Did you know that the U.S. controls just 3.6% of global lithium reserves? Most of the reserves are controlled by Chile, whereas Australia is the largest world producer of the mineral. Lithium demand is already high, and it is expected to rise to 4 million metric tons in 2030, meaning reliance on international mining is greater than ever.
The skyrocketing lithium demand has led to the greatest supply-demand imbalance in modern times. One of the main contributors to this increase in demand is the need for lithium-ion batteries. These batteries are important for powering phones, tablets, and electric vehicles.
In recent years the push to cut carbon emissions has driven the demand for electric vehicles, raising the stakes for lithium producers. The reasons the stakes are so high is because it requires 8 kg of lithium for a single electric car. With the current 22 million tons of lithium in worldwide reserves, 2.5 billion batteries can be produced. As technology continues to evolve, more of our daily tools may require the use of lithium and will continue to drive the demand for the mineral.
There is still much to learn about how lithium can transform our daily lives. This is why increasing supply is a critical need. Learn more about the energy economy and the production of lithium in the infographic below: