EVs boost demand for critical metals until 2040
The International Energy Agency expects global demand for vital metals to double by 2040, driven by growth in the electric vehicle industry, energy storage, and renewable energy sources. This comes alongside a more than threefold increase in lithium demand, and growth ranging between 50% and 90% in nickel, graphite, and rare earth elements. The copper markets will also witness a significant rise of 7 million tons, with the supply gap narrowing from 30% to 25%. Meanwhile, the agency predicts that the cobalt supply gap will exceed 25% due to reduced export quotas in the Democratic Republic of Congo, the world's largest producer. The agency warned of the risks associated with production concentration in China, which controls over 90% of refined supply, posing potential disruptions to the supply chains.
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