Lithium Supply Is Diversifying, But China Controls the Value Chain
Global lithium output is expanding in Australia and Chile, but China dominates processing and battery exports, capturing most of the downstream value.
Global Car Markets and the Uneven Transition to Electric Vehicles
Global passenger car sales reached 92 million units in 2025, including more than 20 million EVs, but adoption varies widely across markets.
China and the Global Critical Minerals and Battery Supply Chain Landscape
Upstream mineral supply is globally distributed, but China remains the dominant actor in the midstream and downstream battery ecosystem.
Concentrated Processing, Dominant Manufacturing: China’s Dual Control of the EV Battery Value Chain
China’s dominance in battery-grade processing and cell manufacturing leaves global EV production dependent on two stages of the supply chain.
Silver’s Structural Deficit Widens as Industrial Demand Surges
Silver supply remains flat while industrial demand—driven by solar and electronics—continues to surge, keeping the market in a deepening structural deficit.