From AI to EVs: The 4 engines driving a 50% surge in global copper demand by 2040

Copper demand is set to jump to 42 million metric tonne by 2040 from 28 million metric tonne in 2025, a 50% rise that could strain global supplies. That is the central finding of S&P Global’s January 2026 report, “Copper in the Age of AI: Challenges of Electrification.” The research house estimates that without significant supply expansion, the world could face a 10 million metric tonne shortfall by 2040.