Copper has good electrical and thermal conductivity, and its terminal demand areas are mainly construction, infrastructure, industry, transportation and power equipment. According to IWCC data, in 2020, the copper consumption of construction/infrastructure/industry/transportation/power equipment accounted for 27%/16%/12%/12%/32% respectively. Copper is mainly used for power distribution, pipes and plumbing in construction; in infrastructure, it is mainly used for power networks and transmission-related; in the industrial field, it is mainly used in electrical fields such as industrial transformers and non-electrical fields such as valves and pipe fittings; in the transportation field, it is mainly used in automotive electrical such as wiring harnesses; in the field of power equipment, it is mainly used in consumer products, electronic equipment, etc. At present, the demand for copper is mainly in traditional fields, and the demand for new energy transformation will gradually become prominent in the future:
1) Photovoltaics: The photovoltaic industry is expected to drive copper demand of 2.34 million tons by 2025. The amount of copper used in the photovoltaic industry is mainly concentrated in conductive wires and cables. In addition, copper is also needed in inverters, transformers and other links. According to the historical data and growth rate of new installed capacity of the photovoltaic industry released by the IEA and the National Energy Administration, it is expected that the new installed capacity of photovoltaics will reach 425GW by 2025. According to Navigant Reasearch statistics, 1MW of photovoltaics uses 5.5 tons of copper, so it is expected that the photovoltaic industry will drive copper demand of 2.34 million tons in 2025.
2) New energy vehicles: It is estimated that by 2025, new energy (BEV (Battery Electric Vehicle) + PHEV (Plug-in Hybrid Electric Vehicle)) vehicles will drive copper demand of 2.49 million tons. Copper used in new energy vehicles is mainly concentrated in components such as wiring harnesses, batteries, motors and power electronic devices. According to ICA statistics, the copper content of a traditional fuel vehicle is 23kg, the copper content of a PHEV is about 60kg, and the copper content of a BEV is about 83kg. According to the historical data and growth rate of global BEB and PHEV ownership released by IEV, it is estimated that the global BEV/PHEV vehicle increments in 2025 will be 22.9/9.9 million vehicles respectively, and the new energy vehicle industry in 2025 will drive copper demand of about 2.49 million tons.
3）Wind power: It is estimated that the wind power sector will drive the demand for copper by 1.1 million tons by 2025. According to statistics from the Mineral Resources Network, offshore wind power consumes 15 tons of copper per megawatt, and offshore wind power consumes 5 tons of copper per megawatt. According to the historical data and growth rate of offshore and onshore wind power installed capacity released by GWEC, it is estimated that the wind power sector will drive the demand for copper by 1.1 million tons by 2025, of which onshore wind power consumes about 530,000 tons of copper and offshore wind power consumes about 570,000 tons of copper.
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Post time: Feb-19-2025