Copper Pipe And Fitting Market

The global copper pipe and fitting market is poised for growth over the next eight years, with a projected increase in consumption and value. China leads in both consumption and production, with the United States and India also significant players. Import and export data show steady growth, with notable differences in pricing among different products and countries. Overall, the market is expected to see steady growth in the near future.

Market Forecast

Driven by rising demand for copper pipe and fitting worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.4% for the period from 2022 to 2030, which is projected to bring the market volume to 4.6M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.5% for the period from 2022 to 2030, which is projected to bring the market value to $58.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Copper Tubes, Pipes And Fitting

In 2022, global copper pipe and fitting consumption reduced to 4.4M tons, remaining constant against the previous year's figure. Over the period under review, consumption recorded a relatively flat trend pattern. Over the period under review, global consumption reached the maximum volume at 4.8M tons in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

The global copper pipe and fitting market size dropped to $48.1B in 2022, with a decrease of -5.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $51.1B, and then reduced in the following year.

Consumption By Country

China (1.3M tons) remains the largest copper pipe and fitting consuming country worldwide, accounting for 29% of total volume. Moreover, copper pipe and fitting consumption in China exceeded the figures recorded by the second-largest consumer, India (500K tons), threefold. The United States (476K tons) ranked third in terms of total consumption with an 11% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled -1.2%. The remaining consuming countries recorded the following average annual rates of consumption growth: India (+2.5% per year) and the United States (-1.3% per year).

In value terms, the largest copper pipe and fitting markets worldwide were China ($12B), the United States ($6.9B) and India ($4.7B), with a combined 49% share of the global market. Bangladesh, Japan, Germany, Brazil, Russia, Mexico, Italy and South Korea lagged somewhat behind, together comprising a further 25%.

Among the main consuming countries, Italy, with a CAGR of +3.0%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of copper pipe and fitting per capita consumption was registered in Italy (3.3 kg per person), followed by the United States (1.4 kg per person), South Korea (1.4 kg per person) and Germany (1.3 kg per person), while the world average per capita consumption of copper pipe and fitting was estimated at 0.6 kg per person.

From 2012 to 2022, the average annual growth rate of the copper pipe and fitting per capita consumption in Italy totaled +5.0%. In the other countries, the average annual rates were as follows: the United States (-2.0% per year) and South Korea (-3.5% per year).

Production

World Production of Copper Tubes, Pipes And Fitting

Global copper pipe and fitting production dropped slightly to 4.3M tons in 2022, reducing by -2.4% on 2021. Over the period under review, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 11% against the previous year. Over the period under review, global production hit record highs at 4.7M tons in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

In value terms, copper pipe and fitting production reduced to $45.1B in 2022 estimated in export price. Overall, production showed a slight downturn. The pace of growth appeared the most rapid in 2021 when the production volume increased by 28% against the previous year. Global production peaked at $52.2B in 2012; however, from 2013 to 2022, production remained at a lower figure.

Production By Country

China (1.6M tons) remains the largest copper pipe and fitting producing country worldwide, comprising approx. 37% of total volume. Moreover, copper pipe and fitting production in China exceeded the figures recorded by the second-largest producer, India (425K tons), fourfold. The United States (343K tons) ranked third in terms of total production with a 7.9% share.

In China, copper pipe and fitting production remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+1.3% per year) and the United States (-3.3% per year).

Imports

World Imports of Copper Tubes, Pipes And Fitting

In 2022, approx. 1.3M tons of copper tubes, pipes and fitting were imported worldwide; increasing by 2.2% on the previous year's figure. The total import volume increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when imports increased by 16% against the previous year. Global imports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, copper pipe and fitting imports rose rapidly to $16.4B in 2022. In general, total imports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +51.2% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 44%. Over the period under review, global imports reached the maximum in 2022 and are likely to see gradual growth in years to come.

Imports By Country

In 2022, the United States (171K tons), followed by India (87K tons) and Germany (68K tons) represented the key importers of copper tubes, pipes and fitting, together committing 25% of total imports. The following importers - France (57K tons), Thailand (55K tons), Italy (54K tons), the Netherlands (49K tons), the UK (46K tons), Poland (44K tons), Turkey (37K tons), the Czech Republic (31K tons), Belgium (31K tons) and Canada (30K tons) - together made up 33% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by India (with a CAGR of +15.5%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($2.4B) constitutes the largest market for imported copper tubes, pipes and fitting worldwide, comprising 15% of global imports. The second position in the ranking was held by Germany ($1.1B), with a 6.5% share of global imports. It was followed by India, with a 5.6% share.

