Rising Demand for Critical Minerals Fuels New Mining Projects Amid Economic Fluctuations

The demand for critical and rare minerals essential for the global energy transition is driving new mining projects. McKinsey projects a 4.5% annual growth rate for critical minerals through 2035, requiring nearly 300 new mines. Despite some slowdown in decarbonisation efforts, mining logistics are expected to grow, particularly for lithium, cobalt, and nickel. Deepsea mining is emerging as a potential source of these minerals, with China, the USA, and Saudi Arabia leading investments, though environmental concerns may hinder progress.

Published Mar 21, 2026

Demand for critical minerals necessary for the energy transition is increasing, prompting new mining projects. McKinsey forecasts a 4.5% compound annual growth rate for critical minerals until 2035, necessitating around 300 new mines.

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This surge is impacting logistics, with companies like DHL and AAL Shipping noting the need for transport of larger, complex components. Despite a slowdown in some decarbonisation efforts, demand for materials in sectors like defense and data centers is expected to rise. Deepsea mining is being explored as a future source, with investments from China, the USA, and Saudi Arabia, but environmental regulations may delay development.