Copper, Nickel, Lead & Zinc Mining in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: July 2024
NAICS 21223Revenue
$12.8bn
Past 5-Year Growth
Profit
$X.Xbn
Employees
13,692
Businesses
30
Wages
$X.Xbn
Copper, Nickel, Lead & Zinc Mining in the US industry analysis
Copper, Nickel, Lead and Zinc Miners have seen modest revenue growth since 2019, in spite of disruptions stemming from the COVID-19 pandemic and volatile demand from China. Minerals produced by the industry are key inputs in construction, electronics and automobiles, leading demand to fluctuate in unison with overall global economic activity. Specifically, China's vast appetite for copper and other metals creates a robust and direct relationship between Chinese demand and global market conditions. Overall, industry revenue has been growing at an estimated CAGR of 0.4% to reach $12.8 billion in 2024 when revenue is set to decline 4.0% and profit is set to have fallen amid mounting costs.<br />Despite restrictions inhibiting industry growth during the pandemic, the industry made a strong recovery in 2021, in line with flourishing economic conditions. Global copper, lead and zinc prices spiked as the economy rapidly reopened, with increased manufacturing activity meeting a constrained supply chain, driving up prices and therefore miners’ revenue. Since then, industry revenue has since seen steady declines as easing supply chain issues and poor Chinese economic performance have driven down industry-relevant commodity prices. At the same time, the competitive and extremely capital-intensive landscape has forced some companies to exit the industry.<br />Industry revenue is expected to grow at a CAGR of 0.4% to $13.0 billion over the next five years. Companies will continue to seek additional measures to reduce operating costs, as profitability has been historically volatile and will remain unstable. Mineral prices will continue to display high levels of volatility, with the price of zinc set to regress from the highs achieved in 2022 and the prices of copper and lead set to remain below the highs of the previous period. Consolidation efforts will continue as domestic and foreign companies continue investing or acquiring assets on an international scale, reflecting the increasing globalization of the mining sector.
Trends and Insights
- As industrial and construction activity picked back up following restrictions during the COVID-19 pandemic, demand for industry services swelled. Limited supply and high demand caused mineral prices to skyrocket, enabling industry enterprises to generate more revenue.
- Demand for zinc and copper soared following the COVID-19 pandemic, as construction and industrial activity were reinvigorated following delayed projects and shutdowns. When demand was at its most intense in 2021, supply struggled to keep up, driving mineral prices up.
- Mining establishments' distribution is reflective of the general location of geological deposits, with Arizona and Alaska accounting for the highest concentration of industry activity. According to the USGS, Arizona is responsible for 70.0% of domestic copper output.
- The best competitors in the industry have vertically integrated, efficient and cost-effective extraction projects. Vertical integration enables companies to supply directly to downstream markets and cut burdensome transaction costs.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 0.4 % over the past five years, to reach an estimated $12.8bn in 2024.
Trends and Insights
Trade dynamics with China remain highly influential
- Just prior to the COVID-19 pandemic, slowing Chinese demand amid trade disputes, anemic economic growth worldwide and growing metal supplies negatively influenced commodity prices. According to the International Copper Study Group, China is responsible for nearly half of all global copper consumption. Economic trends in the country are an essential driver of aggregate demand for metal.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Miners will face tepid mineral prices
- Copper sales are likely to increasingly account for the majority of industry revenue as copper prices are set to outpace zinc and lead prices over the coming years. Copper is used extensively in construction, particularly for wiring and telecommunications.
Biggest companies in the Copper, Nickel, Lead & Zinc Mining in the US
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Freeport-Mcmoran Inc. | 6,006.4 | 1,479.5 | 24.6 | |
Rio Tinto Plc | 2,254.2 | 1,060.5 | 47.0 | |
Grupo Mexico S.A. De C.V. | 1,527.3 | 772.4 | 50.6 |
To view the market share and analysis for all 4 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Copper ore mining, Zinc ore mining and Lead ore mining. Copper ore mining is the largest segment of the Copper, Nickel, Lead & Zinc Mining in the US.
