Copper; the first metal manipulated by humans, still stands as one of the most important metals. From its use in mobile phones, laptops, homes, and automobiles, copper is the third most used metal in the world. According to USGS, an average US resident requires 12 pounds of copper each year to sustain their lifestyle. Furthermore, it is believed that this demand is going to continue to grow in years to come.
Research presented in Yahoo Finance shows that the global market for copper was $308.67 billion in 2023 and it is forecasted to grow to $504.93 billion by 2033, projecting a Compound Annual Growth Rate (CAGR) of 5.04% during the forecasted period.
While the demand for copper is expected to increase with prices averaging around $8,602 in 2024 and $9,070 in 2025, according to S&P Global Commodity Insights, the production is having a hard time keeping up. The production levels from the existing copper mines are anticipated to decline over the remainder of decade.
The biggest increase in demand for copper is coming from the shift towards green economy. Technologies like EVs, solar panels, wind turbines and batteries require a lot more copper than the traditional fossil fuel-based technologies.
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