Annual Review of the Critical Minerals Market

Key Chapter Title List

1. Introduction
2. Executive Summary
3. Key Market Dynamics
4. Battery Industry Development
5. Key Trends in Various Commodities
6. Policy and Industry Implications
7. Appendix

Document Introduction

As the core enabler of clean energy technologies, critical minerals have become a central topic in national policy and business agendas in recent years. With the large-scale deployment of clean energy technologies such as solar PV, electric vehicles, and energy storage systems, demand for critical minerals has surged. Concurrently, price volatility, supply chain bottlenecks, and geopolitical risks intertwine, posing multiple challenges to the energy transition. This report, as the International Energy Agency's (IEA) first market review of critical minerals, systematically presents the full picture of the industry in 2022 and emerging trends in 2023.

The report has a clear structure. It first outlines the overall development trends of the critical minerals market, focusing on analyzing the driving effect of clean energy technology deployment on mineral demand—in 2022, electric vehicle sales grew by 60% and energy storage capacity doubled, driving lithium demand to double in three years and cobalt demand to increase by 70%. It then focuses on the transformation of the battery industry, including the evolution of battery technology pathways (high-nickel NMC, lithium iron phosphate, sodium-ion batteries), trends in vertical integration of the supply chain, and progress in recycling system development.

In the analysis of specific categories, the report covers core minerals such as copper, lithium, nickel, cobalt, graphite, and rare earth elements, detailing the production landscape, price trends, investment dynamics, and regional distribution characteristics of each category. Simultaneously, it highlights the global policy response, including nearly 200 policy tools such as the EU's Critical Raw Materials Act and the US Inflation Reduction Act, as well as measures taken by various countries in supply chain diversification, capacity expansion, and sustainable practices.

The report is based on the IEA's global energy and climate models, combined with investment data from 20 major mining companies, industry trade statistics, and policy tracking. It employs a combination of quantitative and qualitative methods for analysis. Key findings show that investment in critical minerals grew by 30% in 2022, but supply chain concentration remains high, and Environmental, Social, and Governance (ESG) performance is uneven. Looking ahead, under a net-zero emissions scenario, demand for critical minerals is projected to grow 3.5 times by 2030, making supply chain security, diversification, and sustainability the three core challenges that urgently need to be addressed.

This report provides authoritative market insights and data support for policymakers, industry investors, and think tank researchers, helping them grasp the pulse of the critical minerals industry development and serving as a reference for strategic decision-making regarding mineral resources in the clean energy transition.