BloombergNEF foresees 16% surge in world primary copper production by 2040.
SEATTLE (Scrap Monster): BloombergNEF announced publication of its first global copper output report. The key finding of the report is that copper demand is projected to increase by more than 50% between now and 2040.
The copper demand in connect in with energy transition activities is likely to grow about 4% per year between now and 2040. At the same time, the demand for copper from traditional sources like construction and manufacturing of heating and cooling equipment will grow only 1.5% per year over the same period. As a result, transportation will replace construction as the biggest single driver of global copper demand by the end of the current decade, said the report.
BloombergNEF foresees 16% surge in world primary copper production by 2040. However, that increased production will be still short of demand. By early 2030s itself, the copper demand could outstrip supply by more than 6 million tons per year. Also no new copper discoveries are expected to be operational at least for the next three years.
The shortage leading to high prices could suppress demand, which would reduce the supply deficit, BloombergNEF noted.
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