. Overall, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 1.6% against the previous year. Global production peaked at 789K tons in 2017; however, from 2018 to 2022, production remained at a lower figure.

In value terms, copper matte production rose markedly to $2.7B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Production By Country

The countries with the highest volumes of production in 2022 were Iran (103K tons), the Philippines (79K tons) and Chile (74K tons), together comprising 34% of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by the Philippines (with a CAGR of +2.5%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Copper Mattes And Cement Copper

In 2022, global imports of copper mattes and cement copper skyrocketed to 455K tons, picking up by 66% against the previous year. Overall, imports enjoyed strong growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, copper matte imports rose notably to $1.5B in 2022. Over the period under review, imports recorded a noticeable increase. The pace of growth was the most pronounced in 2020 with an increase of 50%. Global imports peaked in 2022 and are likely to continue growth in the near future.

Imports By Country

Canada was the largest importer of copper mattes and cement copper in the world, with the volume of imports recording 212K tons, which was near 47% of total imports in 2022. It was distantly followed by South Korea (76K tons), Belgium (41K tons), Russia (34K tons) and China (32K tons), together generating a 40% share of total imports. The following importers - Cambodia (17K tons) and Thailand (13K tons) - together made up 6.6% of total imports.

Canada was also the fastest-growing in terms of the copper mattes and cement copper imports, with a CAGR of +136.3% from 2012 to 2022. At the same time, Cambodia (+82.2%), Thailand (+27.3%), South Korea (+22.2%) and Russia (+6.1%) displayed positive paces of growth. By contrast, Belgium (-3.0%) and China (-13.9%) illustrated a downward trend over the same period. While the share of Canada (+47 p.p.), South Korea (+13 p.p.), Cambodia (+3.7 p.p.) and Thailand (+2.4 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Belgium (-12.6 p.p.) and China (-48.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest copper matte importing markets worldwide were Russia ($641M), South Korea ($324M) and Belgium ($150M), with a combined 75% share of global imports. China, Cambodia, Canada and Thailand lagged somewhat behind, together comprising a further 13%.

Cambodia, with a CAGR of +93.8%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average copper matte import price stood at $3,266 per ton in 2022, shrinking by -34.6% against the previous year. Over the period under review, the import price recorded a slight decrease. The pace of growth was the most pronounced in 2021 when the average import price increased by 60%. As a result, import price reached the peak level of $4,995 per ton, and then contracted notably in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Russia ($19,011 per ton), while Canada ($111 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+14.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Copper Mattes And Cement Copper

In 2022, global copper matte exports fell dramatically to 283K tons, shrinking by -17.7% against the previous year's figure. Over the period under review, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 37% against the previous year. Over the period under review, the global exports attained the peak figure at 413K tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, copper matte exports amounted to $1.5B in 2022. In general, exports, however, saw a measured increase. The pace of growth was the most pronounced in 2018 when exports increased by 41%. The global exports peaked in 2022 and are expected to retain growth in years to come.

Exports By Country

In 2022, Iran (72K tons), distantly followed by Finland (40K tons), Canada (36K tons), Belgium (19K tons) and Indonesia (13K tons) were the major exporters of copper mattes and cement copper, together constituting 63% of total exports. Thailand (11K tons), Japan (11K tons), the Netherlands (9.8K tons), India (9.7K tons), Hong Kong SAR (7.8K tons), South Korea (7.1K tons), Brazil (6.6K tons) and Germany (6.1K tons) took a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +190.8%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Finland ($781M) remains the largest copper matte supplier worldwide, comprising 51% of global exports. The second position in the ranking was held by Canada ($268M), with an 18% share of global exports. It was followed by Iran, with a 6.8% share.

In Finland, copper matte exports increased at an average annual rate of +23.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Canada (+3.1% per year) and Iran (+0.3% per year).

Export Prices By Country

In 2022, the average copper matte export price amounted to $5,394 per ton, rising by 34% against the previous year. In general, the export price posted tangible growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Finland ($19,503 per ton), while Thailand ($520 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+17.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform