The International Copper Association (ICA) forecasted a substantial surge in global copper demand, propelled by the green energy shift. Based on research conducted by the London-based CRU Group, commissioned by ICA, the demand was predicted to increase from 28.3 million metric tons in 2020 to 40.9 million metric tons in 2040. CRU research indicated that India and the Association of Southeast Asian Nations (ASEAN) region will witness the most robust growth, with respective compound annual growth rates (CAGRs) of 7% and 6%, respectively.

Juan Brihet, a senior consultant at CRU, highlighted that this surge will primarily be fueled by the development of energy infrastructure. Besides, ICA's commissioned research from the London-based DMM Advisory Group suggested that copper tubing demand will also receive a boost, particularly from alternative energy applications like air source heat pumps, which were projected to quadruple in sales by 2040.

The forecast was also beneficial for sellers of copper-bearing scrap, as steady to surging demand for copper and brass scrap was expected amidst the escalating global demand.