In the United States, copper pipe and fitting imports expanded at an average annual rate of +7.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+4.0% per year) and India (+17.0% per year).

Imports By Type

Tubes and pipes of refined copper represented the key imported product with an import of around 778K tons, which reached 60% of total imports. Tube or pipe fittings, couplings, elbows, sleeves of copper alloys (331K tons) ranks second in terms of the total imports with a 25% share, followed by tube or pipe fittings, couplings, elbows, sleeves of refined copper (4.9%) and tubes and pipes of copper-zinc base alloys (brass) (4.9%). Tubes and pipes of copper alloys other than copper-zinc, cupro-nickel or nickel-silver (45K tons) and tubes and pipes of copper-nickel base alloys (cupro-nickel) or copper-nickel-zinc base alloys (nickel silver) (20K tons) held a relatively small share of total imports.

Tubes and pipes of refined copper was also the fastest-growing in terms of imports, with a CAGR of +3.5% from 2012 to 2022. At the same time, tube or pipe fittings, couplings, elbows, sleeves of copper alloys (+3.1%) and tube or pipe fittings, couplings, elbows, sleeves of refined copper (+2.9%) displayed positive paces of growth. By contrast, tubes and pipes of copper-zinc base alloys (brass) (-2.5%), tubes and pipes of copper-nickel base alloys (cupro-nickel) or copper-nickel-zinc base alloys (nickel silver) (-2.8%) and tubes and pipes of copper alloys other than copper-zinc, cupro-nickel or nickel-silver (-5.9%) illustrated a downward trend over the same period. Tubes and pipes of refined copper (+6.5 p.p.) and tube or pipe fittings, couplings, elbows, sleeves of copper alloys (+1.9 p.p.) significantly strengthened its position in terms of the global imports, while tubes and pipes of copper-zinc base alloys (brass) and tubes and pipes of copper alloys other than copper-zinc, cupro-nickel or nickel-silver saw its share reduced by -3% and -4.5% from 2012 to 2022, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, the largest types of imported copper tubes, pipes and fitting were tubes and pipes of refined copper ($8.4B), tube or pipe fittings, couplings, elbows, sleeves of copper alloys ($5.4B) and tube or pipe fittings, couplings, elbows, sleeves of refined copper ($1.2B), with a combined 91% share of global imports.

Tube or pipe fittings, couplings, elbows, sleeves of refined copper, with a CAGR of +5.3%, recorded the highest rates of growth with regard to the value of imports, in terms of the main imported products over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

In 2022, the average copper pipe and fitting import price amounted to $12,452 per ton, surging by 3.2% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2021 an increase of 23% against the previous year. Global import price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major imported products. In 2022, the product with the highest price was tube or pipe fittings, couplings, elbows, sleeves of refined copper ($18,598 per ton), while the price for tubes and pipes of copper-zinc base alloys (brass) ($9,817 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by tubes and pipes of copper alloys other than copper-zinc, cupro-nickel or nickel-silver (+3.2%), while the other products experienced more modest paces of growth.

Import Prices By Country

The average copper pipe and fitting import price stood at $12,452 per ton in 2022, increasing by 3.2% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 23% against the previous year. Global import price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Germany ($15,858 per ton), while the Netherlands ($7,601 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Czech Republic (+2.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Copper Tubes, Pipes And Fitting

In 2022, the amount of copper tubes, pipes and fitting exported worldwide shrank slightly to 1.2M tons, which is down by -2.3% against the year before. The total export volume increased at an average annual rate of +2.0% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when exports increased by 15%. As a result, the exports attained the peak of 1.2M tons, and then declined modestly in the following year.

In value terms, copper pipe and fitting exports amounted to $16B in 2022. Over the period under review, total exports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +48.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 46% against the previous year. The global exports peaked in 2022 and are likely to see steady growth in the immediate term.

