wire and Cable Exhibition 2024 Industry Update: The Impact of Copper Shortage on Green Industries

wire and Cable Exhibition 2024 has learned that Richard Adkerson, former CEO of American mining group Freeport-McMoRan, predicts a surge in copper demand due to the rapid expansion of electric vehicle sales, the development of renewable power, and grid expansion, which will lead to a supply shortage in the future.

It is estimated that by 2050, technologies used in green initiatives could reduce global greenhouse gas emissions by two-thirds. However, achieving net-zero carbon emissions will require doubling the annual copper demand to 50 MMT.

The demand for wire and cable products in green plans is particularly high for copper. It is projected that from 2020 to 2040, the usage of wire and cable related to the green energy transition may increase from 800,000 MMT to 6.7 MMT.

During this period, the demand for electric vehicles (EVs) and chargers is expected to grow by 11%, grid expansion by 19%, and renewable energy technologies by 7%.

wire and Cable Exhibition 2024 believes that as society progresses with green energy initiatives, we must focus on conserving resources and deeply consider the reallocation of copper resources. Utilizing high-usage copper substitutes will be essential to ensure a steady supply of copper products.

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