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How Big is the Market for Crude Oil?

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While the global economy relies on many commodities, none come close to the massive scale of the crude oil market.

Besides being the primary energy source for transportation, oil is a key raw material for numerous other industries like plastics, fertilizers, cosmetics, and medicine. As a result, the global physical oil market is astronomical in size and has a significant economic and geopolitical influence, with a few countries dominating global oil production.

The above infographic puts crude oil’s market size into perspective by comparing it to the 10 largest metal markets combined. To calculate market sizes, we used the latest price multiplied by global production in 2022, based on data from TradingEconomics and the United States Geological Survey (USGS).

Note: This analysis focuses on raw and physical materials, excluding derivative markets and alloy materials like steel.

How Big Is the Oil Market?

In 2022, the world produced an average of 80.75 million barrels of oil per day (including condensates). That puts annual crude oil production at around 29.5 billion barrels, with the market size exceeding $2 trillion at current prices.

That figure dwarfs the combined size of the 10 largest metal markets:

Based on prices as of June 7, 2023.

The combined market size of the top 10 metal markets amounts to $967 billion, less than half that of the oil market. In fact, even if we added all the remaining smaller raw metal markets, the oil market would still be far bigger.

This also reflects the massive scale of global oil consumption annually, with the resource having a ubiquitous presence in our daily lives.

The Big Picture

While the oil market towers over metal markets, it’s important to recognize that this doesn’t downplay the importance of these commodities.

Metals form a critical building block of the global economy, playing a key role in infrastructure, energy technologies, and more. Meanwhile, precious metals like gold and silver serve as important stores of value.

As the world shifts towards a more sustainable future and away from fossil fuels, it’ll be interesting to see how the markets for oil and other commodities evolve.

The post How Big is the Market for Crude Oil? appeared first on Visual Capitalist.

Published

1 month ago

on

June 6, 2023

By

Govind Bhutada

Graphics & Design

• Athul Alexander

Copper and Nickel: The Key Metals for Energy Utopia

The raw materials required to transport and store clean energy are critical for the energy transition. Copper and nickel are two such metals.

Copper is essential for the transmission and distribution of clean electricity, while nickel powers lithium-ion batteries for EVs and energy storage systems.

The above infographic sponsored by CanAlaska Uranium explores how copper and nickel are enabling green technologies and highlights why they are essential for a utopian energy future.

Copper: Transporting Clean Energy

When it comes to conducting electricity, copper is second only to silver. This property makes it an indispensable building block for multiple energy technologies, including:

• Electric vehicles: On average, a typical electric car contains 53kg of copper, primarily found in the wirings and car components.
  
• Solar power: Solar panels use 2.8 tonnes of copper per megawatt (MW) of installed capacity, mainly for heat exchangers, wiring, and cabling.
  
• Wind energy: Onshore wind turbines contain 2.9 tonnes of copper per MW of capacity. Offshore wind turbines, which typically use copper in undersea cables, use 8 tonnes per MW.
  
• Power grids: Copper, alongside aluminum, is the preferred choice for electric transmission and distribution networks due to its reliability and efficiency.

BloombergNEF projects that, due to its expansive role in clean energy, the demand for copper from clean energy applications will double by 2030 from 2020 levels. The table below compares annual copper demand from clean energy, in tonnes, in 2020 vs. 2030:

Year	Power Grids	EV batteries	Wind	Solar	EV charging	Total (tonnes)
2020	1,700,000	210,000	165,000	83,000	4,200	2,162,200
2030P	2,000,000	1,800,000	352,000	104,000	47,100	4,303,100

Although power grids will account for the largest portion of annual copper demand through 2030, EV batteries are projected to spearhead the growth. 

Nickel: Powering Lithium-ion Batteries

Nickel is a key ingredient in lithium-ion batteries for EVs and stationary energy storage systems. For EVs, nickel-based cathodes offer more energy density and longer driving ranges as compared to cathodes with lower nickel content. 

According to Wood Mackenzie, batteries could account for 41% of global nickel demand by 2030, up from just 7% in 2021.

End-use	2021 % of Nickel Demand	2040P % of Nickel Demand
Stainless steel	69%	45%
Battery precursors	7%	41%
Other	24%	14%

Nickel-based cathodes for lithium-ion batteries, including NMC (Nickel Manganese Cobalt) and NCA (Nickel Cobalt Aluminum), are prevalent in EVs and make up more than 50% of the battery cathode chemistry market.

A Bright Future for Copper and Nickel

Both copper and nickel are essential building blocks of EVs and other key technologies for the energy transition and ultimately energy utopia. 

As more such technologies are deployed, these metals are likely to be in high demand, with clean energy applications supplementing their existing industrial uses.

CanAlaska is a leading exploration company with a strategic portfolio of uranium, nickel, and copper projects in North America. Click here to learn more.

