Peru Copper Market Report and Forecast 2024-2032

Peru Copper Market Outlook 

The Peru copper market size is expected to grow at a CAGR of 5.2% between 2024 and 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.

• With Peru's mine production at 2.2 million metric tons and global output at 21 million metric tons, Peru retains its position as the second-largest copper producer in 2022, marking a 3% increase. China remains its primary export destination, with exports rising by 3%.

In 2021, Peru secured its position as the world's second-largest copper producer from mines, contributing to 10.5% of the global output. With Peru's mine production reaching 2.2 million metric tons, the global output stood at approximately 21 million metric tons. Moving into 2022, Peru maintains its status as the second-largest copper producer, witnessing a 3% increase in output compared to 2021. Accounting for 11% of global production, Peru's main export destination for copper remains China, with exports rising by 3% in 2022 aiding the copper market in Peru.

Noteworthy producers in Peru's copper industry include Freeport-McMoRan, Grupo Mexico, Glencore, China Minmetals, BHP, and Sumitomo Metal Mining. While Freeport-McMoRan experienced a notable 20% increase in output during 2020-2021, Grupo Mexico saw a decrease of 4%, and Glencore decreased by 5%.

Peru has the world's third-largest copper reserves, with significant deposits found in various regions such as Tacna, Arequipa, Moquegua, and Junin. Active mines like Cerro Verde, Las Bambas, and Toquepala contribute to Peru's standing in the global copper market.

With the increasing demand for electric vehicles and renewable energy technology, the Peru copper market development is further anticipated to witness growth. Private investment in mining projects is expected to reach nearly USD 7 billion over the next four years, despite a projected 4.5% drop in overall private investment in the mining and metals sector.

Market Segmentation

Peru 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 Peru mine the raw materials while developing and manufacturing parts and equipment to support the end users.

• Companía Minera Antamina SA

• Sociedad Minera Cerro Verde SAA 

• GRUPO MEXICO 

• MMG Limited 

• Minera Chinalco Perú SA

• Glencore Group

• Others

Key Highlights of the Report