The expanding energy sector is driving global demand for key minerals, including lithium, according to a new report from the International Energy Agency.

　　The report says that the market for key minerals reached $320 billion between 2017 and 2022. The total global demand for lithium has increased twofold, for cobalt by 70% and for nickel by 40%. In addition, the prices of several key minerals fluctuated dramatically between 2021 and early 2022, with lithium and nickel seeing significant price increases. Although most mineral prices have declined since the second half of 2022, they remain above historical averages.

　　According to the IEA, the development of the new energy industry, in particular the significant promotion of electric vehicle batteries has led to "unprecedented growth" in the key minerals market. In particular, the development of lithium, considered by the United Nations to be the "backbone of a fossil fuel-free economy", has increased by 90 per cent and is expected to become the main form of clean energy storage in the future.