The Critical Minerals Market size reached USD 328.19 billion in 2024, and is projected to grow to USD 586.63 billion by 2032, with a CAGR of 7.53% during 2025–2032.The critical minerals market is expanding because of the increasing need for a variety of rare earth elements and strategic minerals utilized in electric vehicles (EVs), renewable energy technologies, semiconductors, and defense technologies. The rise in global initiatives towards the clean energy transition, ongoing rapid industrialization, and the drive for secured supply chains are also advancing growth in the market. Moreover, government initiatives aimed at securing domestic mineral supply, and reducing import dependency, are continuing to drive market growth.

  -The U.S. government took a 5% equity stake in Lithium Americas, which is developing the Thacker Pass lithium mine in Nevada. The project is key for domestic lithium supply for EV batteries etc.

  - Japan is set to begin test mining rare-earth-rich mud from the deep seabed near Minamitorishima Island. The mud is expected to contain elements like neodymium and dysprosium. 

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Market Segmentation-

By Type:
  -Lithium: Used in EV batteries, energy storage systems, and portable electronics; a leading segment.  

  -Cobalt: Key component in rechargeable batteries and aerospace alloys.
  -Nickel: Essential for stainless steel production and EV battery cathodes.
  -Rare Earth Elements (REEs): Includes neodymium, dysprosium, and terbium, critical for magnets and electronics.
  -Graphite: Used in batteries, lubricants, and refractory applications.
  -Others: Includes vanadium, titanium, and other strategic minerals.

By Application:
  -Energy Storage: Batteries for EVs and grid storage; fastest-growing segment.
  -Electronics & Semiconductors: Critical minerals used in chips, displays, and electronic devices.
  -Aerospace & Defense: High-strength alloys and strategic minerals for defense equipment.
  -Automotive: EVs and hybrid vehicles increasing demand for lithium, cobalt, and nickel.
  -Other Applications: Industrial manufacturing, chemical processing, and specialty uses.

By End-Use Industry:
  -Electric Vehicles (EVs): Largest demand driver for lithium, cobalt, and nickel.
  -Renewable Energy: Wind turbines, solar panels, and energy storage solutions.
  -Aerospace: Rare earths and specialty metals for aircraft and defense systems.
  -Electronics: Smartphones, laptops, and semiconductors.
  -Industrial Manufacturing: Metal alloys, specialty chemicals, and high-tech components.

Market drivers-

  -The Critical Minerals Market is growing rapidly due to several key factors. The global shift toward renewable energy and electric vehicles (EVs) has significantly increased demand for lithium, cobalt, nickel, and rare earth elements. Rising adoption of energy storage systems and advanced electronics also fuels the need for these minerals. Additionally, governments worldwide are implementing policies to secure domestic critical mineral supplies and reduce reliance on imports, supporting mining and production initiatives. Technological advancements, industrialization, and the expanding aerospace and defense sectors further drive market growth, creating opportunities for exploration, extraction, and value-added processing.

Market key Players- 

  -MP Materials Corp.

  -Livent Corporation

  -Lynas Rare Earths Limited

  -China Northern Rare Earth Group High-Tech Co., Ltd.

  -Glencore plc

  -Iluka Resources Limited

  -Rio Tinto Group

  -Pilbara Minerals Limited

  -Canada Nickel Company Inc.

  -Trilogy Metals Inc.

Recent development in 2025-

  -In July 2025, MP Materials announced a significant public-private partnership with the U.S. Department of Defense to accelerate domestic rare earth magnet production. The company plans to construct its second magnet manufacturing facility, known as the “10X Facility,” to enhance the U.S. supply chain for critical minerals.

  -In October 2025, the U.S. government approved the construction of a 211-mile access road to Alaska's Ambler mining district, facilitating access to vital mineral deposits. Concurrently, the government acquired a 10% stake in Trilogy Metals, signaling a strategic move to bolster domestic critical mineral resources.

  -In the first half of 2025, China Northern Rare Earth Group achieved a significant increase in net profit, driven by strategic production enhancements and technological innovations. The company also reported a 60.4% rise in rare earth metals output, underscoring its pivotal role in the global critical minerals supply chain. 

Benefits of the report-

  -The Critical Minerals Market report delivers valuable insights and actionable intelligence to support stakeholders in making informed decisions. The report examines the size of the market, current trends, growth forecasts, and a competitive landscape, shedding light on ways that companies can take advantage of strategic opportunities while also avoiding potential downside risks. The report highlights new developments, technological advances, and regional dynamics, also supporting important investment, growth, and supply chain decisions with a critical minerals context. Researchers can also share, policymakers can prioritize, and investors can grasp an understanding of the developing trends, as well as monitor key players and assess market potential.

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