The global lithium market will be in short supply in 2030
Lithium carbonate equivalent (LCE) is the amount of lithium in a compound, expressed as lithium carbonate. This form is the primary processed form of raw lithium, used in batteries and a variety of other applications. The global lithium market is experiencing rapid growth, with consumption increasing by 30% in 2022.
So, what caused the lithium market boom?
1. Demand will surge by 2050
The rapid global shift to clean energy is setting the stage for a surge in lithium demand. Projections from the International Energy Agency show that under the net-zero emissions scenario, demand for so-called "platinum" lithium is expected to grow tenfold by 2050. The reason for this explosive growth mainly comes from the key role of lithium in lithium-ion battery technology.
2, the dominant position of lithium in battery technology
Lithium-ion batteries are a central part of the decarbonization process and could account for about 95% of demand by 2030. These batteries are used to store electricity generated from renewable sources such as solar and wind and are the dominant technology in electric vehicles.
3. Lithium supply challenge
As the world shifts to clean energy technologies, the dynamics of lithium supply and demand are entering uncharted territory. Forecasts show that the lithium market may be in short supply as early as 2030. The projected supply-demand imbalance can be attributed to a variety of factors, including reduced production due to delays in the construction of new mines due to technical challenges and financial constraints, as well as geopolitical complexities within the market.
Next：Svolt is the world first super-fast charging lifepo4 short blade battery
Previous：2023 Energy storage lithium battery track ＂three trends＂
