Critical Minerals Market Review 2023

illuminem summarizes for you the essential news of the day. Read here the full Critical Minerals Market Review 2023 report or enjoy below

🗞️ Driving the news: From 2017 to 2022, overall demand for lithium tripled, cobalt surged by 70%, and nickel rose by 40%, with clean energy applications contributing a significant portion 
• This has driven the market size of these minerals to double over the past five years, hitting USD 320 billion in 2022

🔭 The context: Amid an era of record clean energy technology deployment, critical mineral markets have experienced unprecedented growth, the main driver being the demand from the energy sector 
• However, high material prices have reversed a decade-long trend of declining clean energy technology costs, highlighting the importance of material prices in transforming energy systems

🌍 Why it matters for the planet: Critical minerals are key to the energy transition and their supplies will heavily influence the affordability and speed of this shift
• Long-term offtake agreements have become an industry standard, with companies like General Motors investing USD 650 million in Lithium Americas, and Tesla planning a new lithium refinery in the United States

⏭️ What's next: Demand for these minerals is projected to increase rapidly in all scenarios
• In the Announced Pledges Scenario (APS), demand more than doubles by 2030, and in the Net Zero Emissions by 2050 (NZE) Scenario, demand grows by three and a half times, reaching over 30 million tonnes

💬 One quote: "Our focus isn't merely on addressing emissions, but also on fostering economic growth and job creation through these avenues," (John Kerry, US Special Presidential Envoy for Climate, John Kerry)

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