By 2040, the demand for copper will increase by 50%

By 2040, global demand for copper is expected to rise sharply. This was reported by Zamin.uz.

Annual consumption may increase from 28 million tons in 2025 to 42 million tons, which is nearly a 50 percent growth. Reuters reported this based on an S&P Global report.

According to the report, the main reasons for this growth are the development of artificial intelligence technologies, increased orders in the defense sector, and the expansion of the robotics market. At the same time, analysts emphasize that if copper mining and processing capacities are not increased, a serious shortage may occur.

If these issues are not resolved, copper shortages could exceed 10 million tons per year. The rise in defense spending is also contributing to the increased demand for copper.

The ongoing conflicts between Russia and Ukraine, as well as the militarization processes in the economies of Japan, Germany, and other countries, are intensifying the need for copper. Copper remains the primary metal in the electrification process.

It is widely used in almost all electronic devices, construction, and transportation systems. Chile and Peru are the largest producers of copper, while China is a leader in its processing.

The United States meets nearly half of its copper demand through imports. The report notes that copper reserves potentially obtainable from deep-sea deposits were not taken into account.

The growth forecasts for demand are based on the main scenario regardless of countries' climate policies.