Critical Minerals Market to hit US$ 586.63 billion by 2032, North America led 41% of global market share | key Players:- Albemarle Corporation, Lynas Rare Earths, MP Materials.

Critical Minerals Market Size 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.

The global critical minerals market is experiencing unprecedented growth, primarily driven by the accelerating transition to clean energy technologies. According to the International Energy Agency (IEA), the market size of key energy transition minerals doubled over the past five years, aligning closely with the market size for iron ore mining. This surge is largely attributed to the tripling of lithium demand, a 70% increase in cobalt demand, and a 40% rise in nickel demand between 2017 and 2022, with clean energy applications accounting for significant portions of this demand.

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Key Industry Development-
✅ November 2025: The U.S. Geological Survey finalized its 2025 List of Critical Minerals, adding key commodities like copper and silver while removing others to reflect updated supply risks and economic importance for national security.​

✅ October 2025: The U.S. government advanced collaborative efforts with Canada under the Critical Minerals Strategy, investing in exploration and processing facilities for lithium, cobalt, and rare earths to bolster North American supply chains for EVs and renewables.​

✅ May 2025: The International Energy Agency launched its Global Critical Minerals Outlook 2025 report, highlighting U.S.-focused market trends, investment surges in lithium and nickel, and projections for quadrupling demand by 2040 amid clean energy transitions.​

✅ November 2025: Japan intensified investments in critical minerals diversification through policy mechanisms outlined in IEA analyses, targeting supply chain resilience for battery technologies and renewables with emphasis on recycling innovations.​

✅ May 2025: The Japan Forum on International Relations discussed rising renewable energy investments tied to critical minerals, aligning with IEA's 2025 Outlook on regional market developments and geopolitical strategies for minerals like lithium and cobalt.

Recent M&A :-

→ Pilbara Minerals acquired Latin Resources in 2025, strengthening its position in the lithium supply chain critical for energy transition batteries.​

→ Shenghe Resources acquired Peak Rare Earths during 2025, highlighting investor focus on rare earth processing and vertical integration to reduce foreign supply reliance.​

→ US Critical Metals completed the acquisition of 50% of the McDermitt East lithium project in Nevada in October 2025, securing an option for 100% with a 2.0% NSR royalty (1.0% buyback possible) to build critical mineral optionality in permitted U.S. lands.​

→ Edge Copper closed the acquisition of the Zonia Copper Project in Arizona in October 2025, paired with a C$17 million private placement, targeting near-term copper production from a past-producing heap-leach asset amid tightening global supply.​

→ ExGen Resources signed a binding LOI in October 2025 to acquire three Nevada lithium properties for 21 million shares plus C$125,000, enabling small-cap land banking in high-potential districts despite market challenges.​

→ Hindalco Industries agreed to acquire AluChem, an Ohio-based specialty alumina producer with ~60 kt capacity, for approximately $125 million in October 2025, though CFIUS review paused due to federal shutdown, emphasizing national security scrutiny for critical materials.

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Market Segmenatation-
Segmentation Analysis
The global critical minerals market is segmented based on mineral type, extraction method, application and region.

→ Copper Segment Driving Critical Minerals Market
Copper is emerging as a pivotal force in the global critical minerals market, primarily due to its indispensable role in the clean energy transition. In India, the demand for copper is escalating, driven by the expansion of renewable energy infrastructure and electric vehicle (EV) production. Despite achieving a record production of 555,000 tonnes in FY2023, India still imported 181,000 tonnes to meet its domestic needs, underscoring a significant supply-demand gap.

Globally, the demand for copper is projected to rise substantially. A study by S&P Global forecasts that global copper demand will increase from 25 million metric tons in 2022 to 53 million metric tons by 2050, driven by its extensive use in renewable energy systems and electric vehicles. These initiatives highlight copper's central role in achieving global sustainability goals and the importance of securing its supply chain.

Key Developments:-
→ In May 2025, NLC India Limited has announced the signing of a Memorandum of Understanding with IREL (India) Limited. This partnership aims to jointly pursue opportunities in the exploration, mining, and processing of critical minerals and rare earth elements across domestic and global markets. The collaboration supports the government's push for strategic mineral security and self-reliance across high-growth sectors like defence, electronics, renewable energy, and electric vehicles.

Regional insights:-
• North America - 41% share: Dominance comes from large upstream investment programs (government incentives and private capital) plus strong demand from AI R&D, semiconductor fabs, and hyperscale cloud/data-centre buildouts. The U.S. leads in refining/processing investment pledges and downstream capacity expansion (processing, battery-component plants), which supports a high regional share and growing strategic stockpiling.

• Asia-Pacific - 34% share: The region's large share is underpinned by China, Taiwan, South Korea and Japan's massive semiconductor and battery manufacturing ecosystems, plus extensive mining and processing activity in Australia and Southeast Asia. Rapid industrial electrification, EV supply-chain investments, and strong domestic demand for batteries and rare-earth magnets sustain the region's structural lead.

• Europe - 18% share: Europe's share reflects accelerating public funding and policy (EU Critical Raw Materials actions, REsourceEU) aimed at building local processing, recycling and chip/auto supply-chains. Growth is concentrated in automotive semiconductor investments, robotics, and incentives for on-shoring refining/processing capacity - but Europe still imports large quantities of ore and concentrates.

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Critical Minerals Market Major Players:-
The major global players in the market include Albemarle Corporation, Livent Corporation, Lynas Rare Earths Limited, MP Materials Corp., China Northern Rare Earth (Group) High-Tech Co., Ltd., Glencore plc, Iluka Resources Limited, Rio Tinto Group, Pilbara Minerals Limited, and Canada Nickel Company Inc.

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