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The post Why Copper and Nickel Are the Key Metals for Energy Utopia appeared first on Visual Capitalist.

Used minimally in glazing and ceramics, uranium was originally mined as a byproduct of producing radium until the late 1930s. However, the discovery of nuclear fission, and the potential promise of nuclear power, changed everything.

What’s the current state of the uranium mining industry? This series of charts from Truman Du highlights production and the use of uranium using 2021 data from the World Nuclear Association (WNA) and Our World in Data.

Who are the Biggest Uranium Miners in the World?

Most of the world’s biggest uranium suppliers are based in countries with the largest uranium deposits, like Australia, Kazakhstan, and Canada.

The largest of these companies is Kazatomprom, a Kazakhstani state-owned company that produced 25% of the world’s new uranium supply in 2021.

As seen in the above chart, 94% of the roughly 48,000 tonnes of uranium mined globally in 2021 came from just 13 companies.

Rank	Company	2021 Uranium Production (tonnes)	Percent of Total
1	Kazatomprom	11,858	25%
2	Orano	4,541	9%
3	Uranium One	4,514	9%
4	Cameco	4,397	9%
5	CGN	4,112	9%
6	Navoi Mining	3,500	7%
7	CNNC	3,562	7%
8	ARMZ	2,635	5%
9	General Atomics/Quasar	2,241	5%
10	BHP	1,922	4%
11	Energy Asia	900	2%
12	Sopamin	809	2%
13	VostGok	455	1%
14	Other	2,886	6%
Total		48,332	100%

France’s Orano, another state-owned company, was the world’s second largest producer of uranium at 4,541 tonnes.

Companies rounding out the top five all had similar uranium production numbers to Orano, each contributing around 9% of the global total. Those include Uranium One from Russia, Cameco from Canada, and CGN in China.

Where are the Largest Uranium Mines Found?

The majority of uranium deposits around the world are found in 16 countries with Australia, Kazakhstan, and Canada accounting for for nearly 40% of recoverable uranium reserves.

But having large reserves doesn’t necessarily translate to uranium production numbers. For example, though Australia has the biggest single deposit of uranium (Olympic Dam) and the largest reserves overall, the country ranks fourth in uranium supplied, coming in at 9%.

Here are the top 10 uranium mines in the world, accounting for 53% of the world’s supply.

Of the largest mines in the world, four are found in Kazakhstan. Altogether, uranium mined in Kazakhstan accounted for 45% of the world’s uranium supply in 2021.

Uranium Mine	Country	Main Owner	2021 Production
Cigar Lake	Canada	Cameco/Orano	4,693t
Inkai 1-3	Kazakhstan	Kazaktomprom/Cameco	3,449t
Husab	Namibia	Swakop Uranium (CGN)	3,309t
Karatau (Budenovskoye 2)	Kazakhstan	Uranium One/Kazatomprom	2,561t
Rössing	Namibia	CNNC	2,444t
Four Mile	Australia	Quasar	2,241t
SOMAIR	Niger	Orano	1,996t
Olympic Dam	Australia	BHP Billiton	1,922t
Central Mynkuduk	Kazakhstan	Ortalyk	1,579t
Kharasan 1	Kazakhstan	Kazatomprom/Uranium One	1,579t

Namibia, which has two of the five largest uranium mines in operation, is the second largest supplier of uranium by country, at 12%, followed by Canada at 10%.

Interestingly, the owners of these mines are not necessarily local. For example, France’s Orano operates mines in Canada and Niger. Russia’s Uranium One operates mines in Kazakhstan, the U.S., and Tanzania. China’s CGN owns mines in Namibia.

And despite the African continent holding a sizable amount of uranium reserves, no African company placed in the top 10 biggest companies by production. Sopamin from Niger was the highest ranked at #12 with 809 tonnes mined.

Uranium Mining and Nuclear Energy

Uranium mining has changed drastically since the first few nuclear power plants came online in the 1950s.

For 30 years, uranium production grew steadily due to both increasing demand for nuclear energy and expanding nuclear arsenals, eventually peaking at 69,692 tonnes mined in 1980 at the height of the Cold War.

Nuclear energy production (measured in terawatt-hours) also rose consistently until the 21st century, peaking in 2001 when it contributed nearly 7% to the world’s energy supply. But in the years following, it started to drop and flatline.

By 2021, nuclear energy had fallen to 4.3% of global energy production. Several nuclear accidents—Chernobyl, Three Mile Island, and Fukushima—contributed to turning sentiment against nuclear energy.

