Market Intelligence Hub

Strategic & Critical Metals

The materials deciding the energy transition and national security.

Strategic and critical metals are the raw materials that modern economies cannot function without, yet whose supply is concentrated, constrained, or geopolitically exposed. This pillar covers rare earth elements, battery metals, and defense-critical minerals — the inputs behind electric vehicles, wind turbines, semiconductors, and precision-guided systems.

REE

Rare Earth Elements

A group of 17 elements — including neodymium, praseodymium, and dysprosium — indispensable for permanent magnets in EV motors, wind turbine generators, and precision defense systems. Despite the name, most are not geologically rare; economically viable, environmentally manageable deposits are.

Demand Drivers

  • NdFeB permanent magnets for EV traction motors
  • Direct-drive wind turbine generators
  • Defense guidance and radar systems
  • Consumer electronics miniaturization

Key Facts

Elements in group
17
Dominant processor
China (~85% refining)
Flagship use
NdFeB magnets
Read the full NdPr Oxide deep dive
Li

Lithium

The irreplaceable charge carrier of modern rechargeable batteries. Produced from brine operations in South America and hard-rock spodumene in Australia, lithium demand tracks global EV adoption almost one-to-one.

Demand Drivers

  • EV battery cells (LFP and NMC chemistries)
  • Grid-scale energy storage
  • Consumer electronics

Key Facts

Top producers
Australia, Chile, China
Battery share of demand
~80%
Forms traded
Carbonate, hydroxide, spodumene
Read the full Lithium deep dive
Co

Cobalt

A cathode stabilizer that extends battery life and energy density. Roughly 70% of mined supply originates in the Democratic Republic of Congo, making cobalt the most supply-concentrated major battery metal and a persistent ESG focal point.

Demand Drivers

  • NMC battery cathodes
  • Superalloys for jet engines
  • Ethical sourcing and traceability programs

Key Facts

DRC share of supply
~70%
Primary byproduct of
Copper & nickel mining
Key risk
Supply concentration
Read the full Cobalt deep dive
Ni

Nickel

The energy-density workhorse of high-range EV batteries and the backbone of stainless steel. Class 1 (battery-grade) nickel supply is the constraint that matters; Indonesian laterite conversion has reshaped the market since 2020.

Demand Drivers

  • High-nickel battery cathodes (NMC 811)
  • Stainless steel production
  • Indonesian HPAL capacity expansion

Key Facts

Top producer
Indonesia
Battery-relevant class
Class 1 (>99.8%)
Legacy demand
Stainless steel (~65%)
Read the full Nickel deep dive
DEF

Defense Minerals

Titanium, tungsten, antimony, gallium, and germanium underpin armor, munitions, semiconductors, and night vision. Export controls introduced since 2023 have turned several of these minor metals into front-page strategic assets.

Demand Drivers

  • Aerospace airframes and armor (titanium)
  • Semiconductor substrates (gallium, germanium)
  • Munitions and hard alloys (tungsten, antimony)

Key Facts

Recent flashpoint
Ga/Ge export controls
Stockpiled by
US, EU, Japan, Korea
Substitutability
Low
Read the full Defense Minerals deep dive

Why strategic & critical metals matter

Governments in the US, EU, Japan, and Australia maintain official critical minerals lists, and supply of many of these metals is concentrated in a handful of countries. Understanding reserves, processing chokepoints, and substitution risk in this group is essential for anyone tracking the energy transition or defense supply chains.