What is the predicted demand and supply for copper in the future?

As the world looks towards a greener, more sustainable future, certain materials are becoming increasingly essential to support this transition.

Copper, with its endless recyclability and unmatched conductivity, is at the heart of this revolution. Whether it’s electric vehicles (EVs), renewable energy infrastructure, or global electrification projects, copper plays a critical role. 

But what does the future hold for this versatile metal? Let’s explore the projected demand for copper and what it means for investors and the environment.

Why copper is critical for the future

Copper isn’t just another metal; it’s one of the most important materials in modern life. Its unique properties—outstanding electrical conductivity, malleability, and corrosion resistance—make it a key player for a wide range of industries. But where copper really shines is in its role in sustainable technologies.

From EV batteries and charging stations to solar panels and wind turbines, copper is at the core of our push toward greener energy sources.

The more the world pivots towards renewable energy and electrification, the more demand for copper rises. That’s great news for copper-focused companies like Coda Minerals, and for investors who see the future through the same lens.

The role of copper in green energy and electrification

Why is copper so integral to green energy? The answer lies in its remarkable ability to conduct electricity. Whether it’s an electric car charging at a station, a solar panel soaking up the sun, or a wind turbine spinning in the breeze, copper is essential to ensuring these technologies operate efficiently and reliably.

Electric vehicles alone use up to three times more copper than traditional internal combustion vehicles. As governments worldwide announce plans to phase out petrol and diesel cars, EV production is set to skyrocket. In 2023 alone, electric car sales neared 14 million globally.

Meanwhile, renewable energy projects—whether solar, wind, or hydropower—rely on vast amounts of copper for efficient energy transmission. Even everyday technologies, from home heating systems to our electric grids, depend heavily on copper.

With the global shift towards a net-zero future, demand for copper is expected to soar.

What’s driving the surge in copper demand?

• Electric vehicles: EVs are set to become the standard mode of transport, and each one requires significantly more copper than a traditional car. From the battery to the wiring, copper is crucial to EV manufacturing.
• Renewable energy: Solar and wind energy infrastructure requires large quantities of copper for energy transmission and storage. As countries accelerate their renewable energy targets, copper demand from these sectors will rise steeply.
• Electrification: Whether it’s building new electric grids or upgrading existing ones, electrification projects around the world rely heavily on copper to keep the power flowing.

Future demand for copper: industry projections

According to the International Energy Agency (IEA) report ‘Mineral requirements for clean energy transitions’, the following was found:

• Copper was found to be critical for the following clean energy technologies:
  • Solar PV
  • Wind
  • Bioenergy
  • Electricity networks
  • EVs and battery storage

If you’re wondering just how much copper demand will increase in the coming years, the findings and numbers from this report speak for themselves– 

• As countries increase climate ambitions, clean energy technologies are becoming the fastest-growing segment of mineral demand, with over 40% of total copper demand driven by these technologies by 2040.
• The Sustainable Development Scenario (SDS), developed by the IEA, outlines how the energy sector can meet climate goals, projecting a tripling of copper demand by 2040 due to the rapid growth of clean energy technologies like solar PV.
• By 2040, copper demand hits 600 kt annually, driven by offshore wind’s need for extensive cabling. Although offshore wind makes up just 20% of new capacity, it accounts for nearly 40% of copper demand from wind energy.
• The expansion of concentrated solar power (CSP) is set to increase copper demand by 68 times between 2020 and 2040 in the SDS, reaching 42 kt.
• The increasing need for grid expansion is expected to double annual demand for copper and aluminium by 2040 in the SDS.
• Copper makes up a significant part of total grid investment costs, representing around 14% based on average prices from the past 10 years.

As nations build more electric grids, roll out EVs, and expand renewable energy capacity, copper will become even more integral.

In fact, analysts project that by 2030, copper demand could outstrip supply unless significant new sources are discovered and developed. This offers both a challenge and an opportunity for the copper industry—and it’s an area where Coda Minerals is positioning itself for future success.

Supply challenges: Is there enough copper?

While the future of copper demand is promising, there are supply-side challenges that must be addressed. The current rate of copper mining may struggle to keep pace with demand unless new sources are identified.