Year	Nuclear Energy Production	% of Total Energy
1965	72 TWh	0.2%
1966	98 TWh	0.2%
1967	116 TWh	0.2%
1968	148 TWh	0.3%
1969	175 TWh	0.3%
1970	224 TWh	0.4%
1971	311 TWh	0.5%
1972	432 TWh	0.7%
1973	579 TWh	0.9%
1974	756 TWh	1.1%
1975	1,049 TWh	1.6%
1976	1,228 TWh	1.7%
1977	1,528 TWh	2.1%
1978	1,776 TWh	2.3%
1979	1,847 TWh	2.4%
1980	2,020 TWh	2.6%
1981	2,386 TWh	3.1%
1982	2,588 TWh	3.4%
1983	2,933 TWh	3.7%
1984	3,560 TWh	4.3%
1985	4,225 TWh	5%
1986	4,525 TWh	5.3%
1987	4,922 TWh	5.5%
1988	5,366 TWh	5.8%
1989	5,519 TWh	5.8%
1990	5,676 TWh	5.9%
1991	5,948 TWh	6.2%
1992	5,993 TWh	6.2%
1993	6,199 TWh	6.4%
1994	6,316 TWh	6.4%
1995	6,590 TWh	6.5%
1996	6,829 TWh	6.6%
1997	6,782 TWh	6.5%
1998	6,899 TWh	6.5%
1999	7,162 TWh	6.7%
2000	7,323 TWh	6.6%
2001	7,481 TWh	6.7%
2002	7,552 TWh	6.6%
2003	7,351 TWh	6.2%
2004	7,636 TWh	6.2%
2005	7,608 TWh	6%
2006	7,654 TWh	5.8%
2007	7,452 TWh	5.5%
2008	7,382 TWh	5.4%
2009	7,233 TWh	5.4%
2010	7,374 TWh	5.2%
2011	7,022 TWh	4.9%
2012	6,501 TWh	4.4%
2013	6,513 TWh	4.4%
2014	6,607 TWh	4.4%
2015	6,656 TWh	4.4%
2016	6,715 TWh	4.3%
2017	6,735 TWh	4.3%
2018	6,856 TWh	4.2%
2019	7,073 TWh	4.3%
2020	6,789 TWh	4.3%
2021	7,031 TWh	4.3%

More recently, a return to nuclear energy has gained some support as countries push for transitions to cleaner energy, since nuclear power generates no direct carbon emissions.

What’s Next for Nuclear Energy?

Nuclear remains one of the least harmful sources of energy, and some countries are pursuing advancements in nuclear tech to fight climate change.

Small, modular nuclear reactors are one of the current proposed solutions to both bring down costs and reduce construction time of nuclear power plants. The benefits include smaller capital investments and location flexibility by trading off energy generation capacity.

With countries having to deal with aging nuclear reactors and climate change at the same time, replacements need to be considered. Will they come in the form of new nuclear power and uranium mining, or alternative sources of energy?

The post Visualizing the Uranium Mining Industry in 3 Charts appeared first on Visual Capitalist.

Ranked: The World’s Biggest Steel Producers, by Country

This was originally posted on Elements. Sign up to the free mailing list to get beautiful visualizations on real assets and resource megatrends each week.

Steel is a critical component of modern industry and economy, essential for the construction of buildings, automobiles, and many other appliances and infrastructure used in our daily lives.

This graphic uses data from the World Steel Association to visualize the world’s top steel-producing countries, and highlights China’s ascent to the top, as it now makes up more than half of the world’s steel production.

The State of Global Steel Production

Global steel production in 2022 reached 1,878 million tonnes, barely surpassing the pre-pandemic production of 1,875 million tonnes in 2019.

Country	2022 Production (in million tonnes)	Annual Production Change	Global Share
China	1013.0	-2.0%	53.9%
India	124.8	5.3%	6.6%
Japan	89.2	-7.9%	4.8%
United States	80.5	-6.5%	4.3%
Russia	71.5	-5.8%	3.8%
South Korea	65.9	-6.9%	3.5%
Germany	36.8	-8.8%	2.0%
Türkiye	35.1	-15.0%	1.9%
Brazil	34.0	-6.5%	1.8%
Iran	30.6	6.8%	1.6%
Italy	21.6	-13.0%	1.1%
Taiwan	20.7	-12.1%	1.1%
Vietnam	20.0	-15.0%	1.1%
Mexico	18.2	-1.9%	1.0%
Indonesia	15.6	8.3%	0.8%
Rest of World	201.0	-11.2%	10.7%
World Total	1878.5	-3.9%	100.0%

2022’s steel production marked a significant reduction compared to the post-pandemic rebound of 1,960 million tonnes in 2021, with a year-over-year decline of 4.2%–the largest drop since 2009, and prior to that, 1991.

This decline was spread across many of the world’s top steel producers, with only three of the top fifteen countries, India, Iran, and Indonesia, increasing their yearly production. Most of the other top steel-producing countries saw annual production declines of more than 5%, with Turkey, Italy, Taiwan, and Vietnam’s production all declining by double digits.

