Currently, a new wave of technological revolution and industrial transformation is deepening its impact. Emerging industries such as next-generation information technology, new energy, and new materials are entering an period of unprecedented activity. Against this backdrop, critical minerals like lithium, nickel, cobalt, graphite, rare earth elements, and copper are increasingly demonstrating their importance as the material foundation supporting global energy transition and technological progress.

Explosive Growth in Demand

In 2024, global demand for critical minerals showed strong growth: lithium demand increased by nearly 30% year-on-year, while demand for nickel, cobalt, graphite, and rare earth elements grew by 6%–8%, and copper demand rose by 3%. Long-term projections indicate that by 2040, lithium demand is expected to grow fivefold, graphite and nickel demand will double, cobalt and rare earth demand will increase by 50%–60%, and copper demand will rise by 30%. This trend directly reflects the accelerating transition in global energy structures and technological advancements.

The Lifeline of the New Energy Industry

These minerals are core raw materials for the “three electrics” systems (battery, motor, and electronic control) of new energy vehicles and new energy equipment (photovoltaics, wind power, energy storage, etc.). Taking new energy vehicles as an example:

• Lithium, nickel, and cobalt are key components of power battery cathode materials, directly determining energy density and stability;
• Graphite, as an anode material, ensures charging/discharging efficiency and cycle life;
• Rare earth elements are not only used in cathode materials but are also indispensable for permanent magnet motors;
• Copper is widely used in battery anodes, power systems, and charging infrastructure due to its irreplaceable conductivity.

Additionally, rare earth elements and copper play critical roles in fields such as electronic information, high-end equipment manufacturing, and aerospace. For instance, rare earth permanent magnets are core components of wind turbine generators, while copper serves as the foundational material for all power transmission systems.

Strategic Significance and Future Challenges

The security of critical mineral supply has become a focal point of strategic competition among nations. As global electric vehicle, energy storage, and renewable energy technologies rapidly expand, the geopolitical significance and economic value of these resources will continue to rise. However, challenges such as the environmental costs of mineral extraction, supply chain concentration (e.g., the highly centralized global supply of rare earths and cobalt in a few countries), and limitations in technological alternatives pose serious challenges to the global energy transition.

In the future, balancing demand growth with sustainable development will hinge on technological innovation (e.g., sodium-ion batteries as alternatives to lithium batteries), circular economy practices (mineral recycling), and international cooperation to build resilient supply chains.

Conclusion

Critical minerals are not only the “food” of modern industry but also the strategic cornerstone for achieving global carbon neutrality goals. Their supply and demand dynamics will profoundly shape the global energy landscape and the progress of technological industries in the coming decades.