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You might want to buy copper stock as this is a good time to get into the market! A new study by IDTechEx indicates that demand for the natural resource will increase nine-fold by 2027. It should be noted that the International Copper Association commissioned the study.
Copper is already a widely used mineral in vehicles. The article states that internal combustion engines require 23 kg of copper, but that figure is doubling and tripling. Today’s hybrid electric vehicles need 40 kg. Plug-ins need even more at 69 kg. Electric school buses need between 224 kg and 369 kg of copper, depending on the size of the battery.
Electric vehicles use a substantial amount of copper in their batteries and in the windings and copper rotors used. But copper demand doesn’t stop there. The study says charging infrastructures as well as roof-mounted solar panels also would require lots of copper.