Even the world’s top steel-producing nation, China, experienced a modest 2% decline, which due to the country’s large production amounted to a decline of 19.8 million tonnes, more than many other nations produce in a year.

Despite India, the world’s second-largest steel producer, increasing its production by 5.3%, the country’s output still amounts to just over one-tenth of the steel produced by China.

China’s Meteoric Rise in Steel Production

Although China dominates the world’s steel production with more than a 54% share today, this hasn’t always been the case.

In 1967, the World Steel Association’s first recorded year of steel production figures, China only produced an estimated 14 million tonnes, making up barely 3% of global output. At that time, the U.S. and the USSR were competing as the world’s top steel producers at 115 and 102 million tonnes respectively, followed by Japan at 62 million tonnes.

Almost three decades later in 1996, China had successively overtaken Russia, the U.S., and Japan to become the top steel-producing nation with 101 million tonnes of steel produced that year.

The early 2000s marked a period of rapid growth for China, with consistent double-digit percentage increases in steel production each year.

The Recent Decline in China’s Steel Production

Since the early 2000s, China’s average annual growth in steel production has slowed to 3.4% over the last decade (2013-2022), a considerable decline compared to the previous decade’s (2003-2012) 15.2% average annual growth rate.

The past couple of years have seen China’s steel production decline, with 2021 and 2022 marking the first time the country’s production fell for two consecutive years in a row.

While it’s unlikely China will relinquish its position as the top steel-producing nation anytime soon, it remains to be seen whether this recent decline marks the beginning of a new trend or just a brief deviation from the country’s consistent production growth.

The post Ranked: The World’s Biggest Steel Producers, by Country appeared first on Visual Capitalist.

Published

3 months ago

on

April 12, 2023

By

Tessa Di Grandi

Graphics & Design

• Sabrina Fortin

What are PGMs and Why Does the Automotive Industry Need Them?

Platinum group metals (PGMs) are a category of metals that include platinum, palladium, rhodium, ruthenium, osmium, and iridium. 

PGMs are crucial to the automotive industry as they are required for autocatalysts within automotive catalytic converters and exhaust systems. These convert harmful pollutants into less dangerous carbon dioxide and water vapor.

In 2020, 60% of global PGMs were utilized for autocatalysts, demonstrating the significance of PGMs to the auto industry.

In the above graphic sponsor, KGP Auto takes a look at the role PGMs will play in the future of decarbonizing the automotive industry.

EV Forecasts

PGM use in the auto industry has been typically forecasted to reduce as battery electric vehicle (BEV) share increases. This is due to the fact that BEVs do not need PGMs for catalytic converters.

However, the rollout of BEVs faces major challenges such as resource limitations, cost, and infrastructure.

According to projections by KGP Auto, BEVs will only make up 38% of the automotive market by 2040, far short of the 65% needed to achieve net-zero emissions.

To address this, KGP Auto’s recent report proposes a scenario in which material supply is matched to a broader fuel mix.

The Mix

This broader fuel mix will be intended for hybrid vehicles and other vehicles that can support more sustainable fuels like hydrogen.

These include a mix of internal combustion engines (ICEs), plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), and fuel cell electric vehicles (FCEVs).

PGMs used within these types of vehicles will ensure that the automotive industry can reduce emissions as the EV rollout catches up with material demand, cost, and infrastructure.

According to the World Platinum Investment Council, demand for PGMs will continue to grow in the automotive sector into 2040.

PGM Supply

With forecasted demand in the coming years, it’s important to look at global PGM supply.

Mine production of PGMs is currently dominated by a few countries, as is seen in the table below.

Country	% of PGMs
South Africa	54.0%
Russia	26.9%
Zimbabwe	7.0%
Canada	6.3%
United States	4.2%
China	0.9%
Finland	0.5%
Australia	0.1%
Colombia	0.1%
Ethiopia	<0.1%
Serbia	<0.1%

Around 80% of PGM production in 2020, was situated in challenging geographical locations like South Africa and Russia. 

The development of new PGM deposits is critical as these metals will continue to play an important role in the transformation of the automotive industry as the world aims to achieve net zero targets.

Read KGP Auto’s Powertrain Outlook Report to learn more.

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Related Topics: #pgms #evs #metals and mining #automotive industry #KGP Auto

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The post Why Does the Automotive Industry Need PGMs? appeared first on Visual Capitalist.

30 Years of Central Bank Gold Demand

This was originally posted on Elements. Sign up to the free mailing list to get beautiful visualizations on natural resource megatrends in your email every week.

Did you know that nearly one-fifth of all the gold ever mined is held by central banks?

Besides investors and jewelry consumers, central banks are a major source of gold demand. In fact, in 2022, central banks snapped up gold at the fastest pace since 1967.

