Demand for batteries in vehicles outpaced the growth rate of electric car sales as the average battery size for electric cars continued to rise in nearly every major market. Global battery demand for clean energy applications increased by two-thirds in 2022, with energy storage becoming a growing part of the total demand. Record deployment of clean energy technologies such as solar PV and batteries is propelling unprecedented growth in critical minerals markets This brings new revenue opportunities for the industry, creates jobs for the society, and in some cases helps diversify economies dependent on coal. As a result, energy transition minerals, which used to be a small segment of the market, are now moving to centre stage in the mining and metals industry. This rapid growth contrasts with the modest growth of bulk materials like zinc and lead. In 2022, the share of clean energy applications in total demand reached 56% for lithium, 40% for cobalt and 16% for nickel, up from 30%, 17% and 6%, respectively, five years ago.ĭriven by rising demand and high prices, the market size of key energy transition minerals doubled over the past five years, reaching USD 320 billion in 2022, broadly similar to the market size for iron ore mining. From 2017 to 2022, demand from the energy sector was the main factor behind a tripling in overall demand for lithium, a 70% jump in demand for cobalt, and a 40% rise in demand for nickel. This has led to a significant increase in demand for critical minerals. ![]() Solar PV installations continue to shatter previous records, and wind power is set to resume its upward march after two subdued years. ![]() Energy storage systems experienced even more rapid growth, with capacity additions doubling in 2022. Electric car sales increased by 60% in 2022, exceeding 10 million units.
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