Copper — the “metal of electrification” — is essential to all energy transition plans. But the potential supply-demand gap is projected to become larger as the transition proceeds.

The chronic gap between worldwide copper supply and demand projected to begin in the middle of this decade will have consequences across the global economy and will affect the timing of Net-Zero Emissions by 2050.

Substitution and recycling will not be enough to meet the demands of electric vehicles (EVs), power infrastructure, and renewable generation. Unless massive new supply comes online in a timely way, the goal of Net-Zero Emissions by 2050 will remain out of reach.

Copper demand is projected to grow from 25 million tonnes per annum today to 49 million tonnes per annum by 2035, a record-high level that will be sustained and continue to grow to 53 million tonnes per annum by 2050.

The demand for copper from energy transition is expected to peak in the mid-2030s, slow down in the 2040s, and see a modest increase by 2050. The overall demand for copper, however, will continue to increase owing to economic growth and growing world population.


Global Copper Usage