Project Blue forecasts copper demand to grow 35% over the next 10 years, driven by construction, utility networks, renewable energy and EV sectors.

Building and construction is copper's largest end use market and this is expected to account for 25% of demand by 2035. The main drivers are population growth, rising urbanisation and increased wiring density per unit of floor area.

Utility network infrastructure is the second most important end use market for copper. This is forecast to represent 22% of world consumption by 2035, due to rising demand for electricity, the higher copper intensity of new renewable energy sources and the replacement demand for aging distribution power grids in mature economies.

Transport equipment is expected to account for a 14% share of global consumption by 2035, and the principal engine of this growth is the rising penetration of EVs with their greater copper intensity of use and the increasing average size and complexity of vehicles in general.