Copper, Zinc & Lead Refining in Canada - Market Research Report (2013-2028)
New York, United States
Last Updated: August 2023
NAICS 33141CARevenue
$19.4bn
Past 5-Year Growth
Profit
$X.Xbn
Employees
8,344
Businesses
22
Wages
$XXX.Xm
Copper, Zinc & Lead Refining in Canada industry analysis
Copper, zinc and lead refineries in Canada smelt ores extracted by upstream miners and refine nonferrous metals, which downstream metal manufacturers process further. Canadian metal producers have benefited from growing economic uncertainty and rising metal prices as consumers seek safer investments, such as gold and silver. Similarly, growing manufacturing and construction activity following the initial stages of the pandemic caused the price of other metals, including copper and nickel, to skyrocket, enabling refineries to pass down cost increases to buyers. However, refineries have been negatively impacted by normalizing economic conditions and falling metal prices, which place downward pressure on revenue. The growing vertical integration trends have enabled Canadian metal producers to become more competitive by lowering purchase costs, enabling refineries to become more profitable. These trends have enabled metal refineries to expand at an estimated CAGR of 1.3% to $19.4 billion over the next five years, including an estimated 3.2% drop in 2023 alone.Refineries in Canada are being increasingly threatened by the rising import penetration, which results in prominent price competition. The lower operating costs and fewer environmental regulations in foreign countries, such as China, give importing companies an advantage over domestic producers by enabling them to offer lower prices. The value of the loonie has remained somewhat stable over recent years, preventing domestic producers from gaining an advantage over foreign producers. However, the weakening demand for nonferrous metals has strained trade activity.Economic conditions are forecast to continue recovering, resulting in weakening metal prices and, therefore, weakening revenue. Stabilizing economic conditions will boost demand from the construction and manufacturing sectors and weaken demand for jewellry and investment metals. The value of the loonie is expected to remain mostly unchanged, enhancing competition from lower-priced imports. As a result, revenue is estimated to fall at a CARG of 1.0% to $18.5 billion over the next five years.
Trends and Insights
- Elevated metal prices boost revenue. Refineries able to raise prices during periods of high demand benefit from higher-value sales, supporting industry performance.
- Demand for precious metals rises as consumers look for safer investments. Growing economic uncertainty and volatile financial markets boosted demand for gold and silver, causing metal prices to rise and boosting revenue.
- Remaining near major buyers leads to lower transportation costs. This also enables refineries to develop strong relationships with major buyers, supporting performance.
- International refineries benefit from lower operating costs, boosting price competition. Countries with lower operating costs and fewer environmental regulations can offer lower prices, leading to higher import penetration.
Industry Overview
Market size and recent performance (2013-2028)
Industry revenue has grown at a CAGR of 1.3 % over the past five years, to reach an estimated $19.4bn in 2023.
Trends and Insights
Growing economic uncertainty boosts demand for precious metals
- Global economic uncertainty, following various international conflicts and the pandemic, pushes consumers toward less volatile investments, such as purchasing gold and silver.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to decline over the next five years.
Trends and Insights
Governmental projects somewhat protect the industry
- The Canadian government is undertaking multiple infrastructure projects, including expanding infrastructure for renewable energy.
Biggest companies in the Copper, Zinc & Lead Refining in Canada
| Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
|---|---|---|---|---|
Glencore PLC | 6,970.2 | 148.9 | 2.1 | |
Royal Canadian Mint | 3,971.3 | 76.5 | 1.9 | |
Teck Resources Limited | 2,661.0 | 904.8 | 34.0 |
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 , Nickel and Zinc. Copper is the largest segment of the Copper, Zinc & Lead Refining in Canada.
Trends and Insights
Demand for precious metals rises as consumers seek safe investments
- The smelting and refining of precious metals constitute the largest share of revenue, despite accounting for a small share of production in terms of total volume, as these are by far the most valuable refined nonferrous metals.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Aluminum Manufacturing in Canada
- Nonferrous Metal Foundry Product Manufacturing in Canada
Complementors
- Copper, Nickel, Lead & Zinc Mining in Canada
- Nonferrous Metal Rolling & Alloying in Canada
International industries
- Nonferrous Metal Refining in the US
- Copper, Silver, Lead and Zinc Smelting and Refining in Australia
- Gold and Other Non-Ferrous Metal Processing in Australia
- Precious Metals Production in the UK
- Lead, Zinc & Tin Production in the UK
Table of Contents
About this industry
Industry definition
Canadian copper, zinc and lead refineries smelt or refine nonferrous metals other than aluminum. The refining process includes the use of electrolytic methods and more traditional furnace-based procedures. Additionally, companies that refine gold typically do so on a fee-for-service basis.
What's included in this industry?
Precious metals smelting and refiningCopper smelting and refiningNickel smelting and refiningZinc smelting and refiningLead smelting and refiningCompanies
Glencore PLCRoyal Canadian MintTeck Resources LimitedPurchase this report to view all 4 major companies in this industry.
