By 2040, global demand for copper is expected to surge: annual consumption will rise from 28 million tons in 2025 to 42 million tons, up nearly 50%. Reuters reported this, citing an S&P Global report. This was reported by kursiv.uz. reports .
According to the report’s authors, the main growth drivers are the rapid development of artificial intelligence technologies, an increase in defense-industry orders, and the expansion of the robotics market. At the same time, analysts warn that if supply fails to keep pace, the market could face a major shortage: without expanded mining and processing capacity, the copper deficit could exceed 10 million tons per year.
Additional pressure on the market is also linked to rising defense spending. The prolonged Russia–Ukraine situation, as well as the militarization of economies in Japan, Germany, and other countries, is noted as further boosting copper demand.
Copper remains the backbone metal of electrification: it is widely used in nearly all electronic devices, construction, and transport systems. The largest producers are Chile and Peru, while the biggest processor is China. The United States covers nearly half of its required copper volume through imports.
The report emphasizes that the forecasts do not account for potential supplies that could come from deep-sea deposits, and that the estimates are based on a baseline demand-growth scenario regardless of countries’ climate policies.
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