Theme Overview
Emerging markets housing 85% of the world's population are at various stages of industrialization and urbanization that drive commodity-intensive growth. India is adding the equivalent of a new Chicago every year in urban population. Southeast Asian nations are building highway, rail, and port infrastructure. Africa's population is projected to double by 2050, requiring massive housing, energy, and water infrastructure. This urbanization requires steel, copper, cement, aluminum, and energy commodities in quantities that replicate (at larger scale) the commodity supercycle that China's development drove from 2000-2015. India alone consumed 100 million tonnes of steel in 2023 versus China's 200 million tonnes at a similar stage of development, suggesting enormous room for growth.