Solar panels require aluminium for the front frame and a combination of aluminium and galvanised steel (zinc) for structural parts. Copper is used in high and low voltage transmission cables and thermal solar collectors.

"As costs continue to fall, solar's share of power supply will rise and begin to displace other forms of generation. This presents a huge opportunity for the base metals sector," WoodMac said.

WoodMac said demand for aluminium from solar technologies was about 2.4 million tonnes in 2020, but that the figure would nearly double to 4.6Mt by 2040 under its base case.

However, should major economies pursue more aggressive decarbonisation strategies as outlined under WoodMac's 1.5C scenario, aluminium consumption may rise to around 10Mt, which would equate to nearly 13% of total consumption.

Copper also stands to benefit, but to a lesser extent. Under WoodMac's base case, copper consumption would rise from 400,000t in 2020 to 700,000t in 2040, but again under the 1.5C scenario, the figure could rise to 1.6Mt.

However, high copper prices represent a substitution risk.

WoodMac said there was the potential for aluminium to penetrate wire and cable applications in installations where copper is currently the favoured metal choice.