Many major copper mines, including Escondida in Chile, are approaching peak production as ore quality declines. Global copper supply is expected to be tight, with fewer new sources being developed, particularly in key regions like Chile, the DRC, and Australia.

Copper is also becoming increasingly scarce, with major discoveries now less frequent, deeper, and more costly to develop—posing challenges to expanding supply. Over the past five years (2019–2023), only five copper discoveries were made, totalling 4.2 Mt of copper, compared to 234 deposits discovered between 1990 and 2018.

The section ‘Reliable supply of minerals’ in the IEA report ‘Mineral requirements for clean energy transitions’ identified the following challenges with copper supply:

• Copper is difficult to subsititute because of its exceptional efficiency in electrical applications.
• Existing mines are approaching peak production as ore quality decreases and reserves become depleted.
• Lower ore quality drives up production costs, increases emissions, and boosts waste generation.
• Mines in South America and Australia face significant challenges from climate change and water scarcity.

Production at many of the world’s largest copper mines has already peaked or is projected to do so in the early 2020s, driven by declining ore quality and depleting reserves. For instance, Chile’s Escondida, the biggest copper mine globally, seems to have hit its peak, with its 2025 output expected to be at least 5% lower than current levels.

Overall the report found new projects in development may increase short-term supply, but additional efforts are required to meet growing demand.

Copper is essential for green technologies, yet it is a finite resource. To prevent supply bottlenecks, mining companies must innovate and adopt more sustainable practices.

At Coda Minerals, we’re committed to being part of the solution. Our Elizabeth Creek Project in South Australia is well-positioned to contribute to the future supply of copper, all while aligning with our values of sustainability and ethical exploration.

South Australia: A unique opportunity for sustainable copper exploration and production

South Australia offers Coda Minerals a unique opportunity to produce copper in an environmentally responsible way. With the highest percentage of renewable energy in its grid, South Australia enables us to explore and produce copper with minimal environmental impact. This makes it the ideal region for producing copper that aligns with the growing demand for ethically sourced, sustainable materials.

We believe in doing things the right way. Our commitment to sustainable exploration not only sets us apart but also makes us an attractive prospect for investors who value both profitability and ethical practices.

Copper and the circular economy: A perfect match

One of copper’s most remarkable properties is its ability to be recycled endlessly without losing its essential qualities. This makes copper a key component of the circular economy, where materials are kept in use for as long as possible, reducing waste and environmental impact.

Every piece of copper mined and used today can be recycled and reused tomorrow, making it a truly sustainable material. This endless recyclability is a crucial factor in reducing the environmental footprint of copper production, especially as the world shifts towards greener solutions.

A future-focused approach

At Coda Minerals, we see ourselves as more than just a copper exploration company. We’re a future-focused organisation with a young, dynamic team, driven by a commitment to sustainability and ethical exploration. 

Our aim is not just to contribute to the supply for copper, but to do so in a way that aligns with the world’s growing emphasis on environmental responsibility.

For investors looking for a company with a future-forward approach, Coda Minerals is well-positioned to capitalise on the growing demand for copper in a responsible, sustainable manner.

Copper for tomorrow: Driving a sustainable energy revolution

As the world shifts towards a more sustainable future, the demand for copper will continue to rise. From electric vehicles and renewable energy to global electrification projects, copper is essential to making these green technologies work. But it’s not just about meeting the demand—it’s about doing so in a way that protects the planet for future generations.

At Coda Minerals, we’re committed to producing copper ethically and sustainably, ensuring we meet the needs of tomorrow while keeping our environmental impact in check. With the Elizabeth Creek Project in South Australia, we’re excited to be part of the solution, providing the copper that will power the future.

Investing in copper means investing in the future—and at Coda Minerals, the future looks bright.

References:

IEA (2021), The Role of Critical Minerals in Clean Energy Transitions, IEA, Paris https://www.iea.org/reports/the-role-of-critical-minerals-in-clean-energy-transitions, Licence: CC BY 4.0

IEA (2024), Global EV Outlook 2024, IEA, Paris https://www.iea.org/reports/global-ev-outlook-2024, Licence: CC BY 4.0