Copper demand is poised to surge simultaneously across multiple sectors, according to new analysis from Wood Mackenzie. The firm projects that annual copper demand from the renewable energy sector will rise from 1.7 million tonnes today to 4.3 million tonnes by 2035, with geopolitical dynamics adding urgency to the shift.
As countries seek to reduce reliance on volatile energy imports, many are ramping up renewable energy deployment — a trend that is further intensifying global copper requirements.
A major driver of this growth is the rapid expansion of batteries and electric vehicles (EVs), both of which are heavily copper-intensive.
“Each electric vehicle contains up to four times more copper than a conventional car,” said Peter Schmitz, Director of Global Copper Research at Wood Mackenzie. “As battery technologies evolve, copper demand across charging networks and power systems will remain strong. By our forecasts, EV-related copper demand will double by 2035, cementing the metal’s role at the heart of the global energy transition.”
Charles Cooper, Wood Mackenzie’s Research Director and Head of Copper Research, warned that copper could become a critical bottleneck in the transition to renewable energy.
“Copper has become the strategic bottleneck of the global energy transition. From Detroit to Shenzhen, disruptions in commodity supply chains and the industry’s delivery challenges will be acutely felt. Without decisive action from governments and investors, the metal of electrification could soon become the metal of scarcity,” Cooper said.
Wood Mackenzie’s analysis suggests that in a supply-constrained environment, these structural demand shifts could lead to prolonged periods of elevated prices and volatile markets — potentially slowing the pace of global energy transition projects.
