Copper sits at the intersection of nearly every major technology and infrastructure trend defining the next two decades. Our team at S&P Global Energy published this study to quantify what the convergence of electrification, digitalization, artificial intelligence, electric vehicles, and defense modernization means for global copper markets through 2040.

The analysis projects a substantial surge in demand, with global copper consumption expected to rise from 28 million metric tons in 2025 to 42 million metric tons by 2040. Meeting that demand will not be straightforward. Our team assessed the systemic supply-side constraints standing in the way, including declining ore grades, lengthy mine development timelines, and the geographic concentration of processing capacity that creates fragility across the value chain.

The report shaped conversations across industry and government by putting concrete numbers behind what had largely been a qualitative debate about copper's strategic importance. The findings informed investment strategies, supply chain planning, and critical minerals policy discussions at a moment when governments and companies alike are reassessing their exposure to constrained critical mineral supplies.