Lithium has graduated from niche to the mainstream. An electric vehicle revolution, which began in China and is now propagating in Europe and North America, has sparked a rush to produce lithium ion batteries at scale. What was a specialty chemical for pharmaceuticals is now driving a new energy storage economy and the beginnings of a shift away from fossil fuels.
In 2016, batteries accounted for 35 per cent of the 180,000 tonnes of lithium produced; in 2023, Benchmark Mineral Intelligence forecasts that portion will rise to 85 per cent of a lithium market that is expected to top a million tonnes for the first time.
Lithium prices have hit all-time highs and have reacted with volatility as a consequence. Prices, set for the industry
© Times Media Limited 2023.
Registered in England No. 894646. Registered office: 1 London Bridge Street, SE1 9GF.