Geopolitical challenges, including the Russian invasion of Ukraine, China-US competition, elections and the war in Israel, significantly impact the global supply chain, especially critical raw materials vital for traditional industries, defence, high-tech sectors, aerospace and green energy.
Democracies rely on essential critical raw materials such as nickel, lithium and aluminium. The market for critical minerals has doubled to over $320 billion in the last five years and is expected to double again in the next five.
Despite the ongoing challenges, Ukraine holds immense potential as a major global supplier of critical raw materials essential for these high-profile industries. With vast reserves of minerals, Ukraine can significantly contribute to the global supply chain for many or all of them.
The disruption caused by the Russian invasion and competing suppliers such as China has highlighted the need for resilient and diversified supply chains. This has prompted the European Union (EU) and the United States to adopt strategies to reduce dependency on non-democratic regimes. Leveraging Ukraine’s resources can bolster these efforts, driving Europe’s green transition and supporting Ukraine’s post-war recovery.
For the rest of this article: https://www.weforum.org/agenda/2024/07/the-future-of-critical-raw-materials-how-ukraine-plays-a-strategic-role-in-global-supply-chains/