For Thomas Insights Index Report
In previous Thomas Index Reports, we discussed critical minerals and their roles in the electric vehicle (EV) battery supply chain. Today, let’s spotlight one omnipresent mineral that is a vital aspect of global industry: copper alloy.
Thomasnet.com®’s sourcing data shows a 501% increase in copper alloy sourcing year-over-year. Not only does this category include elemental copper but also brass, bronze, and a variety of other engineering alloys. The main companies using Thomasnet.com to source their copper alloys are in general manufacturing, aerospace and defense, and industrial component markets, all of which play an essential role in sustaining economic growth and domestic security.
Copper is an integral element to all electric motors, power transmission equipment, renewable energy tools, electronic devices, heat transfer systems, and a variety of other fundamental applications. An abundance of copper allows for such innovations as robotics, automation, computational power, fast energy transmission, and so many other modern conveniences. Current alternatives such as aluminum, though plentiful, are poor substitutes as they cannot achieve the same levels of thermal and electrical transferability.
Demand for copper alloys remains high and is expected to increase with time due to their versatility. As part of the Bipartisan Infrastructure Law, the Biden administration aims to replace the estimated 6 to 10 million lead service lines in the country in the next decade, and copper is considered the best long-term solution for these water lines. This law also provides over $65 billion for a new electrified power grid, including a national EV charging network, renewable energy infrastructure, and upgraded transmission lines, all of which will require an unprecedented amount of copper.
