Overview

• Global copper demand is forecast to reach roughly 42.7 million tonnes per year by 2035, an increase of about 8.2 million tonnes.
• Wood Mackenzie attributes the rise to electrification and digitalization, citing electric vehicles, renewable power, grid upgrades, and data centers as core drivers.
• The energy transition adds material pressure, with renewables expected to require about 2 million tonnes more copper over the next decade and EV-related demand set to double by 2035.
• Four disruptors could amplify demand by a further 3 million tonnes by 2035: data centers, rapid industrialization in India and Southeast Asia, higher defense spending, and the broader energy transition.
• Meeting projected needs would require nearly 8 million tonnes of new mine capacity plus about 3.5 million tonnes from recycling by 2035, with prices already up more than 20% this year near $10,200 per tonne.