When you think of precious metals, then silver, gold and platinum would probably be the first that comes to your mind. But, copper scrap is becoming the next big thing in demand. Copper is used in different appliances and spare parts, and you can find major component of automobile and home appliances made from copper. But, we have limited resources and we have to recycling the copper metal to save this precious metal for your future.
In this write-up, we will briefly explain why there is a rapid increase in copper’s price and what we can do to reap the right benefits of copper recycling.
A Rapid Transition to Various Sources of Renewable Energy is Increasing Copper’s Demand
As more & more governments realize the overall severity of the present-day change in climates, such as an increase in the global temperatures and natural disasters, we have noticed a notable surge in the news regarding the positive effects of renewable energy. It is true that avoiding hazardous materials like plastics can save the planet from non-biodegradable scraps, but we have to recycle the metals like copper, aluminums and iron to save such natural resources and energy.
Copper is being extensively used for the following major purposes when it comes to renewable energy setups. Copper’s role in renewable energy has drastically increased and it is an essential metal for the production of:
- Wind turbines
- Solar panels
- EV charging stations
- Batteries of electric vehicles
- Several other alternatives of clean energy.
With several corporations opting for renewable energy sources globally, the demand for copper would increase by 900% by 2030.
Unable to Meet the Demands of Copper Sustainably
We are unable to meet the demands of copper due to the following major reasons:
- Not able to unearth copper sustainably – In order to receive more copper, you require to mine or unearth the ore bodies of copper. As we mine more amounts of copper, we begin to use different kinds of ore bodies. This includes accessing ore bodies that are of extremely low grade and at the same time a huge amount of toxins will be released from such ores. The ore bodies may release harmful toxins like arsenic that may lead to dreaded diseases. So if we recycle the copper then we can prevent such harmful effects.
- Opposition against mining leads to severe legal battles – With this being difficult to mine the metal of copper so sustainably, it has been noticed an increase in the public outcry that is developing against the mining projects. Also, the political opposition from the international and local governments are majorly causing the projects to be cancelled forever or suspended for a long time.
- An increase in the demand indicates an increase in price – When there is a considerably high demand & low supply, then the price is about to rise for sure. For copper, it has been found that there exists a major gap between the demand and supply and this gap will continue to rise every year till 2030.
While purchasing new copper metal, it is becoming very expensive. So, a good alternative is recycled copper made from scrap metal. When there are absolutely low & limited resources, then in such cases recycling metal can become a very good solution. So, copper recycling is also catching up major trend.
Conclusion
You can opt to trade in your copper scrap metal or purchase recycled copper as a way of saving your hard-earned business money. This is not just have a positive environmental impact, but at the same time, it has a robust economic impact as well. So, copper recycling is catching up trend at a very fast pace.