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Cyprus Stands To Gain From Rising Demand For Copper
January 12, 2021
Copper is considered to be a major contributor to the global economy, with some going as far as to describe it as the backbone of the modern world. Because of its conductivity, pliability and durability, the red metal is used in everything from building materials to modern electronics, medical equipment, electric vehicles and renewable energy.
The metal of the future
According to recent studies, demand for the metal is expected to double over the next twenty years not least due to its indispensable role in the transition towards clean energy. In fact, demand is projected to exceed supply by 2040, due to population growth and the deployment of smart city technologies, an increased consumption of electronics and the proliferation of electric vehicles globally. The red metal is considered as the material of choice for the development and implementation of smart cities, leading to estimations that demand for copper in construction and transportation will skyrocket in the coming years, due to the increasing technological advancement of these sectors.