Global demand for critical minerals will quadruple by 2040
Demand for lithium, cobalt, nickel, and other strategic minerals will triple by 2030 and quadruple by 2040, according to the UN Deputy Secretary-General. Trade in such minerals reached $2.5 trillion in 2023, exceeding 10% of all global trade. According to forecasts from the International Energy Agency, by 2040, demand for lithium will increase fivefold, for graphite and nickel, by double, for cobalt and rare earth metals, by 50-60%, and for copper, by 30%.
The sharp increase in consumption is linked to the energy transition and the development of green technologies, the production of which requires these resources. Rising demand is already creating new economic and political challenges, including supply security and supply chain resilience.
March 10, 2026 736 1
