Global refined copper demand to rise 31% by 2030 - report
(Kitco News) - According to the Australian Government's Department of Industry, Science, Energy and Resources (DISER), copper consumption is expected to continue recovering and increasing, driven by improving economic growth and copper’s essential role in electrification.
DISER said that after increasing by an estimated 2% in 2020, refined copper consumption is forecast to increase by 5% in 2021, to reach 25 million tonnes. This consumption growth is expected to come from strong industrial and construction activity in China, as well as increased economic activity in India, the US and Italy.
China consumes half of the world’s copper and is the dominant driver of copper market tightness. China’s copper consumption is forecast to grow an average 3% a year to reach 15 million tonnes in 2022, the report indicated.
DISER said that the world copper consumption is projected to grow steadily at an average 2.5% a year over the outlook period, to reach 28 million tonnes in 2026 and 31.1 million tonnes in 2030. Overall, between 2020 and 2030, global demand for refined copper is expected to rise by 31%.
According to the report, growing incomes, increased access to electricity and rapidly advancing technology have driven large increases in world copper demand over the last 100 years. In fact, world copper consumption has, on average, doubled about every 25 to 30 years. And this pattern is set to accelerate with copper-intensive goods and infrastructure set to play an increasing role in the global economy.