Global copper demand is projected to increase by over 66% from 2020 to 2040, driven by the clean energy transition and electric vehicle production.
In 2021, Goldman Sachs declared copper 'the new oil', highlighting its essential role in clean energy technologies. Two years later, the IMF forecasted that copper demand will rise by over 66% from 2020 to 2040 as the world transitions away from oil. In this graphic, Visual Capitalist's Marcus Lu illustrates how copper demand is projected to increase over the coming decades, while oil consumption is expected to decrease.
As a result, global copper demand is projected to grow from 25.9 million tonnes in 2023 to 39.1 million tonnes by 2040 under a net-zero emissions scenario that limits average temperature increases to 1.5C above pre-industrial levels. Much of this growth is expected to come from the EV industry. Many components of battery electric vehicles rely on copper.
Copper Demand Oil Demand Clean Energy Renewable Energy Electric Vehicles Evs Energy Transition Decarbonization Commodities
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