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Critical Minerals Market Review 2023

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By illuminem briefings

· 2 min read

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)

Click for more news covering the latest on Mining & Minerals

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