In 2024, North America’s demand for critical metals surged, driven by the transition to clean energy and advanced technologies. Key metals in greatest demand include lithium, copper, nickel, cobalt, and rare earth elements (REEs), each vital for a sustainable future.
Lithium tops the list due to its role in electric vehicle (EV) batteries. With EV sales in the U.S. and Canada rising—projected to exceed 1.5 million units in 2024—lithium demand has soared past 100,000 metric tons annually. By 2030, this could triple as battery gigafactories expand, supporting grid storage and renewable energy systems. Copper, essential for electrical wiring and renewable infrastructure, follows closely. North America consumed over 3 million metric tons in 2024, with wind turbines and EV charging networks driving future needs—potentially doubling by 2040 as electrification accelerates.
Nickel and cobalt, critical for high-performance EV batteries, are also in high demand. Nickel usage hit approximately 150,000 metric tons in 2024, while cobalt reached 25,000 metric tons, though ethical sourcing concerns linger due to reliance on imports. Both metals enhance battery longevity and energy density, with demand expected to grow as EV adoption targets net-zero goals by 2050. Rare earth elements, like neodymium and dysprosium, are indispensable for EV motors and wind turbine magnets. North America’s 2024 consumption neared 20,000 metric tons, with projections suggesting a quadrupling by 2040 as renewable energy capacity expands.
Looking ahead, these metals will underpin North America’s energy transition, from powering EVs to enabling smart grids. However, supply chain vulnerabilities—highlighted by the U.S. Geological Survey’s 2024 data showing over 50% import reliance for most critical minerals—pose challenges. Investments in domestic mining and recycling, alongside innovations like lithium extraction from brine, will be crucial to meet future demand sustainably.
