Kings Research today announced the release of its latest market intelligence study, “Global Critical Minerals Market: Size, Share, Trends & Forecast 2023–2030.” The report provides a comprehensive analysis of market size, growth drivers, regional dynamics, competitive landscape, and strategic developments shaping the global minerals sector.
According to Kings Research, the global critical minerals market was valued at USD 320.43 billion in 2022 and is projected to expand to USD 494.23 billion by 2030, at a CAGR of 5.69% during 2023–2030. The surge is fueled by rising demand for minerals essential to clean energy technologies, including solar PV systems, batteries, and electric vehicles (EVs), coupled with supply chain diversification initiatives by governments and corporations.
Critical minerals are key elements across modern industries such as renewable energy, electronics, defense, and advanced manufacturing. Their scarcity and supply chain concentration make them essential for sustainable economic growth and energy transition.
Key Drivers Supporting Growth
- Clean-Energy Transition
The global shift to renewable energy technologies, including solar PV, wind, and grid-scale energy storage, is driving up demand for critical minerals like lithium, cobalt, nickel, copper, and rare earths. According to the International Energy Agency (IEA), lithium demand could grow over 40 times by 2040 under high-ambition net-zero scenarios. Other minerals like cobalt, graphite, and nickel will also see significant growth to support the energy transition (Source: www.iea.org).
- Supply-Chain Geopolitics and Onshoring
China dominates rare earth mining and processing, producing hundreds of thousands of tonnes of rare earths annually, which creates strategic supply risks for other countries. In response, the U.S., Australia, and India are implementing policies to diversify supply, expand domestic production, and invest in recycling. For example, Albemarle received a USD 90 million U.S. Department of Defense grant in September 2023 to support domestic lithium production, strengthening supply chain resilience.
- Large-Scale Miner Investment
Major miners are investing big in energy-transition minerals to meet growing demand. Vale’s Base Metals business, reorganised in 2023, has a USD 26 billion capital program to expand copper and nickel production over the next decade. These investments are critical to ensuring medium- to long-term supply of critical minerals (Source: vale.com).
For governments, manufacturers, and investors, the critical minerals market offers opportunities and benefits:
- Strategic Security: Securing the mineral supply reduces dependence on single sources and minimizes geopolitical risks.
- Energy Transition Enabler: Critical minerals are the backbone of EV batteries, solar PV, and wind turbines, for decarbonization strategies.
- Innovation Catalyst: Investment in recycling, mineral substitutes, and advanced refining technologies creates paths for cost reduction and sustainability.
- Sustainability Alignment: Companies that adopt responsible mining and ESG-compliant operations build investor trust and global competitiveness.
- Economic Growth: Domestic production and processing expansion creates jobs, infrastructure, and trade opportunities.
Regional Outlook
- Asia-Pacific: Accounted for 30.5% of global share (USD 97.73 billion) in 2022, led by China’s dominance in rare earth processing and India’s growing partnerships for mineral development. Regional policies aim to balance supply chain resilience with decarbonization goals.
- North America: Investing heavily in domestic production and refining capabilities, supported by government funding and incentives for battery materials.
- Europe: Focused on sustainable mineral sourcing to meet EU Green Deal targets; REEs and battery minerals are central to achieving carbon neutrality by 2050.
- Middle East & Africa: Emerging as critical suppliers of cobalt, copper, and rare earths, with international partnerships to strengthen extraction and export capacity.
Competitive Landscape
The critical minerals market is moderately consolidated, with leading players expanding through partnerships, mergers, and government-backed funding. Key companies include Rio Tinto, Vale, Glencore, Freeport-McMoRan, Anglo American plc, and Albemarle Corporation.
The full Kings Research report provides detailed segmentation by mineral type, application, and region, along with competitive benchmarking and policy insights. To request a sample or access the complete report, visit: https://www.kingsresearch.com/critical-minerals-market-356
About Kings Research
Kings Research is a global provider of syndicated research reports and consulting services, helping organizations navigate emerging markets, assess opportunities, and make informed business decisions.
All market data are sourced from Kings Research proprietary analysis, validated against credible public sources such as the International Energy Agency (IEA) and U.S. Department of Defense.