However, the record gold purchases of 2022 are in stark contrast to the 1990s and early 2000s, when central banks were net sellers of gold.

The above infographic uses data from the World Gold Council to show 30 years of central bank gold demand, highlighting how official attitudes toward gold have changed in the last 30 years.

Why Do Central Banks Buy Gold?

Gold plays an important role in the financial reserves of numerous nations. Here are three of the reasons why central banks hold gold:

• Balancing foreign exchange reserves
  Central banks have long held gold as part of their reserves to manage risk from currency holdings and to promote stability during economic turmoil.
• Hedging against fiat currencies
  Gold offers a hedge against the eroding purchasing power of currencies (mainly the U.S. dollar) due to inflation.
• Diversifying portfolios
  Gold has an inverse correlation with the U.S. dollar. When the dollar falls in value, gold prices tend to rise, protecting central banks from volatility.

The Switch from Selling to Buying

In the 1990s and early 2000s, central banks were net sellers of gold.

There were several reasons behind the selling, including good macroeconomic conditions and a downward trend in gold prices. Due to strong economic growth, gold’s safe-haven properties were less valuable, and low returns made it unattractive as an investment.

Central bank attitudes toward gold started changing following the 1997 Asian financial crisis and then later, the 2007–08 financial crisis. Since 2010, central banks have been net buyers of gold on an annual basis.

Here’s a look at the 10 largest official buyers of gold from the end of 1999 to end of 2021:


Rank	Country	Amount of Gold Bought (tonnes)	% of All Buying
#1	Russia	1,888	28%
#2	China	1,552	23%
#3	Türkiye	541	8%
#4	India	395	6%
#5	Kazakhstan	345	5%
#6	Uzbekistan	311	5%
#7	Saudi Arabia	180	3%
#8	Thailand	168	2%
#9	Poland	128	2%
#10	Mexico	115	2%
	Total	5,623	84%

Source: IMF

The top 10 official buyers of gold between end-1999 and end-2021 represent 84% of all the gold bought by central banks during this period.

Russia and China—arguably the United States’ top geopolitical rivals—have been the largest gold buyers over the last two decades. Russia, in particular, accelerated its gold purchases after being hit by Western sanctions following its annexation of Crimea in 2014.

Interestingly, the majority of nations on the above list are emerging economies. These countries have likely been stockpiling gold to hedge against financial and geopolitical risks affecting currencies, primarily the U.S. dollar.

Meanwhile, European nations including Switzerland, France, Netherlands, and the UK were the largest sellers of gold between 1999 and 2021, under the Central Bank Gold Agreement (CBGA) framework.

Which Central Banks Bought Gold in 2022?

In 2022, central banks bought a record 1,136 tonnes of gold, worth around $70 billion.

Country	2022 Gold Purchases (tonnes)	% of Total
Türkiye	148	13%
China	62	5%
Egypt	47	4%
Qatar	33	3%
Iraq	34	3%
India	33	3%
UAE	25	2%
Kyrgyzstan	6	1%
Tajikistan	4	0.4%
Ecuador	3	0.3%
Unreported	741	65%
Total	1,136	100%

Türkiye, experiencing 86% year-over-year inflation as of October 2022, was the largest buyer, adding 148 tonnes to its reserves. China continued its gold-buying spree with 62 tonnes added in the months of November and December, amid rising geopolitical tensions with the United States.

Overall, emerging markets continued the trend that started in the 2000s, accounting for the bulk of gold purchases. Meanwhile, a significant two-thirds, or 741 tonnes of official gold purchases were unreported in 2022.

According to analysts, unreported gold purchases are likely to have come from countries like China and Russia, who are looking to de-dollarize global trade to circumvent Western sanctions.

The post Charted: 30 Years of Central Bank Gold Demand appeared first on Visual Capitalist.

]]> https://www.visualcapitalist.com/charted-30-years-of-central-bank-gold-demand/feed/ 0 156270 https://www.visualcapitalist.com/sp/visualizing-asias-dominance-in-the-titanium-supply-chain/ https://www.visualcapitalist.com/sp/visualizing-asias-dominance-in-the-titanium-supply-chain/#respond Mon, 06 Mar 2023 14:46:00 +0000 https://www.visualcapitalist.com/?post_type=sp&p=155812 The global titanium supply chain is heavily dependent on Asian countries, including China. See where titanium comes from in this infographic.

The post Visualizing Asia’s Dominance in the Titanium Supply Chain appeared first on Visual Capitalist.

]]>


Published

4 months ago

on

March 6, 2023

By

Govind Bhutada

Graphics & Design

• Athul Alexander

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The following content is sponsored by IperionX
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Asia’s Dominance in the Titanium Supply Chain

Titanium is a unique metal with important applications in defense, aerospace, automotives, and medicine. 

But before making it into all its end uses, titanium goes through a complex supply chain that involves both geopolitical and environmental challenges. 

