Battery powered: 20 years of lithium demand
The battery industry is set to extend its dominance of thelithiummarket this decade, with Benchmark forecasting that by 2026 it will account for 90% of lithium demand.
Rapid growth in electric vehicle (EV) adoption has seen the battery industry develop from a relatively small consumer of lithium to become the market’s primary driver within twenty years.
In 2006, lithium was primarily used by the glass, ceramics, and grease industries whereas batteries, which were mostly used in portable electronic devices, accounted for only 22% of the market.
Since then growing demand for electric vehicles saw a steady shift and in 2016 batteries used 38% of the world’s lithium. By 2018, for the first time, the battery industry accounted for 51% of lithium demand.
This year Benchmark forecasts lithium ion batteries, driven largely by electric vehicle demand, will consume 85% of all lithium.
Benchmark forecasts that in 2023 lithium demand will reach 900,000 tonnes, a jump of 27% year-over-year, according to the Benchmark Lithium Forecast. Lithium demand is forecast to reach 1.5 million tonnes in 2026.
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