The global demand for refined copper is expected to increase by 31% from 2020 to 2030.

June 8 news, Australian industry, science, energy and resources sector (DISER) said that driven by economic growth and electrification, copper consumption is expected to continue to recover and increase. Refined copper consumption is expected to grow 2 per cent in 2020 and 5 per cent to 25 million tonnes in 2021, DISER said. Consumption growth is expected to come from strong industrial and construction activity in China, as well as increased economic activity in India, the United States and Italy. China accounts for half of the world's copper consumption and is a major factor in tight supply in the copper market. China's copper consumption is expected to grow at an average annual rate of 3 per cent, reaching 15 million tonnes by 2022, according to the report. During the outlook period, global copper consumption is expected to grow steadily at an average annual rate of 2.5 per cent, reaching 28 million tonnes by 2026 and 31.1 million tonnes by 2030, DISER said. Overall, global demand for refined copper is expected to grow by 31 per cent between 2020 and 2030. Over the past 100 years, rising incomes, increased power supply and fast-growing technology have driven a significant increase in global demand for copper, the report said. In fact, global copper consumption doubles every 25 to 30 years on average. This model will accelerate as copper-intensive goods and infrastructure play an increasingly important role in the global economy.