Surging Demand for Energy Transition Minerals
![Surging Demand for Energy Transition Minerals](/_next/image?url=https%3A%2F%2Fcdn.voronoiapp.com%2Fpublic%2Fimages%2Fvoronoi-Surging-Demand-for-Energy-Transition-Minerals-20240429162840.webp&w=3840&q=75)
From electric vehicles to solar panels to future innovations, the global transition to clean energy is set to further heighten demand for critical minerals. Between 2022 and 2050, demand for nickel will double, cobalt triple and lithium rise tenfold, according to the International Energy Agency.
With sub-Saharan Africa estimated to hold about 30 percent of the volume of proven critical mineral reserves, this transition—if managed properly—has the potential to transform the region, the latest Regional Economic Outlook reports.
Dataset
Mineral | Project increase as a ratio of 2050 to 2022 demand (rounded) |
---|---|
Lithium | 10 |
Vanadium | 8.5 |
Graphite | 3.5 |
Cobalt | 3 |
REEs | 2.5 |
Nickel | 2 |
Bauxite | 1.5 |
Chromium | 1.5 |
Copper | 1.5 |
Silicon | 1.5 |
Manganese | 1.5 |
PGMs | 1.5 |
Molybdenum | 1.5 |
Zinc | 1 |
Lead | 1 |
Silver | 1 |
Data sources
Note: The chart shows the IEA's projected increase in mineral demand (in quantity terms) broken down by sector as a ratio of 2050 to 2022 demand, under the lEA's net zero emissions transition scenario. REE = Rare Earth Elements; PGMs = Platinum Group Metals.