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Copper, Zinc & Lead Refining in Canada Industry Data and Analysis
Canadian metal producers have benefited from growing economic uncertainty and rising 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. Growing vertical integration trends have enabled Canadian metal producers to become more competitive by lowering purchase costs and making refineries more profitable. However, for refiners who are unable to achieve vertical integration, they face significant input price volatility. This volatility, combined with high import penetration due to competitive price-cutting, has forced refiners to absorb the price increases, compressing profit. These trends are estimated to raise revenue at a five-year CAGR of 3.3% to $21.2 billion through the end of 2025, with a 7.1% increase estimated for the current year.
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What's included in this industry analysis
IBISWorld's research coverage on the Copper, Zinc & Lead Refining industry in Canada includes market sizing, forecasting, data and analysis from 2015-2030. The most recent publication was released September 2025.
About this industry
What's this industry report about?
The Copper, Zinc & Lead Refining industry in Canada operates under the NAICS industry code 33141CA. 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. Related terms covered in the Copper, Zinc & Lead Refining industry in Canada include smelting, refining, electrowinning, ore and nonferrous metal.
What's included in this industry?
Products and services covered in Copper, Zinc & Lead Refining industry in Canada include Copper , Nickel and Zinc.
What companies are included in this industry?
The Copper, Zinc & Lead Refining industry in Canada is highly fragmented with no companies holding a market share greater than 5%.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Copper, Zinc & Lead Refining industry in Canada.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed product and service segmentation, analysis of major markets and international trade data for the for the Copper, Zinc & Lead Refining industry in Canada.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Copper, Zinc & Lead Refining industry in Canada.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Copper, Zinc & Lead Refining industry in Canada. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Copper, Zinc & Lead Refining industry in Canada. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Copper, Zinc & Lead Refining industry in Canada. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Copper, Zinc & Lead Refining industry in Canada. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Copper, Zinc & Lead Refining industry in Canada.
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Frequently Asked Questions
What is the market size of the Copper, Zinc & Lead Refining industry in Canada in 2026?
The market size of the Copper, Zinc & Lead Refining industry in Canada is $21.2bn in 2026.
How many businesses are there in the Copper, Zinc & Lead Refining industry in Canada in 2025?
There are 23 businesses in the Copper, Zinc & Lead Refining industry in Canada, which has grown at a CAGR of 3.9 % between 2020 and 2025.
How may import tariffs affect the Copper, Zinc & Lead Refining industry in Canada?
The Copper, Zinc & Lead Refining industry in Canada is likely to be significantly impacted by import tariffs with imports accounting for a high share of industry revenue.
How may export tariffs affect the Copper, Zinc & Lead Refining industry in Canada?
The Copper, Zinc & Lead Refining industry in Canada is likely to be significantly impacted by export tariffs with exports accounting for a high share of industry revenue.
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 3.3 % between 2020 and 2025.
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 does the Copper, Zinc & Lead Refining industry in Canada include?
Precious metals smelting and refining and Copper smelting and refining are part of the Copper, Zinc & Lead Refining industry in Canada.
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.
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