Critical Minerals Market to Expand at 7.53% CAGR Driven by Clean Energy Transition, EV Demand & Supply Chain Security Initiatives

According to DataM Intelligence, the 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% from 2025 to 2032 . Growth is driven by accelerating clean energy transition, surging demand for electric vehicles, renewable energy systems, and energy storage, alongside governmental initiatives to secure supply chains and boost domestic production of lithium, cobalt, rare earth elements, nickel, copper, and graphite.

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North America Key Industry Developments
✅ Ongoing: U.S. initiatives under the Inflation Reduction Act and Bipartisan Infrastructure Law enhancing domestic mining and processing capabilities for critical minerals.
✅ 2025: USGS added copper, potash, and silicon to the critical minerals list, expanding to 54 minerals.
✅ Ongoing: Canada's Critical Minerals Strategy focusing on exploration, sustainable mining, and processing for lithium, cobalt, and rare earth elements.

Asia-Pacific Key Industry Developments
✅ May 2025: NLC India Limited signed an MoU with IREL (India) Limited for exploration, mining, and processing of critical minerals and rare earth elements.
✅ Ongoing: India's National Critical Minerals Mission investing significantly in recovery from mine tailings and increasing project numbers from 59 in 2020 to 123 in 2023.
✅ Ongoing: China maintaining dominance in processing (e.g., 79% of graphite, 60% of rare earth elements) amid global supply chain diversification efforts.

Key Mergers and Acquisitions (Recent)
✅ May 2025: NLC India Limited and IREL (India) Limited MoU for joint opportunities in critical minerals exploration and processing.
✅ Ongoing: Increasing M&A activity in lithium, copper, and rare earths driven by supply security and clean energy demand.

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Market Segmentation Analysis
By Mineral Type: Copper dominates due to its essential role in electrification and clean energy; other key segments include lithium, cobalt, rare earth elements, nickel, graphite, manganese, tungsten, and others.
By Extraction Method: Primary mining, secondary recycling, brine extraction, ore processing, and others.
By Application: Electric vehicles, renewable energy, consumer electronics, aerospace & defense, energy storage systems, and others.

Regional Insights
North America leads with proactive policies, high demand from EV and renewable sectors, and efforts to reduce import dependency (U.S. imports over half for 43 minerals). Asia-Pacific is the fastest-growing region, driven by China's processing dominance, India's mission-driven investments, and regional supply chain concentrations.

Growth Drivers
Rapid transition to clean energy technologies and electric vehicles
Surging demand for lithium (tripled 2017-2022), cobalt (70% increase), nickel (40% increase), and copper
Governmental policies and investments securing supply chains (e.g., EU Critical Raw Materials Act, India's National Mission)
Rising focus on recycling and sustainable sourcing
Increasing investments in exploration and processing capacity

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Key Players
The market includes leading companies such as 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.

Key Highlights (Top 5 Key Players)
1. Albemarle Corporation - Expanding lithium production for EV battery demand.
2. Lynas Rare Earths Limited - Leading in rare earth elements separation and processing outside China.
3. MP Materials Corp. - Advancing U.S. rare earth mining and magnet production.
4. Glencore plc - Diversified portfolio in cobalt, copper, and nickel.
5. Rio Tinto Group - Investing in copper and lithium projects for energy transition.

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