Global Consumption of Lithium amounted to 56 Thousand Tonnes in 2020
Consumption grew by a CAGR of 12% between 2017 to 2020
GlobalData projects the Consumption to decline at a CAGR of ...
Impact of COVID-19 on Global lithium consumption
The growing adoption of electric vehicles (EVs) is rapidly increasing the demand for lithium. Despite a slowdown in the market, global battery demand raised in 2020, supported by a shift in the design and advancement of battery technology. In the same year, batteries alone accounted for majority of total lithium consumption.
Global lithium metal production is expected to rise in 2021 in comparison to 2020, after registering a significant decline that year, amid declining prices and the COVID-19 pandemic. Output from Australia and Argentina will be significant contributors to overall growth. Output from Chile is also expected to grow. Rising prices, as well as increasing battery demand for EVs, will be the driving factors for growth in lithium production in 2021.
Global lithium reserves
According to the US Geological Survey (USGS), global lithium reserves held a significant position as of January 2021. Chile, Australia, Argentina, China, Russia and the US were the top five countries. These were followed by Canada, Zimbabwe, Brazil and Portugal.
Currently, brines and hard-rock deposits are the dominant sources of lithium worldwide. Some of the largest brine deposits are located in South American countries such as Bolivia, Chile and Argentina, with China also host to some of the densest brine deposits.
Hard-rock deposits can be found in Australia, Canada, Zimbabwe and Portugal. Production from brines is the most economical source compared with other minerals, owing to relatively higher production costs due to combined extraction and beneficiation challenges.
Global lithium producers
Albemarle Corp. which is headquartered in the US, is a global developer, manufacturer and marketer of highly engineered specialty chemicals. The company serves a range of end markets, including petroleum refining, consumer electronics, automotive, steel and aerospace, lubricants, pharmaceuticals, crop protection, household appliances, heating, ventilation, aluminum finishing, food safety and custom chemistry services. Albemarle operates in the Americas, Europe, the Middle East, Africa, Australia and Asia.
Sociedad Quimica y Minera de Chile SA
SQM is a non-metallic mining company headquartered in Santiago, Chile. It carries out the extraction of minerals, processing and commercialization of products for essential industries. The company mines and processes caliche ore and brine deposits in northern Chile. Its product portfolio includes potassium nitrate, specialty plant nutrients, iodine and its derivatives, lithium and its derivatives, potassium chloride, potassium sulfate and certain industrial chemicals, including industrial nitrates and solar salts. SQM sells products through a network of offices and distribution affiliates across the world. The company has operations in North America, Asia, Europe, and Central and South America.
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