This infographic sponsored by IperionX explores the titanium supply chain and highlights the countries that dominate it.

The Stages of Titanium Production

Titanium’s end-to-end production process typically involves five steps: 

1. Mineral extraction
   The minerals ilmenite and rutile are the primary feedstocks for titanium production. These minerals are partly composed of titanium dioxide, which is later refined into titanium metal.

2. Sponge metal production
   Ilmenite and rutile are refined into titanium sponge using the Kroll refining process.
   
3. Ingots and melted products
   Titanium sponge is melted into ingots and other melted products.
   
4. Mill products
   Finished products like bars, sheets, and tubes are manufactured from ingots. This process typically generates large amounts of machining scrap.
   
5. Scrap
   Scrap or waste accounts for large material losses in the supply chain. The current scrap recirculation rate is less than 70%.

The Kroll process of refining titanium minerals to produce sponge metal is an 80-year-old method that involves high energy use and carbon emissions. It’s also heavily dependent on a few countries, primarily in Asia.

The Titanium Supply Chain

The mineral ilmenite accounts for 90% of all titanium mineral consumption. The other feedstock, rutile, is only mined on a small scale. 

Here’s a look at the 10 largest ilmenite and rutile producers in 2021:

Country	2021 titanium minerals production (tonnes of titanium dioxide content)	% of Total
China	3,400,000	36%
Mozambique	1,108,000	12%
South Africa	995,000	10%
Australia	790,000	8%
Canada	430,000	5%
Norway	468,000	5%
Ukraine	411,000	4%
Senegal	491,000	5%
Madagascar	414,000	4%
Kenya	253,000	3%
Other	740,000	8%
Total (rounded)	9,500,000	100%

China takes up the lion’s share of titanium mineral production at 36%. It produces three times as much of the minerals as Mozambique, the second-largest producer. Meanwhile, the U.S. is grouped with other countries with just 100,000 tonnes in annual production.

Besides titanium mineral extraction, China also dominates the next stage of the supply chain with 57% of global titanium sponge production:

Country	Titanium sponge production (tonnes)	% of Total
China	120,000	57%
Japan	35,000	17%
Russia	27,000	13%
Kazakhstan	16,000	8%
Ukraine	5,400	3%
Saudi Arabia	3,700	2%
U.S.*	500	0.20%
India	250	0.10%
Total (rounded)	210,000	100%

*Represents production capacity for high purity specialty sponge, not available for commercial applications.

Between 2011 and 2021, China expanded its titanium sponge production capacity by 55%. Over the same period, U.S. production capacity almost declined completely, down 98%. 

As a result of the lack of domestic production, the U.S. is now heavily reliant on foreign sources of titanium.

Short Supply: Titanium in the U.S.

Around 90% of U.S. titanium consumption is met by net imports, with most of it coming from Japan.

The U.S. uses titanium metal in various sectors, including defense, aerospace, electronics, and transport. With the demand for titanium projected to grow, a domestic titanium supply chain can help the U.S. become independent of imports. 

IperionX is a U.S. metals technology company focused on developing the world’s first 100% recycled, low-cost, low-carbon titanium supply chain. 

>>>Interested in learning more about IperionX’s titanium production technology? Click here to learn more now.



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The post Visualizing Asia’s Dominance in the Titanium Supply Chain appeared first on Visual Capitalist.

]]> https://www.visualcapitalist.com/sp/visualizing-asias-dominance-in-the-titanium-supply-chain/feed/ 0 155812 https://www.visualcapitalist.com/sp/fork-in-the-road-2-scenarios-for-the-ev-rollout/ https://www.visualcapitalist.com/sp/fork-in-the-road-2-scenarios-for-the-ev-rollout/#respond Sun, 26 Feb 2023 14:14:00 +0000 https://www.visualcapitalist.com/?post_type=sp&p=155626 There are several factors that limit the rollout of electric vehicles. Here are two opposing scenarios for how it could play out.

The post Fork in the Road: 2 Scenarios For The EV Rollout appeared first on Visual Capitalist.

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Published

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February 26, 2023

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Tessa Di Grandi

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Fork in the Road: 2 Scenarios For the EV Rollout

Global forecasts for electric vehicle rollouts vary, with countries around the world pledging to speed up the transition to 100% zero-emission cars and vans by 2035-2040.

The shift towards electric vehicles is often hailed as a crucial step in combating climate change. However, the transition to battery electric vehicles (BEVs) has not been as smooth as anticipated.

According to projections by sponsor KGP Auto, BEVs will only make up 38% of the automotive market by 2040, far short of the 65% needed to achieve net-zero emissions. Let’s explore these projections further by breaking down two opposing scenarios up until 2040.

One Goal, Two Ways To Get There

Currently, many factors are limiting the forecasted rollout of BEVs, the most prominent being resource constraints.

