In Europe, many technologies with high socio-economic benefits face materials requirements that are often affected by demand-supply disruption. This paper offers an overview of critical raw materials in high value alloys and metal-matrix composites used in critical applications, such as energy, transportation and machinery manufacturing associated with extreme working conditions in terms of temperature, loading, friction, wear and corrosion. The goal is to provide perspectives about the reduction and/or substitution of selected critical raw materials: Co, W, Cr, Nb and Mg.