Transformational growth amongst the various critical metals' markets would reduce supply concerns... more Transformational growth amongst the various critical metals' markets would reduce supply concerns for industrial consumers and governments, whilst also providing commercial opportunities for the upstream industry. However, despite rapid market growth amongst some critical metal markets over the last decade, as a group they have lagged the market growth rates of the non-ferrous industrial and precious metals sectors. Research into the growth prospects of the critical metal markets is clearly required; however, their limited economic history and a paucity of data make this difficult. The economic history of the metals and mining industry as a whole, however, is better documented, and thus may provide insights into the potential for market growth amongst the critical metals. This paper therefore reviews the economic history of metals and mining, and in particular, that of the aluminium, nickel and uranium industries in an attempt to understand the key drivers behind transformational growth within the metals' markets. This historical review suggests that a combination of breakthroughs in discovery, supply and demand are required to catalyse transformational market growth; and thus that parties seeking to benefit from the transformational growth of the critical metals' markets must approach these markets in an integrated manner, considering each of the discovery, supply and demand issues in turn, rather than focusing on one specific constraint.
A 'critical metal' is one that has important economic uses, but which also faces supply risks for... more A 'critical metal' is one that has important economic uses, but which also faces supply risks for geopolitical or environmental and sustainability reasons. The constrained nature of critical metals supply means proposed solutions to the problem commonly involve reducing demand and therefore reliance, via recycling, substitution and thrifting. However, most critical metals are presently only small markets and therefore such an approach ignores the potential of transformational market growth to reduce supply risk, by creating large, diverse, transparent markets with multiple sources of primary supply, akin to modern base metals markets.
Research is therefore required into which critical metals have the greatest potential for such transformational market growth. This study therefore conducts an evaluation of 49 critical metals to determine which are nearest to the combined breakthroughs in discovery, supply and demand that may lead to transformational market growth.
The study concludes that magnesium, silicon, barium, boron, lithium, cobalt, chromium, vanadium, gallium, strontium, cerium, lanthanum and scandium have the highest potential for transformational market growth and thus efforts to resolve supply risk in these markets may be better focused on overcoming current market constraints and growing these markets, rather than lessening reliance by reducing demand.
Transformational growth amongst the various critical metals' markets would reduce supply concerns... more Transformational growth amongst the various critical metals' markets would reduce supply concerns for industrial consumers and governments, whilst also providing commercial opportunities for the upstream industry. However, despite rapid market growth amongst some critical metal markets over the last decade, as a group they have lagged the market growth rates of the non-ferrous industrial and precious metals sectors. Research into the growth prospects of the critical metal markets is clearly required; however, their limited economic history and a paucity of data make this difficult. The economic history of the metals and mining industry as a whole, however, is better documented, and thus may provide insights into the potential for market growth amongst the critical metals. This paper therefore reviews the economic history of metals and mining, and in particular, that of the aluminium, nickel and uranium industries in an attempt to understand the key drivers behind transformational growth within the metals' markets. This historical review suggests that a combination of breakthroughs in discovery, supply and demand are required to catalyse transformational market growth; and thus that parties seeking to benefit from the transformational growth of the critical metals' markets must approach these markets in an integrated manner, considering each of the discovery, supply and demand issues in turn, rather than focusing on one specific constraint.
A 'critical metal' is one that has important economic uses, but which also faces supply risks for... more A 'critical metal' is one that has important economic uses, but which also faces supply risks for geopolitical or environmental and sustainability reasons. The constrained nature of critical metals supply means proposed solutions to the problem commonly involve reducing demand and therefore reliance, via recycling, substitution and thrifting. However, most critical metals are presently only small markets and therefore such an approach ignores the potential of transformational market growth to reduce supply risk, by creating large, diverse, transparent markets with multiple sources of primary supply, akin to modern base metals markets.
Research is therefore required into which critical metals have the greatest potential for such transformational market growth. This study therefore conducts an evaluation of 49 critical metals to determine which are nearest to the combined breakthroughs in discovery, supply and demand that may lead to transformational market growth.
The study concludes that magnesium, silicon, barium, boron, lithium, cobalt, chromium, vanadium, gallium, strontium, cerium, lanthanum and scandium have the highest potential for transformational market growth and thus efforts to resolve supply risk in these markets may be better focused on overcoming current market constraints and growing these markets, rather than lessening reliance by reducing demand.
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Research is therefore required into which critical metals have the greatest potential for such transformational market growth. This study therefore conducts an evaluation of 49 critical metals to determine which are nearest to the combined breakthroughs in discovery, supply and demand that may lead to transformational market growth.
The study concludes that magnesium, silicon, barium, boron, lithium, cobalt, chromium, vanadium, gallium, strontium, cerium, lanthanum and scandium have the highest potential for transformational market growth and thus efforts to resolve supply risk in these markets may be better focused on overcoming current market constraints and growing these markets, rather than lessening reliance by reducing demand.
Research is therefore required into which critical metals have the greatest potential for such transformational market growth. This study therefore conducts an evaluation of 49 critical metals to determine which are nearest to the combined breakthroughs in discovery, supply and demand that may lead to transformational market growth.
The study concludes that magnesium, silicon, barium, boron, lithium, cobalt, chromium, vanadium, gallium, strontium, cerium, lanthanum and scandium have the highest potential for transformational market growth and thus efforts to resolve supply risk in these markets may be better focused on overcoming current market constraints and growing these markets, rather than lessening reliance by reducing demand.