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The prices are expected to continue to appreciate due to demand from efforts to decarbonise the global economy. They also have a diverse use, from batteries and solar to wind-turbine blades.
These metals are essential to electricity generation, transmission, storage and use. As these metals support the transition away from fossil fuels – the so-called Green Energy Transition – you may hear them referred to as transition metals. The paradigm shift towards clean energy is set to drive a four-fold increase in demand, on average.
Some of these metals are expected to see an even more dramatic jump, with demand for graphite, cobalt and nickel expected to see a 20-25 fold increase by 2040.