A new report by Bloomberg investigating the global state of metals has found that a looming copper supply deficit could reach 44% of global demand by 2050, requiring $332 billion (£248 billion) investment in new mines.
BNEF forecasts a supply deficit beginning in 2028 and widening to 20 million metric tons by 2050 – this is equivalent to 44% of projected global demand.
The report warns that this shortfall could push up prices, force manufacturers to use alternative materials and slow the deployment of EVs, BESS and electricity grids, which all already face their own manufacturing challenges.
Even with the necessary investment, bringing new mines into operation takes an average of 17 years.
Martin Tengler, Head of Metals and Mining at BloombergNEF, said: “The outlook for transition metals has changed dramatically. Investment in new supply and advances in battery technology have eased many of the concerns we saw just a few years ago.
“The challenge now is less about whether the world can produce enough metals overall, and more about whether the right materials will be available when and where they are needed. For governments and businesses, securing reliable supply and making the right investment decisions will be increasingly important.”
Demand for copper is expected to rise by 61% between 2026 and 2050, reaching almost 46 million tons. Growing demand from industry (particularly as a result of global electrification) is putting pressure on supply.
Copper use in electrified transport alone projected to increase by 244% to 11.4 million tons.
Copyright © 2026 Energy Live News LtdELN