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Energy Transition Minerals Market Size Doubles to USD 320 Billion in 2022
Here are some insights to note from the Critical Minerals Market Review by the IEA:
- The market size for key energy transition minerals, including lithium, cobalt, and nickel, doubled to USD 320 billion in 2022, equaling the iron ore mining market size and reflecting their rising demand and prices.
- From 2017 to 2022, demand for lithium tripled, cobalt demand increased by 70%, and nickel demand rose by 40%, driven primarily by the energy sector's needs.
- In 2022, clean energy applications accounted for 56% of lithium demand, 40% of cobalt demand, and 16% of nickel demand, significantly up from five years ago, highlighting the shift towards clean energy in the mining and metals industry.
Here are some noteworthy insights and trends to know from the energy transition minerals market:
- $360 billion to $450 billion - Investment needed in order to reach net-zero targets set by 2030, as reported by UNCTAD
- $130 billion - Investment in battery gigafactories using critical minerals in 2022, according to Control Risks
- $10 billion - Lithium hydroxide market in Australia by 2030, according to a report by McKinsey & Company
