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Julia Wendling
2024-10-04 12:59:45
www.visualcapitalist.com
Chart: Global Copper Demand (2021-2050P)
Demand for copper, a vital metal for economic growth and the energy transition, is set to expand over the coming decades. In fact, global resources company BHP estimates that the red metal’s demand will surge by approximately 70% between 2021 and 2050.
In this graphic, we partnered with BHP to visualize the projected sources of copper demand through to 2050.
Key Sources of Copper Demand
Copper has diverse and widespread applications across many sectors. This mean that, as the global economy grows, demand for the metal tends to follow.
As living standards rise globally, demand is expected to follow suit for products like washing machines and smartphones. Developing economies, which have nearly five times the population of high-income countries, will increasingly strive to achieve the same high standard of living found in developed nations. This transition will naturally lead to a greater need for the red metal.
Another key source of demand is from the energy transition. Shifting the global economy away from fossil fuels towards electricity from renewable sources should lead to greater demand for copper. In fact, in a deeply decarbonizing world BHP envisages cumulative primary copper demand over the next 30 years to be around double the amount consumed in the previous 30.
Finally, the world’s rapid adoption of AI is leading to a surge in demand for data centers. Copper’s superior electrical and thermal conductivity make it an essential material for computer circuitry, power delivery, cooling, and data transfer.
The Impact of Substitution and Thrifting
While copper’s growth story is very promising, substitution and thrifting is expected to have a moderating effect on future demand.
These trends of substitution and thrifting have been with the metal for decades. While it means that a rapid reduction in copper demand is unlikely, there will likely be steady losses over time.
The Future of the Red Metal
Copper will play an integral role in the economy of tomorrow. As a metal with widespread applications that is essential both in technological advancements and the energy transition, consumption is set to expand.
Despite some relief provided by substitution and thrifting, copper suppliers could have their work cut out for them.
BHP is one of the world’s leading copper producers.
Read more insights in their latest commodity outlook deep dive article ‘How copper will shape our future’.
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The post Chart: Global Copper Demand (2021-2050P) appeared first on Visual Capitalist.
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