[2023-09-02] Why We Need This Material More Than Oil Now

Interesting Engineering

Why We Need This Material More Than Oil Now

Saturday, September 2, 2023

Copper, tracing its significance back to the Bronze Age, has entrenched itself as an indispensable material in modern civilization. Revered for its exceptional conductivity properties, it’s ubiquitously found in everyday items, ranging from smartphones to vehicles. Furthermore, copper’s inherent ability to be recycled means that a vast majority of it remains actively circulating, with studies indicating only 12% has been mined globally. However, with the recent shift towards a more electrified and green society, the demand for copper is surging. Leading automobile manufacturers, such as Tesla and BMW, require substantial quantities of their electric vehicles, substantially more than what’s needed for traditional gas vehicles. This growing demand, further augmented by the need for extensive power grids and renewable energy infrastructures like solar plants and wind turbines, led Goldman Sachs to dub copper as “the new oil,” predicting its price to leap exponentially.

However, the perceived shortage doesn’t equate to the depletion of copper reserves; there’s an abundance of it yet to be tapped. The real challenge lies in bolstering the mining and recycling sectors to ramp up production to meet escalating demands. If these industries can effectively scale up, copper prices might stabilize. If not, the inevitable march of innovation suggests that alternative solutions will emerge. In any scenario, humanity’s adaptive nature ensures a continued stride toward a sustainable future for subsequent generations.

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