Global Critical Mineral Market Forecast to Reach USD 498.22 Billion by 2033, Growing at a 5.78% CAGR

Evolve Business Intelligence has published a research report on the Global Critical Mineral Market, 2023–2033. The global Critical Mineral Market is projected to exhibit a CAGR of around 5.78%during the forecast period of 2023 to 2033.

Evolve Business Intelligence has recognized the following companies as the key players in the global Critical Mineral Market: Rio Tinto, Vale, Glencore, Freeport-McMoRan, Anglo American plc, Albemarle Corporation, Lynas Rare Earths Ltd, Barrick Gold Corporation, BHP and SQM S.A.

Market Highlights

The Critical Mineral Market is projected to be valued at USD 498.22 Billion by 2033, recording a CAGR of around 5.78% during the forecast period. The critical mineral market is experiencing significant growth and transformation, primarily driven by the increasing global demand for clean energy technologies and high-tech electronics. These minerals are essential for producing electric vehicles (EVs), batteries, solar panels, wind turbines, and various other applications crucial for a sustainable future.

The critical mineral market is a dynamic and crucial sector for the global energy transition and technological advancement. While experiencing rapid growth, it faces challenges related to supply chain security, price volatility, and sustainability, necessitating strategic actions by governments and industries worldwide.

Segmental Analysis

The Critical Mineral Market has been segmented based on Mineral Type and Application.

Based on Mineral Type, the Critical Mineral Market is segmented into Copper, Lithium, Nickel, Cobalt, Rare Earth Elements. The Copper segment is anticipated to dominate the market.

Based on Application, the Critical Mineral Market is segmented into Agriculture, Electric Vehicles, High-Tech Electronics, Telecommunications, Energy, Others. The Electric Vehicles segment is anticipated to dominate the market.

Regional Analysis

The Critical Mineral Market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. In North America region, Canada is positioned as a leader in critical mineral production with strategies focusing on sustainable development, value chain strengthening, and international alliances. The US and Canada possess mineral resources and processing expertise, though both are heavily dependent on processed minerals from China. In Asia-Pacific region, China maintains a dominant position in rare earth refining, processing a significant portion of these minerals essential for high-tech applications and India has state-owned enterprises are negotiating to acquire stakes in international lithium projects, such as those in Australia, to secure resources vital for electric vehicle (EV) batteries. In Latin America region, Countries like Chile, Peru, and Mexico leading due to their extensive reserves and mining operations. Copper is vital for technologies such as electric vehicles (EVs), charging infrastructure, and solar photovoltaics. In Middle east And Africa region, the UAE is actively investing in mining operations across Africa and Latin America, extracting minerals such as copper in Peru and lithium in Zimbabwe. These efforts are part of a broader strategy to secure resources essential for the global energy transition.