Global Copper Market to Reach 27.5 Million Metric Tons by 2017, According to New Report by Global Industry Analysts, Inc. San Jose, California (PRWEB) April 09,12 Copper prices and demand have a propensity to follow economic cycles and hence experience significant volatility with variation in macro- and micro- economic factors including economic and political instability in international markets, international trade disputes, changes in regulatory requirements and currency exchange rate fluctuations. In 2010, as the world economy recovered from the global financial crisis, demand for copper picked up powered by the strong demand from China and the recovery in other developed and emerging countries. However in 2011, growth in the market decelerated amid the deepening of debt crisis in Europe and slowdown in US economy. Currently the Copper industry stands challenged in wake of increasing volatility in metal prices, which is driving its substitution by alternative products. During the last three years, LME spot copper prices fluctuated significantly $ 1.40 per pound and to $ 4.61 per pound in concurrence with various factors including the prevailing economic environment in the US and Europe, Chinas growing appetite for copper, availability of copper supplies, and demand from end-use industries. As stated by the new market research report on Copper, Asia-Pacific comprises the largest and fastest growing regional market. A major share of the regional growth stems from China, the largest market for copper accounting for about 40% of the global consumption. Demand for copper in the country is underpinned by the rapid economic growth, massive investments in developing electricity transmission network, and rising consumption in telecommunications and power generation industries. China, as a country with ltargest demand for copper exerts a great influence on international copper demand and supplies balance. With Europe being the second largest consumer of the red metal, price fluctuations are clearly trailing the market sentiments centered on the euro zones debt crisis. Another challenge faced by the market is Chinas weakening appetite for copper amidst mounting inventories and tight monetary policy. While the European debt crisis and the slowdown in demand for copper in China continues to restrict nearterm outlook for the copper industry, optimism prevails over the long term following signs of revival in economy in major markets including the US which is expected to offset the possible drop in prices. Eventual depletion of inventories in China and easing of the euro area debt crisis could push the commodity prices higher. The drive for renewable sources is further expected to stimulate the demand for copper products during the decade. Biomass, wind energy and geothermal, the three most common forms of renewable energy make vast use of copper products. Currently, renewable sources account for around 2.5% of the energy supply in the US and are anticipated to rise to 5% by the year 2030. With China aiming to enhance the share of non-fossil fuels in primary energy consumption to 15% by 2020, demand for submarine cables used in offshore wind farm for transporting energy inland is expected to improve significantly. Copper wiring & windings are extensively employed in biomass based electricity generation, while copper-stabilized metal catalysts significantly improve hydrogen and methane gasification of wet biomass. Growth in automobile and telecommunications is expected to contribute to a major increase in copper demand. The bulk of increase in copper demand in the automobile sector will arise from wiring for applications such as power seats and windows, CD players and on-board navigation systems. Power cables represent another potential growth area for copper. The top 10 producers of copper account for half of the mined copper production worldwide. Besides the quality and grade of copper ores, competitive position of players in the market is mainly determined by consolidation moves and development of quality ore deposits. Major players profiled in the report include Anglo American PLC, Antofagasta Plc, BHP Billiton Group, Cambridge Lee Industries LLC, Codelco, Vale Limited, First Quantum Minerals Ltd., Freeport-McMoRan Copper & Gold Inc, Phelps Dodge Corporation, The Furukawa Electric Co., Grupo M