- Portable Power Station
- Solar Panel
- Lithium Battery Pack
- Solar Energy Storage
- Primary Battery
- Rechargeable Batteries
- Branded Battery
- Dry Battery
- Battery Accessories
The demand for batteries has surged, and the lithium market is expected to grow by 650%
A new study shows that as the demand for companies that produce batteries for electric vehicles, notebook computers and other high-tech equipment grows, and the overall demand for lithium is forecast to increase more than three times, the prospects for the lithium market remain prosperous , Is expected to grow by 650% by 2027.
According to Roskill's 15th edition of the market outlook report, although the underground reserves of lithium in the next 9 years are less than 1%, battery manufacturers will need more lithium to support production , Which will promote the growth of lithium demand by nearly 16%, reaching 1 million tons.
However, the estimated supply is far from the astronomical figure predicted by the company. The Bank of Montreal (BMO) of Canada predicts that by 2025 there will be 80-91,500 tons of lithium from mines. BMO's data includes the recent expansion plans of market leaders, covering Chile's SQM, China Tianqi Lithium, Albemarle, FMC, and NemaskaLithium's plan to build a spodumene mine in northwestern Quebec, Canada.
Roskill estimates that the demand for lithium-ion battery manufacturers will increase from 46% last year to 83% in 2027. Conversely, the use of lithium hydroxide is also expected to become more common, and the proportion of lithium compounds used in rechargeable batteries will increase from 25% to 55% in 2027.
Analysts predict that the battery-grade lithium compound market will remain tight because the installation of new battery-grade capacity has proven to be complicated and that the demand for these products will grow the most. .
In terms of lithium price, it is expected to reach its peak in 2018, as more supply of mined and refined lithium will enter the market in the next few years, causing the price to be short-lived in 2019 Falling back, the base price is US$11,000 per ton of battery-grade lithium carbonate.
After 2021, the price of lithium will rise again to the level of 2018, because the continued growth in demand for battery-grade lithium compounds will put greater demand pressure on prices.