Historically, annual copper production and demand have grown at a rate of 3% per year. This trend can be expected to continue because of several key drivers.
- Demographics: The world population is still growing at a rate of 1% per year, and more people mean more homes, more infrastructure, and more equipment, all of which require copper.
- Development: Annual copper use per capita is around 3 kg, but there are large differences. It is less than 1 kg in the least developed countries and more than 5 kg in the OECD.
- Transitions: The energy and digital transitions are copper-intensive. Renewables, battery electric vehicles, decarbonization heating solutions, and data centres all require substantial amounts of copper.
Beyond these key drivers, copper's widespread application as a base metal across countless industries signifies a complex underlying ecosystem with numerous contributing factors.
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Last update: 18-May-2024
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