World: copper demand will increase from 24 million tonnes in 2020 to 33 million tonnes in 2040
Global copper demand is expected to increase from 24 million tonnes in 2020 to 33 million tonnes in 2040, informs the International Energy Agency quoted in a report published by the NGO Natural Resource Governance Institute (NRGI).
Despite the increase in the market value of cobalt, this report notes that currently, both globally and in the Democratic Republic of Congo, the value of copper produced each year far exceeds the value of cobalt.
The price of cobalt has increased significantly: in July 2021, its price was twice as high as five years ago.
Nevertheless, the price of copper has also seen a rise: its price has almost tripled over the same period.
More importantly, global cobalt production stood at 140,000 tonnes in 2020 compared to 20 million tonnes of copper.
Globally, the value of this copper production (based on 2020 prices) is 28 times greater than the value of cobalt production.
The same situation is also reported in the Democratic Republic of Congo, the value of copper produced in 2020 being twice that of cobalt.
Based on the prices of the two metals for 2021, the report is similar.
While bodies such as the World Bank and the International Energy Agency (IEA) predict an increase in cobalt demand to meet the climate target of the Paris Agreement, the value of global cobalt production in 2040 under the IEA’s sustainable development scenario would
still represent only one tenth of the value of copper whose demand
is estimated in the same scenario.
Indeed, in terms of physical quantities, more copper than cobalt is needed to make a battery.
