The post-pandemic global economic recovery will be the primary near-term demand driver of copper.
Electric Vehicles (EVs) are expected to be the biggest long-term demand driver. Copper is essential for EV production; approximately 180 lbs of copper is used in an EV.
The International Energy Agency (IEA) forecasts 145M EVs on the road by 2030, up from just 11M in 2020. We are expecting EVs’ share of copper demand to increase from 0.7% in 2020, to 8.8% by 2030.
Global copper demand is expected to rise to 35.4M tonnes by 2030, reflecting a CAGR of 3.53% from 2020 to 2030 vs the historical rate (1960 – 2020) of 2.81%.
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