Global Critical Mineral Market: Trends & Forecast to 2034
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Global Critical Mineral Market By Mineral Type (Copper, Lithium, Nickel, Cobalt, Graphite, Rare Earth Elements (REEs)), By Application (Agriculture, Automotive, High-Tech Electronics, Telecommunications, Energy, Others), And By Geography – Market Size, Opportunities, Trends And Forecast From 2021 to 2034
Global Critical Mineral Market: Trends & Forecast to 2034
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Global Critical Mineral Market: Trends & Forecast to 2034 |
The global critical mineral market size in 2023 reached USD 325.33 billion, reflecting its integral role in driving advanced technologies, renewable energy, and strategic industries worldwide.
The market is expected to grow at a CAGR of 5.73% from 2024 to 2034, with revenues forecasted to surpass USD 609.07 billion by 2034, owing to rapidly increasing investments in EVs and clean energy technologies.
Asia Pacific leads the global market, primarily fueled by China’s large-scale production and processing of rare earth elements, as well as accelerated clean energy adoption and rapid EV sector expansion in the region.
Europe and North America are also major regions, with Europe benefiting from strategic investments in green technologies, and North America’s market growth driven by domestic mineral development and supply chain security efforts.
The top categories by mineral type include rare earth elements, lithium, cobalt, graphite, copper, and nickel, all crucial for battery production, permanent magnets, defense equipment, and high-performance electronics.
Lithium and cobalt show high growth rates due to surging demand for electric vehicle batteries and grid-scale energy storage. Their rising prominence is driven by aggressive decarbonization policies and the expansion of gigafactories.
Copper remains dominant by market size, given its extensive use in electrical wiring, renewable power infrastructure, and industrial applications. The diversity of its end-use sectors sustains robust demand.
Key applications propelling market growth are automotive (especially EVs), renewable energy storage, electronics, aerospace and defense, and telecom, as these sectors prioritize lightweight, efficient, and sustainable materials.
The market faces supply risks and geopolitical challenges since a large proportion of critical minerals are sourced from a few countries—making supply chains vulnerable to trade disputes, regulations, and resource nationalism.
Major companies operating globally include Rio Tinto, Vale, Glencore, Freeport-McMoRan, Anglo American plc, Albemarle, Lynas Rare Earths, Barrick Gold, BHP, and SQM S.A., many of which are expanding operations and investing in advanced extraction tech and ESG strategies.
Sustainability and ethical sourcing are trending, with a shift toward transparent supply chains, closed-loop recycling, urban mining, and strict ESG standards to reduce environmental footprint and promote responsible mining.
Technological advances are shaping the sector, including adoption of AI and blockchain for mineral traceability, bioleaching, and hydrometallurgy for improved extraction and resource efficiency.
The EV boom and clean energy investments represent core growth drivers, with wind turbines and solar panels relying heavily on rare earths, tellurium, indium, and lithium for performance and efficiency.
Government policies and incentives are accelerating market development, emphasizing supply diversification, domestic resource security, and international collaboration to support sustainable critical mineral supply chains.
The sector is expected to see further market developments through strategic partnerships, battery recycling innovations, and advances in urban mining, all responding to global decarbonization goals and digital transformation.
Global Critical Mineral Market, By Region, 2021 - 2034 ($ Billion)
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Global Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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Global Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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North America Critical Mineral Market, By Country, 2021 - 2034 ($ Billion)
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North America Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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North America Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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US Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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US Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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Canada Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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Canada Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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Mexico Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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Mexico Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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Europe Critical Mineral Market, By Country, 2021 - 2034 ($ Billion)
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Europe Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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Europe Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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UK Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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UK Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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Germany Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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Germany Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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France Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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France Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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Italy Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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Italy Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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BeNeLux Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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BeNeLux Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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Russia Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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Russia Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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Nordic Region Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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Nordic Region Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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Rest of Europe Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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Rest of Europe Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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Asia Pacific Critical Mineral Market, By Country, 2021 - 2034 ($ Billion)
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Asia Pacific Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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Asia Pacific Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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China Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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China Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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Japan Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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Japan Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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India Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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India Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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South Korea Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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South Korea Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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Australia Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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Australia Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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Malaysia Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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Malaysia Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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Indonesia Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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Indonesia Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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Rest of Asia Pacific Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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Rest of Asia Pacific Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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South America Critical Mineral Market, By Country, 2021 - 2034 ($ Billion)
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South America Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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South America Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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Brazil Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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Brazil Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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Argentina Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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Argentina Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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Chile Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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Chile Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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Rest of South America Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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Rest of South America Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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Middle East & Africa Critical Mineral Market, By Country, 2021 - 2034 ($ Billion)
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Middle East & Africa Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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Middle East & Africa Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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Saudi Arabia Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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Saudi Arabia Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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UAE Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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UAE Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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South Africa Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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South Africa Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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Rest of Middle East & Africa Critical Mineral Market, By Application, 2021 - 2034 ($ Billion)
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Rest of Middle East & Africa Critical Mineral Market, By Mineral Type, 2021 - 2034 ($ Billion)
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The report includes the global critical mineral market size and forecast data for the following segments within each of the below-mentioned countries and regions.
DATA PARAMETERS:
- Historic Years: 2021 to 2023
- Base Year (for Calculation): 2023
- Estimated Year: 2024
- Forecast Years: 2025 to 2034
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MARKET SEGMENTS |
COUNTRIES & REGIONS COVERED |
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Critical Mineral Market by Mineral Type
Critical Mineral Market by Application
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GLOBAL North America
Europe
Asia Pacific
South America
Middle East & Africa
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