The copper market size volume in Spain stood at 247.19 million kilograms in 2023. Over the last five years, the market exhibited an average annual decline (CAGR) of -0.75%. Observing the most recent trends, the market saw slight declines of -0.98% and -0.97% in 2022 and 2023, respectively. The significant drop in 2020 (-17.83%) due to external factors was followed by a notable recovery in 2021 (19.29%). The forecast for the upcoming five years suggests a continued gradual decline with a CAGR of -0.83%, equating to an overall contraction of -4.1% by 2028.
Future trends to watch for include:
• Economic recovery and industrial demand that could potentially stabilize or boost copper usage.
• Technological advancements and shifts towards renewable energy which may alter copper consumption patterns.
• Global supply chain adjustments and geopolitical factors influencing market dynamics.