Trends and Insights
Copper prices skyrocket and withstand the negative effects of the COVID-19 pandemic
- Copper is the industry's most extensive product segment, accounting for most of the industry's revenue generation. Production from mines comes in the form of ores and concentrates. Copper, lead, and zinc are produced from sulfide and oxide ores. These ores are mined through digging and blasting, typically at open-pit mines. Following extraction, the ores are crushed and ground into a powder.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Iron Ore Mining in the US
- Gold & Silver Ore Mining in the US
- Molybdenum & Metal Ore Mining in the US
- Mineral & Phosphate Mining in the US
Complementors
- Sand & Gravel Mining in the US
International industries
- Copper, Nickel, Lead & Zinc Mining in Canada
- Copper Ore Mining in Australia
- Silver, Lead and Zinc Ore Mining in Australia
- Copper Production in the UK
- Copper Ore Mining in China
Table of Contents
About this industry
Industry definition
Operators in the industry mine copper, nickel, lead or zinc-bearing ore. They may also develop mine sites and convert the mined ore into concentrates for further processing.
What's included in this industry?
Copper ore miningNickel ore miningLead ore miningZinc ore miningCompanies
Freeport-Mcmoran Inc.Rio Tinto PlcGrupo Mexico S.A. De C.V.Purchase this report to view all 4 major companies in this industry.
Related Terms
ORECONCENTRATECATHODEPOLYMETALLICELECTROWINNINGIndustry Code
NAICS 21223 - Copper, Nickel, Lead & Zinc Mining in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
As industrial and construction activity picked back up following restrictions during the COVID-19 pandemic, demand for industry services swelled. Limited supply and high dema...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Demand for zinc and copper soared following the COVID-19 pandemic, as construction and industrial activity were reinvigorated following delayed projects and shutdowns. When d...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Mining establishments' distribution is reflective of the general location of geological deposits, with Arizona and Alaska accounting for the highest concentration of industry ...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
The best competitors in the industry have vertically integrated, efficient and cost-effective extraction projects. Vertical integration enables companies to supply directly t...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Freeport-Mcmoran Inc. is one of the leading producers of copper and molybdenum, which are primarily used within industrial and construction markets. The company captures the ...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Freeport-Mcmoran Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Rio Tinto Plc's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Grupo Mexico S.A. De C.V.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for one additional company
Detailed analysis
- Description and key data for Freeport-Mcmoran Inc., and factors influencing its performance in the industry
- Description and key data for Rio Tinto Plc, and factors influencing its performance in the industry
- Description and key data for Grupo Mexico S.A. De C.V., and factors influencing its performance in the industry
- Description, key data and performance trends for one additional company
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
The price of copper and zinc, two key industry products, have ascended overall, leading to greater revenue earning potential for industry enterprises. Within the past five ye...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Mines have several significant purchase costs, notably those related to transportation. Steep inclines in the price of oil have resulted in added expenses for industry enterp...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Copper, Nickel, Lead & Zinc Mining in the US industry in United States in 2024?
The market size of the Copper, Nickel, Lead & Zinc Mining in the US industry in United States is $12.8bn in 2024.
How many businesses are there in the Copper, Nickel, Lead & Zinc Mining in the US industry in 2024?
There are 30 businesses in the Copper, Nickel, Lead & Zinc Mining in the US industry in United States, which has declined at a CAGR of 1.3 % between 2019 and 2024.
Has the Copper, Nickel, Lead & Zinc Mining in the US industry in United States grown or declined over the past 5 years?
The market size of the Copper, Nickel, Lead & Zinc Mining in the US industry in United States has been growing at a CAGR of 0.4 % between 2019 and 2024.
What is the forecast growth of the Copper, Nickel, Lead & Zinc Mining in the US industry in United States over the next 5 years?
Over the next five years, the Copper, Nickel, Lead & Zinc Mining in the US industry in United States is expected to grow.
What are the biggest companies in the Copper, Nickel, Lead & Zinc Mining in the US market in United States?
The biggest companies operating in the Copper, Nickel, Lead & Zinc Mining market in United States are Freeport-Mcmoran Inc., Rio Tinto Plc and Grupo Mexico S.A. De C.V.
What does the Copper, Nickel, Lead & Zinc Mining in the US in United States include?
Copper ore mining and Nickel ore mining are part of the Copper, Nickel, Lead & Zinc Mining in the US industry.
Which companies have the highest market share in the Copper, Nickel, Lead & Zinc Mining in the US in United States?
The company holding the most market share in United States is Freeport-Mcmoran Inc..
How competitive is the Copper, Nickel, Lead & Zinc Mining in the US industry in United States?
The level of competition is high and steady in the Copper, Nickel, Lead & Zinc Mining in the US industry in United States.
