Global Copper Demand Set to Surge 50% by 2040, S&P Global Reports

S&P Global has released a comprehensive report forecasting that global copper demand is set to increase by 50% by 2040, climbing from 28 million metric tons in 2025 to a projected 42 million metric tons. The report, published on January 8, 2026, highlights the significant role of emerging technologies and geopolitical shifts as primary drivers of this demand surge, particularly in the artificial intelligence (AI), defense, and robotics sectors.

The report warns of a looming structural supply-demand imbalance, with global copper supplies expected to fall short by more than 10 million metric tons annually unless substantial efforts are made to enhance recycling and mining capacities. This shortfall presents a critical challenge for industries reliant on copper, including the construction, transportation, and electronics sectors, which have traditionally been the metal's primary consumers.