The global metals industry will need $4.2 trillion in investment to meet future demand, according to McKinsey’s Global Materials Perspective 2026. The outlook identifies gold, copper and critical minerals as increasingly important as traditional sources of growth evolve.
Global metals demand shifts
McKinsey identifies gold as the industry’s largest profit pool. It also sees fresh demand for copper and gallium from data centres serving artificial intelligence.
The outlook describes China’s dominance as gradually weakening while India becomes a faster-growing demand market.
Investment and workforce needs
Alongside its $4.2 trillion investment estimate, McKinsey says meeting future demand will require major productivity gains and hundreds of thousands of workers.
The industry could need 310,000 additional workers by 2035, concentrated in India, the rest of Asia and Africa. That figure is an estimate of future workforce needs, not a count of jobs already created.
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