International Copper Association sponsored research shows climate-related retrofitting such as air conditioning installation, heat pumps and renewable energy are driving demand for copper.
Global demand for copper in climate-based commercial building retrofitting is forecast to grow from 40KT in 2020 to 160KT by 2035, roughly a 10% CAGR growth.
The Building Services Research and Information Association (BRSIA) commissioned study showed Air Conditioning will hit 75KT and Heat Pumps 35KT by 2035-accounting for the largest increase in copper demand. Renewables will see the highest CAGR at 19.7%.
Regionally, the EU, along with Turkey and Russia, are expected to be the biggest contributors to copper demand at 62KT by 2035. But North America and the Asia Pacific will also see big jumps.
The growth of ‘green building’ codes around the world-LEED in the U.S., BREEAM in the U.K. or NABERS in Australia-plus carbon reducing policies, income growth in developing countries and increasing public awareness are expected to support the trend going forward.
“Our research shows that copper has a significant role to play in meeting the demand for climate-based retrofitting in the built environment”, said Anette Meyer, Business Manager of BSRIA’s Worldwide Market Intelligence.
“As the global climate changes, and demand for climate-based retrofitting rises, our research indicates there is a significant opportunity for the copper industry.”
Detail: https://copperalliance.org/wp-content/uploads/2020/03/Climate-Based-Retrofitting.pdf
Fact Sheet: https://copperalliance.org/wp-content/uploads/2020/03/COR-03-Copper-Retrofitting2403.pdf
