"Copper is used in high and low voltage transmission cables and thermal solar collectors," Kamil Wlazly, Wood Mackenzie's senior research analyst, wrote in the report. The Scotland-based commodities consultancy predicts that usage of aluminum, copper and zinc in photovoltaics will double by 2040, prompting an increase in demand. The future looks particularly bright for solar, states a new report from Wood Mackenzie, thus presenting an opportunity for base metals. Higher penetration of solar, wind and energy storage all will require copious metals. To transition from a fossil fuel-based economy to one run on clean power including the electrification of the global transportation system will require a colossal boost in the production of mined materials, including copper. In 20 years, BloombergNEF says copper miners need to double the amount of global copper production, just to meet the demand for a 30% penetration rate of electric vehicles - from the current 20Mt a year to 40Mt.Ĭopper consumption by green energy sectors globally is expected to jump five-fold in the 10 years to 2030, data from consultancy CRU Group shows.įuture copper usage is closely tied to meeting carbon emissions targets.
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The market is expected to face a huge shortfall in the next decade unless the mining industry makes major investments in finding and developing new copper deposits. Even though 5G is wireless, its deployment involves a lot more fiber and copper cable to connect equipment located within a building.īut this hurtling freight train of copper demand is about to slam into the immovable object of a supply crunch. The base metal is also a key component of the global 5G buildout. EVs use about four times as much copper as regular internal combustion engine vehicles.Įlectrification includes not only cars, but trucks, trains, delivery vans, construction equipment and two-wheeled vehicles like e-bikes, motorcycles and scooters.Ĭopper, too, is needed for charging stations and renewable energy, particularly in photovoltaic cells used for solar power, and wind turbines. The continued movement towards electric vehicles is a huge copper driver. Total world mine production in 2020 was only 20Mt.Ģ020 copper mine production in millions of tonnes.
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Novem( Newswire) Regarding all of the mined commodities, copper stands out as more bullish than the others, owing to tight supply conditions matched against explosive future demand.Ĭopper's widespread use in construction wiring & piping, and electrical transmission lines, makes it a key metal for civil infrastructure renewal.Ī report by Roskill forecasts total copper consumption will exceed 43 million tonnes by 2035, driven by population and GDP growth, urbanization and electricity demand.