Supply
Global lithium mining market is expected to grow from $3.33B in 2020 to $6.37B in 2030. 98% of the world’s lithium production occurs in Australia, Latin America and China.[1]
Demand
Lithium demand is set to rise from 500,000 tonnes of lithium carbonate equivalent (LCE) in 2021 to an estimated 3,000,000 – 4,000,000 tonnes by 2030, representing , more than a 300% increase within the decade.[2]
Price
Lithium surged from $6,000 per tonne to over $78,032 a tonne in 2022, representing a 13-fold increase in less than two years.[3]
Worldwide EV sales are forecast to increase from 6.5M units to 51M by 2030. Almost 400 new mines are needed to meet this demand by 2035. With over 80% of lithium ion battery production being in China and currently only one operating lithium mine in the United States, the U.S. Department of Energy is making a $3.16B investment in lithium ion battery production domestically to secure the supply of the future.
Source:
[1] Benchmark Mineral Intelligence
[2] Benchmark Mineral Intelligence
[3] Biden Administration Announces $3.16 Billion from Bipartisan Infrastructure Law to Boost Domestic Battery Manufacturing and Supply Chains
