Energy storage in mobility and stationary storage applications will increase annual copper demand by 2.3 million tonnes by 2029, according to an analyst at research and consulting firm IDTechEx.
Na Jiao said that total cumulative copper demand in energy storage over the next decade will be just over nine million tonnes. Energy storage - and battery technology in particular - is often seen as having great potential to decarbonize power and transport systems. Recent cost reductions of lithium-ion batteries has raised penetration levels of electric mobility and stationary energy storage applications. According to Na, energy storage technologies will have large potential in cars, buses, trucks and vans, plus stationary energy storage. "Lithium-ion batteries rely on a number of raw materials not originally present in cars, such as lithium and graphite, but also other materials that may see a significant boost in their demand, like nickel, cobalt and copper," she told the American Copper Council spring meeting in Seattle, the United States. Copper is used as an anode current collector for lithium-ion cells, and cannot be replaced because of corrosion...