Speciality applications and low annual consumption volumes for critical minerals and metals have earned these raw materials reputations as "minor" or "spice" materials. Compared with bulk commodities like iron ore, alumina and coal, the markets for cobalt, graphite, lithium, rare earths, vanadium, uranium, zircon and potash are niche and relatively small.
Usually, critical minerals and metals are sourced by processing companies or high-tech chemicals and materials companies such as Socieded Quimica y Minera (SQM), HC Starck Group, Rhodia or 5N Plus Inc. These medium-sized but powerful companies source raw materials from around the world and transform them into high-purity advanced materials, which are are the key ingredients of high-tech components.
Typically, critical minerals and metals are traded and consumed in smaller volumes than commodities like iron ore, bauxite and coal. It is important to note, however, that there are a few critical minerals, namely the agriminerals, potash and phosphate rock, which are traded like niche minerals but are mined and transported on a bulk scale like commodities.
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