Lithium has become one of the most sought after minerals in the world. Used to create lithium-ion batteries, the mineral skyrocketed in popularity as technology evolved and more of our every-day tools are requiring these batteries.
With so many uses for the mineral, lithium demand is expected to rise from 500,000 metric tons of LCE in 2021 to nearly 4 million metric tons in 2030. Chile and Australia are currently feeling the brunt of the demand increase with Chile golding the largest lithium reserves and Australia acting as the world’s largest producer.
The U.S also contributes to the energy economy through lithium, but at a much lesser rate than other countries. Only 3.6% of global lithium reserves are located in the U.S, meaning reliance on the international mining industry is more important than ever. Luckily, Canada also supplies lithium and being so close by it is an optimal location to buy from and has minimal capital cost.
To continue powering electric cars, phones, tools, and more, the lithium industry will continue to boom. By 2030 the industry is predicted to grow 22x. To learn how this will affect the economy and to learn more about the lithium market, take a look at the infographic.