Copper Market Setbacks May Affect Clean Energy Transition

By Shubhendra Anand , 01 July, 2024

The increasing pace of clean energy transition threatens copper availability in the market for 2024. Surveys in 2024 show that the copper market faces a metal production crisis. This is due to rising demand for electric vehicles, wind turbines, and other electronics. As copper is an essential element for industrial appliances, copper's setback can affect the progress of clean energy transition in 2024. If the rate of green transformation is affected in the beginning phase, the targeted time will be pushed back.

Moreover, nations globally are spending money on clean energy transition in various industries in the energy market. Copper serves to be an essential element. Hence, its cutbacks in the industry are alarming.

Based on the surveys in 2024, the copper market will experience onward trends in 2024. It is due to the dependency of the industrial market on copper. The demand for copper in the industrial market has grown due to the clean energy transition. The transformation in the light of net zero emissions by 2050 also induced specific shifts in the industrial sector. The transportation market is experiencing a significant shift towards the electrification of vehicles, followed by electricity generation through renewables. Renewable energy sources, such as wind energy, focus on wind turbines and other advanced devices. Consequently, it increases the usage of copper in the industrial market.

Experts highlight that increasing copper mining is necessary to support clean energy transition. Along with that, recycling copper in the energy market is equally important to meet the high-rise demands of copper. The increasing production of copper would accelerate clean energy transformation.