IEA warns that global demand for refined copper is expected to increase significantly before 2050

On May 25, 2025, the latest outlook report from the International Energy Agency (IEA) stated that global demand for refined copper will significantly increase by 2050, driven by the popularity of electric vehicles and rapid industrial growth in Asia.

Although China remains the dominant consumer country, emerging economies such as India and Vietnam are preparing to reshape their markets.

The IEA stated that global copper supply will peak in the late 2020s and then sharply decline due to declining ore grades and depleted reserves.

The IEA stated that although projects in Africa and Mongolia will increase recent production, long-term challenges have raised concerns about meeting growing demand.

The organization stated that by 2035, global copper supply will be significantly lower than demand.

The decline in ore grade, the increase in project costs, and the sharp slowdown in newly discovered mineral deposits are driving the expansion of the supply gap, posing severe challenges to the transition to clean energy.

The global production of key energy minerals is on the rise, but the IEA warns that by 2035, the supply of copper and lithium may be far below demand.

The IEA pointed out in its latest outlook that rising project costs and slowing resource discovery are the main risks to achieving clean energy goals.