In 2022, the value of copper concentrate production in India amounted to an estimated 10.95 billion Indian rupees. This figure is estimated to increase to 14.98 billion rupees in financial year 2022-23. According to a report by International Copper Association India (ICA India), India's copper demand is back on the growth track in FY22, registering a year-over-year (YoY) growth of about 27.5%. The demand for this red metal stood at 12.5 lakh tonnes in FY22, as compared to 9.78 lakh tonnes in FY21.
Indian integrated producers increased their copper wire rod production by 28.7% YoY as the demand increased in FY 22.
About 36% of the country's demand of copper was met through scrap and the rest 64% through primary copper. Copper usage in building construction grew by 25.3% and copper demand for the industrial sector grew by 26.3%. India’s copper imports witnessed a 15 per cent year-on-year jump in financial year 2022-23.Copper Industry Growth drivers
• Significant growth of the infrastructure industry in India.
• Strong economic development.
• Growth of real estate and consumer durables Industry.
• Surge in Electric vehicle manufacturing.Copper and EVs
Copper is essential to EV technology and its supporting infrastructure, and the increase in the electric vehicles in the market will have a substantial impact on copper demand. The projected demand for copper due to electric vehicles is expected to increase by 1.7 million tonnes by 2027.Future Forecast
The per capita copper consumption in India is expected to increase from the current level of 0.6 Kg to 1 kg in coming years. The average per capita copper consumption in the world is 3.2 kg. If India’s per capita copper consumption moves towards the per capita copper consumption levels in the rest of the world, India’s copper market has the potential for significant growth.