Copper demand is forecast to double to 50 million tonnes by 2035, and reach more than 53 million tonnes by 2050 (S&P Global, 2022). While current mined copper production capacity is only projected to increase by about 20% over the next decade.
Beginning in 2024-2027, significant copper shortfalls are expected to emerge, driven by increasing demand from the global energy transition, and limited new copper production as a result of long-cycle supply under investment. The copper supply gap is forecast to require significant, additional investments and discoveries of copper resources with new sources of mined copper needed to come online to meet future demand and prevent a global supply deficit.
2023-2050 Copper Demand – From 1900 to 2022, global refined copper consumption has roughly doubled every ~25 years. However, from 2023 to 2050, annual copper demand is forecast to be greater than all copper consumed from 1900 – 2022. (S&P Global 2022; USGS, 2023).
Copper Supply and Demand Imbalance Forecast to Grow – With demand for copper undergoing an unprecedented structural change driven by the global energy transition, mined copper supply is forecast to enter a deficit position beginning as early as 2024.
As supercharged investment in low-carbon, copper-intensive energy continues, demand for copper is forecast to outstrip supply during the global clean energy transition, and accelerate through to 2050 (Sprott, December 2023).
