Critical minerals, which are essential for a range of energy technologies and for the broader economy, have become a major focus in global policy and trade discussions. This outlook includes a detailed assessment of the latest market and investment trends, along with their implications for critical minerals security. It provides a snapshot of recent industry developments from 2024 and early 2025 and offers medium- and long-term projections for the supply and demand of key energy minerals, taking into account the latest policy and technology developments.

The report also explores key techno-economic issues such as policy mechanisms to support diversification; mineral supply chains for emerging battery technologies; recent innovations in mining, refining and recycling; and a broader view on strategic minerals for applications beyond the energy sector. It includes a comprehensive review of mineral markets and policy developments in different regions.

The report finds that critical mineral markets have become more concentrated, not less, particularly when it comes to refining and processing. It finds that a combination of increasing supply concentration in a handful of countries and the spread of export restrictions is raising the risk of painful disruptions.

The report is accompanied by an interactive Critical minerals data explorer tool which allows users to explore the lastest global demand projections.