What does the World Copper Factbook 2025 report about global copper demand?

The report shows a continued rise in global copper demand, with refined copper usage reaching 27.4 million tonnes in 2024, nearly four times higher than five decades ago.

Which country is the largest copper producer?

Chile leads global copper production, contributing nearly 24% of mined copper output.

What is the current global copper refining capacity?

Global refining capacity reached 32.6 million tonnes in 2024, with a capacity utilization rate of 84.3%.

World Copper Factbook 2025: Essential Takeaways and Market Insights

Copper | 2025-10-16 12:11:36

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

By Paul Ploumis

World Copper Factbook 2025: Essential Takeaways and Market Insights

Summary

Rising Copper Production: Global copper production surpassed 23 million tonnes in 2024, with Chile as the top producer (24% of mined output). Smelter output reached 23.3 million tonnes, and refinery production hit 27.5 million tonnes, including 4.7 million tonnes of secondary refined copper.
Growing Copper Consumption: Refined copper usage has nearly quadrupled over the past 50 years, reaching 27.4 million tonnes in 2024, with China consuming about 58% of the total.
Expanding Refining Capacity: Global copper refining capacity reached 32.6 million tonnes in 2024, projected to grow at a 3.8% CAGR through 2028, supported by new and expanded electrolytic refineries, with current capacity utilization at 84.3%.

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.

POLL

Are new copper mine projects under development likely to meet future global demand?

1: Yes, they will significantly boost supply.

2: Partially, but demand growth may still outpace supply.

3: No, they won’t make much impact.

Frequently Asked Questions

What does the World Copper Factbook 2025 report about global copper demand?
The report shows a continued rise in global copper demand, with refined copper usage reaching 27.4 million tonnes in 2024, nearly four times higher than five decades ago.
Which country is the largest copper producer?
Chile leads global copper production, contributing nearly 24% of mined copper output.
What is the current global copper refining capacity?
Global refining capacity reached 32.6 million tonnes in 2024, with a capacity utilization rate of 84.3%.