A new study by the CRU Group says copper’s future market share will be defined by the green energy transition and surging demand in India & Asia.
Commissioned by the International Copper Association—ICA—the study found that copper demand will grow from 28.3M tonnes in 2020 to about 41M tonnes by 2040.
The strongest growth in copper demand is expected in India, followed by Southeast Asian countries like Indonesia or Vietnam where soaring manufacturing and construction are behind the rise.
Wire rod will drive 60% of demand by 2040 to fuel the development of energy infrastructure, with India and Southeast Asia expected to experience the highest growth rates in wire rod demand despite China remaining the largest user.
Another piece of research commissioned by the ICA—undertaken by DMM Advisory Group—expects copper tubing to add nearly 1.6-M tonnes to copper demand from 2020 to 2040.
Green energy is one reason for the surge and Air Source Heat Pumps in particular, with sales quadrupling by 2040, from 13M units in 2020 to 52M units in 2040.