US and India Emerge as New Copper Demand Drivers as China’s Growth Slows

Global demand for copper is entering a new phase. For years, China drove most of the world’s copper consumption through real estate and heavy industry. But China’s slowdown is now reshaping the market.

Analysts say the United States and India are stepping in as new growth engines. The US is pushing large investments in clean energy, electric vehicles and grid upgrades, all of which need copper. India is also rapidly expanding renewable power and infrastructure, increasing its copper appetite.

Even with China’s demand weakening, global copper use is expected to keep rising because the energy transition needs more metal. Copper is essential for electric wiring, wind turbines, solar plants, and EVs.

However, the supply outlook remains tight. Mine delays, rising costs, and political risks are slowing production just as new demand emerges. Some experts warn this could lead to supply gaps and long-term price pressure.

The shift signals a more diversified future for copper demand, with clean energy policies in multiple countries taking over from China’s once-dominant role.