The global lithium industry needs up to $42 billion of investment if it is to meet 2030 demand, according to an analysis by Benchmark Mineral Intelligence.
The agency forecasts that in 2030, lithium demand will reach 2.4 million tonnes LCE (lithium carbonate equivalent). This is almost 1.8 million tonnes more than the 600,000 tonnes of lithium the agency forecasted will be produced in 2022.
Benchmark estimates that the lithium industry needs $7 billion of investment each year from now until 2028 to meet the 2030 lithium demand. These requirements come as Europe and North America look to reduce their reliance on foreign supplies and improve sustainability.
Building local #batterymetals supply in North America, especially USA and Canada is of key focus at Benchmark’s Battery Gigafactories USA 2022 in Washington DC next month, Benchmark’s chief executive officer, Simon Moores, said on Twitter.
As electric vehicle makers look to secure their supply chains they may have to get involved in mining. Attempts to build supply chains outside China are subject to much higher costs.