As the global push toward clean energy gains momentum, demand for certain minerals and metals is projected to increase significantly by 2040. The infographic above illustrates how lithium, graphite, cobalt, nickel, manganese, rare earth elements, and copper could experience exponential growth—driven primarily by electric vehicle (EV) batteries, renewable energy technologies, and large-scale energy storage solutions.
Lithium Leads the Pack: Lithium is poised for the most dramatic surge, potentially growing over 40 times from 2020 levels. This jump reflects the crucial role lithium-ion batteries play in powering EVs and storing renewable energy. With EV adoption set to accelerate worldwide, lithium supplies will need to keep pace with rapidly increasing demand.
Other Key Growth Areas
Graphite demand could rise by 25 times, as it is a major component in battery anodes.
Cobalt and nickel, used in battery cathodes, may increase by 21 and 19 times, respectively.
Manganese could see an 8-fold jump, owing to its use in certain battery chemistries.
Rare earth elements, critical for wind turbines and electric motors, may triple.
Copper, essential for electrical wiring and infrastructure, could double.
As the demand for critical minerals accelerates, driven by the global shift toward low-carbon technologies, the industry faces both opportunities and challenges. Expanding EV production and renewable energy projects are increasing pressure on supply chains, while geopolitical uncertainties and environmental concerns add complexity to sourcing these essential materials. To meet this growing demand sustainably, investment in mining, refining, and new technologies will be crucial. Collaboration between governments, industry leaders, and investors will play a key role in ensuring a stable and responsible supply. Ultimately, securing these resources efficiently will be essential in shaping the future of the energy transition.