Due to fast growing development of renewable energy and electric vehicles (EVs) worldwide, global demand for copper will keep increasing and shortages are expected to begin in 2025, according to industry sources.

As PV and wind power-generating facilities use large amounts of copper cable for electricity transmission, the corresponding demand for copper is estimated to increase from 990,000 tons in 2020 to 1.9 million in 2030, the sources said.

Besides, components and parts of an EV contain 83kg of copper and those of an EV power charging pile 10kg of copper, making the corresponding demand for copper increase from 170,000 tons in 2020 to 1.7 million in 2030, the sources noted.

In addition to copper, global supply of lithium, cobalt and nickel is likely to be short as well along with the fast development of EVs, the sources cited Tesla as indicating.