Visualization: Lithium producers in ‘generational problem’ to satisfy 2050 demand, finds BMI report

The world might want to produce 11.2 million tonnes of lithium carbonate equal (LCE) by 2050, or 20 instances 2021 output, to satisfy rising demand from automakers and vitality storage functions, new information from Benchmark Mineral Intelligence (BMI) exhibits.

By that point, the majority of demand would come from vitality storage functions, accounting for about two-thirds of the battery market.

Within the nearer time period, 2.9 million tonnes of LCE might be wanted by 2032, greater than the two.7 million tonnes of cumulative international lithium output between 2015 and 2022, based on Benchmark’s Lithium Forecast.

In line with the essential metals analyst, the info highlights the problem of scaling up lithium manufacturing from new mining tasks, which may take over 5 years to carry on-line.

“The long-term path for lithium is ready, but the provision chain scaling problem has simply begun,” says BMI CEO Simon Moores in a press release.

“This information exhibits that we’re at only the start of a generational problem, not one which’s going to be solved within the 2020s.”

By 2040, the entire lithium mined final yr will solely meet one month’s demand, even with the provision from recycled batteries.

BMI’s evaluation highlights the emergence of lithium recycling as an more and more vital piece of the provision puzzle. With out recycling, the world will want 234 new lithium mines by 2050 to satisfy this staggering demand. BMI at the moment tracks simply 40 mines which produced lithium this yr.

Benchmark forecasts that in 2040, practically 20% of lithium chemical compounds might be produced from recycled batteries or course of scrap.

Main as much as 2050, many nations will transition their fleets to EVs. This has been the first driver of development lately. In 2015, EVs represented simply 39% of battery demand, rising to 79% this yr, as assessed by Benchmark’s Lithium-ion Battery Database.

In the meantime, The Northern Miner’s sister publication,, reviews BMI’s newest value evaluation exhibits lithium costs in China hit an all-time excessive on Wednesday as battery producers scramble to safe provide amid booming demand from the electrical automotive market.

In line with the battery provide chain researcher and pricing company, Chinese language battery grade lithium carbonate rose by 1.7% up to now week to achieve an all-time excessive of US$74,475 a tonne, greater than doubling in 2022.

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