United States Critical Minerals Market to Grow at 7.53% CAGR, Reaching USD 586.63 billion by 2032, Led by MP Materials, Albemarle, and Freeport-McMoRan | DataM Intelligence

The global Critical Minerals Market reached USD 328.19 billion in 2024 and is projected to reach USD 586.63 billion by 2032, growing at a CAGR of 7.53% during the forecast period 2025-2032, according to DataM Intelligence.

United States: Recent Industry Developments

✅ In October 2025, MP Materials announced the expansion of its rare earth processing facility in Texas, strengthening domestic supply chains.
✅ In October 2025, the US Department of Defence allocated $2.5 billion to secure strategic reserves of lithium, cobalt, and rare earth elements.
✅ In October 2025, Albemarle Corporation commissioned a new lithium extraction plant in Nevada, increasing domestic production by 40%.

Japan: Recent Industry Developments

✅ In October 2025, the Japan Organisation for Metals and Energy Security secured mining rights in Canada for rare earth elements.
✅ In October 2025, Sumitomo Metal Mining developed an advanced recycling technology to recover cobalt and nickel from electronic waste.
✅ In October 2025, the Japanese government launched a $3.5 billion fund to support critical mineral exploration and processing.

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Market Trends & Drivers

The Critical Minerals Market is experiencing rapid growth driven by the global clean energy transition, electric vehicle revolution, and national security concerns about supply chain resilience. Key trends include the diversification of supply sources away from dominant producers, advancement in recycling technologies, and the development of alternative materials. The rapid expansion of renewable energy infrastructure, battery manufacturing capacity, and government initiatives for supply chain security are significantly accelerating market demand across all critical mineral categories.
Competitive Landscape

The market features intense competition among mining companies, chemical processors, and recycling specialists.

MP Materials Corp. leads in rare earth element production with its Mountain Pass mine and expanding processing capabilities.
Albemarle Corporation dominates the lithium market with global operations and advanced extraction technologies.
Freeport-McMoRan Inc. is a major producer of copper and molybdenum with significant mining operations worldwide.
Glencore PLC operates diverse critical mineral assets including cobalt, copper, and nickel production.
Sociedad Química y Minera de Chile (SQM) is a leading lithium producer with expanding global operations.
Vale S.A. supplies nickel, copper, and other critical minerals for clean energy technologies.
BHP Group operates major copper and nickel assets essential for electrification and renewable energy.
Rio Tinto Group develops lithium, copper, and other critical mineral projects globally.
Ganfeng Lithium Co., Ltd. is a vertically integrated lithium company with global mining and processing operations.
Pilbara Minerals Ltd. operates one of the world's largest hard-rock lithium mines in Australia.

Segmentation

By Mineral Type (Lithium, Cobalt, Rare Earth Elements (REEs), Nickel, Graphite, Manganese, Tungsten, Copper, Others)
By Extraction Method (Primary Mining, Secondary (Urban/End-of-Life Product) Recycling, Brine Extraction, Ore Processing, Others)
By Application (Electric Vehicles (EVs), Renewable Energy (e.g., Wind Turbines, Solar Panels), Consumer Electronics, Aerospace & Defense, Industrial Machinery, Energy Storage Systems, Others)

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Regional Analysis:

⇥ North America (U.S., Canada, Mexico)
⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)
⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)
⇥ South America (Colombia, Brazil, Argentina, Rest of South America)
⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

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