With high demand and limited availability of critical transition metals, are there alternatives to reach net-zero targets?

The Balanced Scenario, laid out by KGP Auto, factors in current roadblocks impacting EV targets and presents an alternative road forward.

Dominant Scenario	Balanced Scenario
In this forecasted scenario, to meet 1.5 degrees Celsius warming targets, internal combustion engines (ICEs) will be banned in most markets by 2035, and BEV share will reach 65% of global sales by 2040.	Alternatives will help bridge the gap between the desired proportion of BEVs and the achievable proportion, until constraints around resources, infrastructure, and costs are met. The mix will include: - Internal combustion engines (ICEs) - Plug-in hybrid electric vehicles (PHEVs) - Alternative fuels - Fuel cell electric vehicles (FCEVs)

In the Balanced Scenario, the lower share of BEVs will require automakers to produce more ICE engines that meet strict emission standards, such as Euro 6 and the proposed Euro 7 vehicles.

The Role of PGMs

Platinum group metals (PGMs) are used in ICEs for catalytic converters in car exhaust systems. These systems turn toxic pollutants into less-harmful carbon dioxide and water vapor, allowing them to meet strict emission standards. In fact, most vehicles today use PGMs.

Vehicle type	Use of PGMs
Plug-in hybrid electric vehicles (PHEV)	Yes
Internal combustion engine (ICE)	Yes
Hybrid electric vehicle (HEV)	Yes
Fuel cell electric vehicles (FCEVs)	Yes
Battery Electric Vehicle (BEV)	No

Although FCEVs do not need catalytic converters, they rely on PGMs to store hydrogen which is converted into electricity by the fuel cell. These vehicles produce no tailpipe emissions and only emit water vapor and warm air.

KGP Auto’s report highlights that demand for materials to create catalytic converters and store hydrogen for vehicles will continue after 2040, particularly in developing markets where the BEV rollout is expected to be less prominent.

It’s important to consider all possible roads to decarbonize the auto industry, such as the proposed Balanced Scenario. This will help manufacturers meet demand as raw material supply, infrastructure, and affordability challenges delay BEV dominance.

>> Read KGP Auto’s Powertrain Outlook Report to learn more.



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The post Fork in the Road: 2 Scenarios For The EV Rollout appeared first on Visual Capitalist.

]]> https://www.visualcapitalist.com/sp/fork-in-the-road-2-scenarios-for-the-ev-rollout/feed/ 0 155626 https://www.visualcapitalist.com/sp/how-mineral-supply-will-change-ev-forecasts/ https://www.visualcapitalist.com/sp/how-mineral-supply-will-change-ev-forecasts/#respond Wed, 08 Feb 2023 17:46:53 +0000 https://www.visualcapitalist.com/?post_type=sp&p=155025 Demand for mineral supply of lithium, nickel, and cobalt is expected to grow from 10%-20% to over 80% by 2030.

The post Visualized: The EV Mineral Shortage appeared first on Visual Capitalist.

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February 8, 2023

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How Mineral Supply Will Change EV Forecasts

Did you know that EVs need up to six times more minerals than conventional cars?

EVs are mineral-intensive and are pushing up demand for critical battery metals. According to the International Energy Agency (IEA), lithium, nickel, and cobalt demand is expected to grow from 10%-20% to over 80% by 2030.

As countries around the world pledge to go all-electric by 2035 and 2040, do we have enough mineral supply for EV demand?

Factors such as geopolitical concentration of resources, quality of materials, mining industry lead times, and environmental factors will together determine whether we have the minerals we need.

Let’s take a look at how critical minerals are affected.

Mineral	Constraints
Copper	Copper mines currently in operation are nearing their peak, suffering from reserve exhaustion, while ore quality in older mines is declining. South American and Australian mines are located in areas where water availability can be scarce. This could cause setbacks given the high water requirements needed for the mining process.
Nickel	There are a number of growing concerns related to higher CO2 emissions and waste disposal. Nickel quality needs to be high (Class 1) for EV batteries. Most nickel in the global supply chain is unusable for EVs.
Cobalt	The Democratic Republic of Congo and China account for around 70% of production. 90% of cobalt produced is a by-product of nickel and copper, making new supply subject to the development of these mines.
Rare Earth Elements	Concerns surrounding negative environmental credentials in processing operations. The value chain from mining to processing and magnet production is geographically concentrated in China.
Lithium	The world could face severe lithium shortages as early as 2025. Lithium mines that started operations between 2010-2019 took an average of 16.5 years to develop. China accounts for 60% of global production and more than 80% of lithium hydroxide. Over 50% of lithium mines are located in areas that suffer water shortages. This could cause setbacks, given the high water requirements for mining processes.

