Copper Demand to Surge by 2035
According to Wood Mackenzie, global copper demand is expected to increase by 24% to 42.7 million tonnes per annum by 2035.
The key drivers of this demand surge include the energy transition, artificial intelligence infrastructure, industrialisation of India and Southeast Asia, and increased defence spending.
- Energy transition
- Artificial intelligence infrastructure
- Industrialisation of India and Southeast Asia
- Increased defence spending
A shift towards renewables is among the factors identified as a key driver of a likely surge in global copper demand over the next decade.
These factors will account for 40% of total demand growth, adding three million tonnes annually by 2035.
Author's summary: Copper demand to increase by 24% by 2035 due to energy transition and other factors.