Lithium demand triplesThe IEA Critical Minerals Market Review...

Lithium demand triples

The IEA Critical Minerals Market Review identified that from 2017 to 2022, the energy sector was the main factor behind a tripling in overall demand for lithium, a 70% jump in demand for cobalt, and a 40% rise in demand for nickel.

It also estimated that the market for energy transition minerals hit $470 billion in 2022 and is set for continued rapid growth, moving it increasingly to centre stage for the global mining industry.

The growing demand led to critical mineral development rising by 30% last year, following a 20% increase in 2021. Among the different minerals, lithium saw the sharpest increase in investment, a jump of 50%, followed by copper and nickel.

IEA Executive Director, Fatih Birol, said the immediate success of the clean energy transition will be heavily influenced by the availability of critical minerals.

“At a pivotal moment for clean energy transitions worldwide, we are encouraged by the rapid growth in the market for critical minerals, which are crucial for the world to achieve its energy and climate goals,” Mr Birol said.

“Even so, major challenges remain. Much more needs to be done to ensure supply chains for critical minerals are secure and sustainable.”

Article from elsewhere, posted today.