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Mexico Copper Market Size, Share, Trends, Growth, Forecast: By End-Use: Automotive and Heavy Equipment, Electrical and Electronics, Construction, Industrial, Others; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Value Chain Analysis; Competitive Landscape; 2024-2032
Mexico Copper Market Outlook
The Mexico copper market size reached USD 2.81 billion in 2023. The market is expected to grow at a CAGR of 5.7% between 2024 and 2032, reaching almost USD 4.6 billion by 2032.
Key Takeaways
- The latest copper price stands at USD 8,399.94/MT, reflecting a 2.57% increase from December and a 0.29% rise from January 2023.
- Mexico ranks ninth globally in copper output, with a 2% increase in 2022, reaching 753,885 tons. Grupo México dominated Mexican copper production in 2022, holding a 73.3% market share, trailed by Minera Frisco, Santa María de la Paz y Anexas, Capstone Copper, and Invecture Group.
In 2022, Mexico solidified its position as the world's ninth-largest copper producer, with a 3% increase in output compared to 2021. Although it accounts for 4% of global production, Mexico's significance in the copper market is notable, with exports soaring by 21% in 2022, predominantly to China. Despite challenges faced by some major producers like Grupo Mexico experiencing a 4% output decline, Mexico's overall production reached 753,885 tons in 2022, a 2% uptick from 2021. The nation's top mines, including Buenavista del Cobre and La Caridad, contributed significantly to the output while aiding the Mexico copper market growth.
China remains the largest importer of Mexican copper, with a notable 21% increase in exports observed in 2022. However, other major buyers such as Japan, Peru, Canada, and the Philippines also play a significant role in Mexico's copper export landscape. Mexico's copper industry is expected to continue growth, driven by surging global demand, particularly in renewable energy and electric vehicle sectors. The government's support through infrastructure investment and exploration promotion further augments this positive outlook.
Forecasts indicate an optimistic future for copper prices, with expectations reaching as high as USD 15,000/MT by 2025. This bullish sentiment is underpinned by factors such as increasing green energy initiatives globally and an anticipated decline in the US dollar. With over 60 countries committed to expanding renewable energy capacity, Citibank estimates a substantial surge in copper demand, projecting it to reach 4.2 MT.
The copper market in Mexico not only contributes significantly to the nation's economy but also aligns with global trends towards sustainability and renewable energy. With favourable market conditions and robust forecasts, Mexico's role in the copper market is set to strengthen in the coming years.
Market Segmentation
Mexico Copper Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by End-Use
- Automotive and Heavy Equipment
- Electrical and Electronics
- Construction
- Industrial
- Others
Competitive Landscape
Key players in the copper in Mexico mine the raw materials while developing and manufacturing parts and equipments to support the end users.
- Grupo México, S.A.B. de C.V.
- Bolsa Mexicana de Valores S.A.B. de C.V
- PEÑOLES, S.A. DE C.V.
- Capstone Copper Corp.
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by End-Use |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Market Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Latin America Copper Market Overview
8.1 Key Industry Highlights
8.2 Latin America Copper Historical Market (2018-2023)
8.3 Latin America Copper Market Forecast (2024-2032)
8.4 Latin America Copper Market Share by Country
8.4.1 Brazil
8.4.2 Mexico
8.4.3 Argentina
8.4.4 Colombia
8.4.5 Others
9 Mexico Copper Market Overview
9.1 Key Industry Highlights
9.2 Mexico Copper Historical Market (2018-2023)
9.3 Mexico Copper Market Forecast (2024-2032)
10 Mexico Copper Market by End-Use
10.1 Automotive and Heavy Equipment
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Electrical and Electronics
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Construction
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Industrial
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Market Dynamics
11.1 SWOT Analysis
11.1.1 Strengths
11.1.2 Weaknesses
11.1.3 Opportunities
11.1.4 Threats
11.2 Porter’s Five Forces Analysis
11.2.1 Supplier’s Power
11.2.2 Buyers Powers
11.2.3 Threat of New Entrants
11.2.4 Degree of Rivalry
11.2.5 Threat of Substitutes
11.3 Key Indicators for Demand
11.4 Key Indicators for Price
12 Value Chain Analysis
13 Trade Data Analysis (HS Code: 7419)
13.1 Major Importing Countries
13.1.1 By Volume
13.1.2 By Value
13.2 Major Exporting Countries
13.2.1 By Volume
13.2.2 By Value
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Grupo México, S.A.B. de C.V.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Bolsa Mexicana de Valores S.A.B. de C.V
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 PEÑOLES, S.A. DE C.V.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Capstone Copper Corp.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Latin America Copper Market: Key Industry Highlights, 2018 and 2032
2. Mexico Copper Market: Key Industry Highlights, 2018 and 2032
3. Mexico Copper Historical Market: Breakup by End Use (USD Billion), 2018-2023
4. Mexico Copper Market Forecast: Breakup by End Use (USD Billion), 2024-2032
5. Major Importing Countries by Volume
6. Major Exporting Countries by Volume
7. Major Importing Countries by Value
8. Major Exporting Countries by Value
9. Mexico Copper Market Structure
Key Questions Answered in the Report
The copper market in Mexico is estimated to be valued at USD 2.81 billion in 2023.
The market is projected to grow at a CAGR of 5.7% between 2024 and 2032.
The revenue generated from the copper market is expected to reach USD 4.6 billion in 2032.
The market is categorised according to its end-use, which includes automotive and heavy equipment, electrical and electronics, construction, industrial and others.
The key market players are Grupo México, S.A.B. de C.V., Bolsa Mexicana de Valores S.A.B. de C.V, PEÑOLES, S.A. DE C.V., Capstone Copper Corp., and others.
The market is driven by factors that include increasing automotive manufacturing, rapid urbanisation, and global demand for copper, among others.
Chile is the largest producer of copper globally.
Mexico has solidified its position as the ninth-largest copper producer globally. According to CAMIMEX's report, Mexico's copper production in 2022 reached 753,885 tons, marking a 2% increase compared to the previous year.
Santa Clara receives 10,000 tons of recycled copper weekly from domestic and international electric and telephone firms. In 1981, it resumed its name Santa Clara del Cobre, retaining Salvador Escalante as the municipal name.
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