Serrari Group

The International Energy Agency’s (IEA) Global Critical Minerals Outlook 2024 forecasts that the combined market size of essential energy transition minerals will more than double, reaching approximately $770 billion by 2040.

Investment Needs and Market Dynamics

The report emphasizes the necessity of substantial additional investments to meet global energy and climate goals. Minerals such as lithium, copper, nickel, cobalt, graphite, and rare earth elements are essential for the production of technologies like electric vehicles, batteries, and solar panels.

In recent years, the prices of these critical minerals have fluctuated significantly. After steep increases, 2023 saw prices fall sharply to pre-pandemic levels. Lithium prices dropped by 75%, while cobalt, nickel, and graphite fell between 30% and 45%. These declines, driven by increased global supply, have helped reduce battery prices by 14%, improving affordability for consumers.

However, the lower prices have also posed challenges for new investments. In 2023, investment in critical minerals mining grew by 10%, and exploration spending rose by 15%, but these increases were slower compared to 2022. This trend highlights the potential risk of supply shortages if investment does not keep pace with growing demand from the clean energy sector.

Supply Gaps and Geopolitical Considerations

The report’s analysis indicates that announced projects will only meet 70% of the copper and 50% of the lithium requirements by 2035 if countries achieve their climate goals. While the outlook for other minerals appears more balanced, this is contingent on the successful implementation of all announced projects.

Geopolitical factors also play a significant role. The report notes China’s strong position in the refining and processing of critical minerals, which could pose risks to supply chain security. Diversifying supply sources and investing in alternative suppliers are crucial steps to mitigate these risks.

Statements from IEA Leadership

IEA Executive Director Fatih Birol highlighted the importance of securing a reliable supply of critical minerals for the clean energy transition. “The world’s appetite for technologies such as solar panels, electric cars, and batteries is growing fast—but we cannot satisfy it without secure and sustainable access to critical minerals,” he said.


As the global energy landscape shifts towards cleaner technologies, ensuring a stable supply of critical minerals is essential for meeting climate targets and maintaining energy security. The Global Critical Minerals Outlook 2024 provides a comprehensive overview of the challenges and opportunities ahead, stressing the importance of investment and supply chain diversification in achieving a successful energy transition.

photo source: Google

By: Montel Kamau

Serrari Financial Analyst

21st May, 2024

Share this article:
Article and News Disclaimer

The information provided on is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk. is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

In no event will be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.

The articles, news, and information presented on reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.

The content on may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.

Every effort is made to keep the website up and running smoothly. However, takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.

Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.

By using, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website., reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.

Serrari Group 2023