Related Terms
SMELTINGREFININGELECTROWINNINGORENONFERROUS METALIndustry Code
NAICS 331410 - Copper, Zinc & Lead Refining in Canada
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
Elevated metal prices boost revenue. Refineries able to raise prices during periods of high demand benefit from higher-value sales, supporting industry performance.
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 (2013-2022) and forecast (2023-2028)
- Employees, including historical (2013-2022) and forecast (2023-2028)
- Businesses, including historical (2013-2022) and forecast (2023-2028)
- Profit, including historical (2013-2023)
- 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 precious metals rises as consumers look for safer investments. Growing economic uncertainty and volatile financial markets boosted demand for gold and silver, caus...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2023
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2023
- Major market segmentation in 2023
- 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
Remaining near major buyers leads to lower transportation costs. This also enables refineries to develop strong relationships with major buyers, supporting performance.
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each province
- Share of population compared to establishments in each region in 2023
Tables
- Number and share of establishments in each province in 2023
- Number and share of revenue each province accounts for in 2023
- Number and share of wages each province accounts for in 2023
- Number and share of employees in each province in 2023
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
International refineries benefit from lower operating costs, boosting price competition. Countries with lower operating costs and fewer environmental regulations can offer lo...
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 2018-2023
- 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
Sanctions on Russian metals lead to supply chain disruptions. This resulted in temporary price hikes until domestic production could satisfy demand.
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2019 through 2023
- Major companies in the industry, including market share, revenue, profit and profit margin in 2023
- Overview of Glencore PLC's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Royal Canadian Mint's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Teck Resources Limited's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of revenue, market share and profit margin trend for one additional company
Detailed analysis
- Description and key data for Glencore PLC, and factors influencing its performance in the industry
- Description and key data for Royal Canadian Mint, and factors influencing its performance in the industry
- Description and key data for Teck Resources Limited, 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
Various infrastructure projects across Canada boost demand from the construction and industrial sectors. Projects focusing on expanding renewable energy infrastructure will g...
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 (2013-2028)
- Assistance historical data and forecast (2013-2028)
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
Vertical integration trends lower purchase costs. Mergers between mining companies and refineries result in lower input prices, enabling refineries to become more profitable.
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 2023
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Investment vs. share of economy
Data tables
- Liquidity Ratios (2016-2021)
- Coverage Ratios (2016-2021)
- Leverage Ratios (2016-2021)
- Operating Ratios (2016-2021)
- Assets (2016-2021)
- Liabilities (2016-2021)
- Cash Flow & Debt Service Ratios (2013-2028)
- Revenue per Employee (2013-2028)
- Revenue per Enterprise (2013-2028)
- Employees per Establishment (2013-2028)
- Employees per Enterprise (2013-2028)
- Average Wage (2013-2028)
- Wages/Revenue (2013-2028)
- Establishments per Enterprise (2013-2028)
- IVA/Revenue (2013-2028)
- Imports/Demand (2013-2028)
- Exports/Revenue (2013-2028)
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 (2013-2028)
- IVA (2013-2028)
- Establishments (2013-2028)
- Enterprises (2013-2028)
- Employment (2013-2028)
- Exports (2013-2028)
- Imports (2013-2028)
- Wages (2013-2028)
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 Canada include:
- Statistics Canada
- Industry Canada
- Canadian Business Patterns
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, Zinc & Lead Refining industry in Canada in 2024?
The market size of the Copper, Zinc & Lead Refining industry in Canada is $19.4bn in 2024.
How many businesses are there in the Copper, Zinc & Lead Refining in Canada industry in 2023?
There are 22 businesses in the Copper, Zinc & Lead Refining industry in Canada, which has declined at a CAGR of 2.5 % between 2018 and 2023.
Has the Copper, Zinc & Lead Refining industry in Canada grown or declined over the past 5 years?
The market size of the Copper, Zinc & Lead Refining industry in Canada has been growing at a CAGR of 1.3 % between 2018 and 2023.
What is the forecast growth of the Copper, Zinc & Lead Refining industry in Canada over the next 5 years?
Over the next five years, the Copper, Zinc & Lead Refining industry in Canada is expected to decline.
What are the biggest companies in the Copper, Zinc & Lead Refining market in Canada?
The biggest companies operating in the Copper, Zinc & Lead Refining market in Canada are Glencore PLC, Royal Canadian Mint and Teck Resources Limited
What does the Copper, Zinc & Lead Refining in Canada include?
Precious metals smelting and refining and Copper smelting and refining are part of the Copper, Zinc & Lead Refining industry.
Which companies have the highest market share in the Copper, Zinc & Lead Refining in Canada?
The company holding the most market share in Canada is Glencore PLC.
How competitive is the Copper, Zinc & Lead Refining industry in Canada?
The level of competition is high and increasing in the Copper, Zinc & Lead Refining industry in Canada.
