ICRA forecasts a robust 11 percent growth in domestic refined copper demand in FY25, surpassing global demand, spurred by the government's focus on infrastructure development and the shift to renewable energy.
The demand for copper, a key component in electric vehicles, is expected to increase significantly as the world switches to clean energy options to fight climate change
ICRA forecasts a robust 11 percent growth in domestic refined copper demand in FY25, surpassing global demand, spurred by the government's focus on infrastructure development and the shift to renewable energy.
By transitioning from fossil fuels to renewables like solar, wind, hydro, and geothermal, we can substantially decrease greenhouse gas emissions, paving the way for a brighter and more sustainable future for our planet.
India, a global leader in the battle against climate change, has pledged to achieve net zero emissions by 2070, demonstrating our commitment and accountability toward the environment.
According to ICRA, domestic demand for refined copper is anticipated to grow at a healthy rate of 11 percent in FY25, surpassing the global growth rate in copper demand, owing to the government's focus on infrastructure development and a gradual shift to renewable energy.
In the domestic market, approximately 40 percent of the copper is used by the infrastructure and construction sector, with 11-13 percent each in the automobile and consumer durables sectors.
The government's emphasis on affordable housing schemes, smart city projects, and the defence sector, as well as the projected increased adoption of electric vehicles and their associated infrastructure, bode well for the outlook for copper demand.
Hindustan Copper Limited (HCL) was the sole producer of refined copper until 1995. Currently, three major players dominate the Indian copper industry, namely HCL in the public sector, Hindalco Industries Ltd, and Vedanta in the private sector.