Recycling is a partial solution to alleviate critical mineral supply but will fall short of meeting the high levels of demand until around the 2030s.

The EV Supply Chain

Currently, the resources for EV batteries are concentrated in very few countries. This concentration is an increasing concern for supply chain distribution.

China is home to more than half of the world’s lithium, cobalt, and graphite processing and refining capacity, as well as three-quarters of all lithium-ion battery production capacity.

Europe accounts for more than one-quarter of worldwide EV assembly, but home to very little of the supply chain, with the region’s cobalt processing share accounting for 20% of the mix.

Meanwhile, both Korea and Japan control a sizable portion of the downstream supply chain after raw material processing. Korea accounts for 15% of worldwide cathode material production capacity. Japan produces 14% of cathode and 11% of anode material.

The United States accounts for just 10% of EV production and 7% of battery production capacity.

Suggested Solutions

To reduce setbacks surrounding resource demand, KGP Auto’s new report recommends that material supply is accessed and matched to a broader fuel energy mix.

In this scenario, platinum group metals (PGMs) continue to play a leading role in the auto industry by assisting in building cleaner emission vehicles.

These vehicles support more sustainable fuels such as hydrogen, filling the gaps to net-zero targets by allowing EVs to catch up with material supply

>> Read KGP Auto’s Powertrain Outlook Report to learn more.



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Related Topics: #minerals #electric vehicle #clean energy transition #metals and mining #supply chain constraints #KGP Auto

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The post Visualized: The EV Mineral Shortage appeared first on Visual Capitalist.

]]> https://www.visualcapitalist.com/sp/how-mineral-supply-will-change-ev-forecasts/feed/ 0 155025 https://www.visualcapitalist.com/visualizing-u-s-consumption-of-fuel-and-materials-per-capita/ https://www.visualcapitalist.com/visualizing-u-s-consumption-of-fuel-and-materials-per-capita/#respond Fri, 27 Jan 2023 19:47:32 +0000 https://www.visualcapitalist.com/?p=155061 Wealthy countries consume large amounts of natural resources per capita, and the U.S. is no exception. See how much is used per person.

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Visualizing U.S. Consumption of Fuel and Materials per Capita

This was originally posted on Elements. Sign up to the free mailing list to get beautiful visualizations on natural resource megatrends in your email every week.

Wealthy countries consume massive amounts of natural resources per capita, and the United States is no exception.

According to data from the National Mining Association, each American needs more than 39,000 pounds (17,700 kg) of minerals and fossil fuels annually to maintain their standard of living.

Materials We Need to Build

Every building around us and every sidewalk we walk on is made of sand, steel, and cement.

As a result, these materials lead consumption per capita in the United States. On average, each person in America drives the demand of over 10,000 lbs of stone and around 7,000 lbs of sand and gravel per year.

Material/Fossil Fuel	Pounds Per Person
Stone	10,643
Natural Gas	9,456
Sand, Gravel	7,088
Petroleum Products	6,527
Coal	3,290
Cement	724
Other Nonmetals	569
Salt	359
Iron Ore	239
Phosphate Rock	166
Sulfur	66
Potash	49
Soda Ash	36
Bauxite (Aluminum)	24
Other Metals	21
Copper	13
Lead	11
Zinc	6
Manganese	4
Total	39,291

The construction industry is a major contributor to the U.S. economy.

Crushed stone, sand, gravel, and other construction aggregates represent half of the industrial minerals produced in the country, resulting in $29 billion in revenue per year.

Also on the list are crucial hard metals such as copper, aluminum, iron ore, and of course many rarer metals used in smaller quantities each year. These rarer metals can make a big economic difference even when their uses are more concentrated and isolated—for example, palladium (primarily used in catalytic converters) costs $54 million per tonne.

Fuels Powering our Lives

Despite ongoing efforts to fight climate change and reduce carbon emissions, each person in the U.S. uses over 19,000 lbs of fossil fuels per year.



Gasoline is the most consumed petroleum product in the United States.

In 2021, finished motor gasoline consumption averaged about 369 million gallons per day, equal to about 44% of total U.S. petroleum use. Distillate fuel oil (20%), hydrocarbon gas liquids (17%), and jet fuel (7%) were the next most important uses.

Reliance on Other Countries

Over the past three decades, the United States has become reliant on foreign sources to meet domestic demand for minerals and fossil fuels. Today, the country is 100% import-reliant for 17 mineral commodities and at least 50% for 30 others.

In order to reduce the dependency on other countries, namely China, the Biden administration has been working to diversify supply chains in critical minerals. This includes strengthening alliances with other countries such as Australia, India, and Japan.

However, questions still remain about how soon these policies can make an impact, and the degree to which they can ultimately help localize and diversify supply chains.

The post Visualizing U.S. Consumption of Fuel and Materials per Capita appeared first on Visual Capitalist.

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