Powering Tomorrow: The Growing Demand for Critical Minerals

As the world accelerates its transition to clean energy and digital technologies, demand for critical minerals is set to explode. By 2030, the International Energy Agency (IEA) projects that global demand for minerals like lithium, cobalt, rare earths and graphite could double or even triple (depending on different scenarios), driven by the rise of electric vehicles, renewable energy infrastructure and advanced electronics (AI). These minerals represent the backbone of modern industries - and geopolitical competition - while China currently controls the large majority of their supply chain.

As shown in our chart, between 2024 and 2030, global lithium demand is projected to grow by 146 percent, while graphite and cobalt needs are expected to increase by 50-75 percent, according to the IEA's baseline scenario, mainly driven by electric vehicles and energy storage. Furthermore, the demand for rare earths, essential for permanent magnets used in wind turbines and electric motors, is projected to increase by 45 percent.