Critical Minerals Market to Reach US$586.63 Billion by 2032, Growing at 7.53% CAGR | Copper Segment Drives Market with Clean Energy and EV Demand | DataM Intelligence

Leander, Texas and Tokyo, Japan - Dec 03, 2025
According to DataM Intelligence, the global critical minerals market reached US$328.19 billion in 2024 and is expected to reach US$586.63 billion by 2032, growing with a CAGR of 7.53% during the forecast period 2025-2032. This substantial growth is propelled by the global energy transition, explosive demand for electric vehicles and renewable energy infrastructure, national security concerns over supply chain resilience, advancements in extraction and recycling technologies, and supportive government policies and funding for domestic sourcing.

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Report Details:
• No. of Pages: 180
• Forecast Period: 2025-2032
• Market Size (2024): $328.19 Billion
• Market Size (2032): $586.63 Billion
• Compound Annual Growth Rate: 7.53%
• Regions Covered: Global

Global Recent Developments:
✅ November 2025: The U.S. Department of Energy finalized a $3.5 billion loan to Lithium Americas for the Thacker Pass mine in Nevada, the largest known lithium resource in North America, marking a major push for Primary Mining of domestic Lithium for the Energy Storage Systems and EV sectors.
✅ November 2025: BHP and Talga Group announced a joint venture to develop an integrated mine and battery anode plant in Sweden, producing coated anode Graphite from 100% renewable power, targeting the European Electric Vehicles (EVs) market with a low-carbon footprint.
✅ October 2025: Rio Tinto and Ford Motor Company signed a landmark agreement for Rio Tinto to supply low-carbon Copper from its Kennecott operation in Utah, using blockchain for traceability, directly feeding the Copper Segment Driving Critical Minerals Market.
✅ October 2025: China's Ministry of Industry and Information Technology announced new strategic reserves for Graphite and tightened export controls on advanced graphite products, impacting global battery anode supply chains and accelerating searches for alternative sources.
✅ September 2025: The European Union's Critical Raw Materials Act came into full force, mandating that by 2030, 25% of Rare Earth Elements (REEs) used in the EU's Renewable Energy sector must come from Secondary (Urban/End-of-life product) Recycling, triggering massive investment in European recycling facilities.

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Competitive Landscape
The market is dominated by a mix of global mining majors, specialized mineral companies, and state-backed enterprises, with increasing involvement from downstream consumers like automakers.

1. BHP Group and Rio Tinto maintained leadership as diversified giants with major positions in Copper, Nickel, and through investments in Lithium and potash.
2. Albemarle Corporation and SQM continued to lead the Lithium segment, though facing growing competition from new entrants and integrated projects.
3. Glencore plc held a strong position in Cobalt and Copper, with significant trading and recycling operations.
4. China Northern Rare Earth (Group) High-Tech Co., Ltd. dominated the Rare Earth Elements (REEs) supply chain, though its market share is being challenged by new non-Chinese projects.
5. Vale S.A. was a key player in Nickel supply for batteries, alongside emerging Graphite producers like Syrah Resources.

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Segmentation Analysis
By Mineral Type
• Copper Segment Driving Critical Minerals Market is a key narrative, as copper is fundamental to all electrification (wiring, motors, renewables). While Lithium, Cobalt, and Nickel get attention for batteries, copper's massive demand from Electric Vehicles (EVs), grid infrastructure, and Renewable Energy makes it a volume and value leader.
• Lithium and Graphite are the fastest-growing minerals by CAGR, tied directly to lithium-ion battery expansion.

By Extraction Method
• Primary Mining remains the dominant source, but Secondary (Urban/End-of-life product) Recycling is the fastest-growing extraction method due to policy mandates, supply security goals, and the increasing volume of end-of-life batteries and electronics entering the waste stream.

By Application
• Electric Vehicles (EVs) and Renewable Energy are the twin engines of demand growth, consuming large quantities of lithium, cobalt, nickel, graphite, copper, and rare earths (for magnets).
• Energy Storage Systems (grid-scale batteries) are an emerging high-growth application, closely linked to renewable integration.

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Regional Analysis:
The demand for critical minerals in North America is escalating, driven by the region's transition to clean energy and the growth of electric vehicle (EV) production. This is supported by the US Inflation Reduction Act (IRA), which provides incentives for domestically sourced and processed minerals, leading to a wave of new project announcements and investments.

Asia-Pacific is and will remain the largest consuming region due to its dominance in battery and EV manufacturing (China) and growing industrial base. However, Europe is becoming a major force in demand and is aggressively building its own refining and recycling capacity to secure its green transition, making it a high-growth investment region.

Market Trends & Drivers
The Critical Minerals Market is at the center of geopolitics and industrial policy. Key trends include the vertical integration of automakers and battery makers into mining and refining projects to secure supply; massive investment in novel extraction technologies like direct lithium extraction (DLE) from Brine Extraction and lower-impact mining methods; the development of alternative chemistries (e.g., LFP batteries using less Cobalt and Nickel) affecting demand patterns; and the creation of "minerals alliances" between friendly nations to build China-alternative supply chains. The energy transition megatrend and supply chain nationalism are the overriding market drivers.

Related Reports:
1. Lithium Market - https://www.datamintelligence.com/research-report/lithium-market?jd
2. Rare Earth Elements Market - https://www.datamintelligence.com/research-report/rare-earth-elements-market?jd
3. Electric Vehicles Battery Recycling Market - https://www.datamintelligence.com/research-report/electric-vehicles-battery-recycling-market?jd

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