Exports By Country

China was the largest exporting country with an export of about 351K tons, which amounted to 29% of total exports. Germany (112K tons) ranks second in terms of the total exports with a 9.2% share, followed by Italy (8.9%), Vietnam (7.3%), Greece (6.1%) and Thailand (4.8%). South Korea (49K tons), Malaysia (44K tons), the United States (37K tons), Austria (28K tons), Turkey (25K tons), Mexico (23K tons) and Poland (21K tons) took a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to copper pipe and fitting exports from China stood at +3.6%. At the same time, Vietnam (+24.5%), Turkey (+9.1%), Thailand (+6.8%), Poland (+4.2%), Greece (+4.1%), Italy (+2.7%) and Austria (+2.1%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in the world, with a CAGR of +24.5% from 2012-2022. Malaysia and the United States experienced a relatively flat trend pattern. By contrast, Mexico (-1.9%), South Korea (-2.2%) and Germany (-2.3%) illustrated a downward trend over the same period. While the share of Vietnam (+6.3 p.p.), China (+4.1 p.p.) and Thailand (+1.8 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of South Korea (-2.1 p.p.) and Germany (-4.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($4B) remains the largest copper pipe and fitting supplier worldwide, comprising 25% of global exports. The second position in the ranking was taken by Germany ($2B), with a 12% share of global exports. It was followed by Italy, with an 11% share.

In China, copper pipe and fitting exports increased at an average annual rate of +5.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (+0.4% per year) and Italy (+5.4% per year).

Exports By Type

Tubes and pipes of refined copper represented the main type of copper tubes, pipes and fitting in the world, with the volume of exports amounting to 787K tons, which was approx. 64% of total exports in 2022. Tube or pipe fittings, couplings, elbows, sleeves of copper alloys (264K tons) took a 22% share (based on physical terms) of total exports, which put it in second place, followed by tubes and pipes of copper-zinc base alloys (brass) (4.9%). Tube or pipe fittings, couplings, elbows, sleeves of refined copper (53K tons), tubes and pipes of copper alloys other than copper-zinc, cupro-nickel or nickel-silver (37K tons) and tubes and pipes of copper-nickel base alloys (cupro-nickel) or copper-nickel-zinc base alloys (nickel silver) (19K tons) took a minor share of total exports.

Tubes and pipes of refined copper was also the fastest-growing in terms of exports, with a CAGR of +3.0% from 2012 to 2022. At the same time, tube or pipe fittings, couplings, elbows, sleeves of refined copper (+2.3%) and tube or pipe fittings, couplings, elbows, sleeves of copper alloys (+2.1%) displayed positive paces of growth. By contrast, tubes and pipes of copper-zinc base alloys (brass) (-2.3%), tubes and pipes of copper alloys other than copper-zinc, cupro-nickel or nickel-silver (-3.4%) and tubes and pipes of copper-nickel base alloys (cupro-nickel) or copper-nickel-zinc base alloys (nickel silver) (-4.2%) illustrated a downward trend over the same period. While the share of tubes and pipes of refined copper (+6 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of tubes and pipes of copper alloys other than copper-zinc, cupro-nickel or nickel-silver (-2.2 p.p.) and tubes and pipes of copper-zinc base alloys (brass) (-2.7 p.p.) displayed negative dynamics. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, the largest types of exported copper tubes, pipes and fitting were tubes and pipes of refined copper ($8.5B), tube or pipe fittings, couplings, elbows, sleeves of copper alloys ($4.9B) and tube or pipe fittings, couplings, elbows, sleeves of refined copper ($1.1B), together comprising 91% of global exports.

In terms of the main exported products, tube or pipe fittings, couplings, elbows, sleeves of refined copper, with a CAGR of +4.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other products experienced more modest paces of growth.

Export Prices By Type

In 2022, the average copper pipe and fitting export price amounted to $13,107 per ton, increasing by 4.1% against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The pace of growth appeared the most rapid in 2021 when the average export price increased by 26% against the previous year. The global export price peaked in 2022 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was tube or pipe fittings, couplings, elbows, sleeves of refined copper ($21,501 per ton), while the average price for exports of tubes and pipes of copper-zinc base alloys (brass) ($10,696 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by copper tube or pipe fitting (+2.6%), while the other products experienced more modest paces of growth.

Export Prices By Country

The average copper pipe and fitting export price stood at $13,107 per ton in 2022, surging by 4.1% against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The growth pace was the most rapid in 2021 when the average export price increased by 26%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Poland ($19,620 per ton), while Greece ($9,843 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform