World Copper Factbook 2025: Essential Takeaways and Market Insights

The world refined usage has increased nearly fourfold in the past five decades.

SEATTLE (Scrap Monster): The International Copper Study Group (ICSG) has released the World Copper Factbook 2025, reporting a continued rise in global copper demand. Preliminary data show that global copper production exceeded 23 million tonnes last year, with Chile leading as the top copper producer, contributing nearly 24% of total mined output. Smelter production reached 23.3 million tonnes, while refinery production surged to 27.5 million tonnes in 2024, including 4.7 million tonnes from secondary refining.

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Refined copper usage has grown nearly fourfold over the past five decades. In 2024, total refined copper consumption hit 27.4 million tonnes, with China being the largest consumer, accounting for roughly 58% of global usage.

Global copper refining capacity reached 32.6 million tonnes in 2024 and is projected to expand at a compound annual growth rate (CAGR) of 3.8% through 2028, driven mainly by new and expanded electrolytic refineries. Current capacity utilization stands at 84.3%.

The ICSG report also highlights several copper mine projects under evaluation or development, expected to contribute significantly to future supply growth.