Copper demand to rise 24% by 2035, says Wood Mackenzie
Demand for copper, often considered as one of the most valuable alternatives to silver in solar manufacturing, is expected to increase by almost a quarter globally by the middle of next decade. Wood Mackenzie says the energy transition is one of four ‘disruptors’ that could cause demand to increase further.
October 15, 2025 Patrick Jowett
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Global copper demand is set to increase 24% by 2035, according to analysis by Wood Mackenzie.
The consultancy’s latest report says global copper demand will rise by 8.2 million tonnes per annum (Mtpa) by the middle of next decade, reaching 42.7 Mtpa, with growth driven by traditional economic development and new structural demand from electrification and digitalization.
While Wood Mackenzie says this growth trajectory seems “certain”, it adds there are four “powerful disruptors” that could amplify demand further, adding an extra three Mtpa, or 40% of total copper demand growth, by 2035.
These disruptors are listed as a global increase in data centres, industrialization in India and Southeast Asia, defence spending and the energy transition.
Wood Mackenzie says the broader energy transition is “fundamentally reshaping copper consumption patterns”, with the shift to renewables expected to require an additional 2 Mtpa of copper supply over the next decade.
Analyst Peter Schmitz explained that as battery technologies advance, copper demand intensity across charging infrastructure and power systems will remain high. “By our forecasts, electric vehicle-related copper demand is set to double by 2035, cementing the metal’s role at the heart of the global energy transition,” Schmitz added. “Each electric vehicle contains up to four times more copper than a conventional car.”
Wood Mackenzie’s analysis warns that in a supply-constrained environment, these four disruptors could result in prolonged periods of high prices and unpredictable market fluctuations.
Analyst Charles Cooper referred to copper as the “strategic bottleneck of the global energy transition.”
“From Detroit to Shenzhen, the impacts of commodity supply chain disruptions and the industry’s inability to deliver will be acutely felt,” Cooper said. “If governments and investors fail to act, we risk turning the metal of electrification into the metal of scarcity.”
Copper is often considered the most valuable alternative to silver in solar manufacturing. In September, pv magazine reported solar module makers were facing rising pressure to curb silver use as prices surge.
More recently, researchers from the University of New South Wales and the Fraunhofer Institute for Solar Energy Systems said efforts to reduce silver use in solar cells will not compromise module quality if properly engineered
pv-magazine.com |
