Production of Lithium in Chile reached 42.70Thousand Tonnes in 2023
Production grew by a CAGR of 23% between 2020 to 2023,and is expected to grow by...
GlobalData projects the production to grow at a CAGR of...
Impact of COVID-19 on Lithium Production in Chile?
The growing adoption of electric vehicles (EVs) is rapidly increasing demand for lithium. Despite a slowdown in the market, global battery demand rose 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 reach a significant position in 2021. 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.
Chile lithium reserves
Chile had the world’s largest lithium reserves out of the global total, as of January 2021. In Chile, lithium is extracted by pumping out water through underground salt beds and then dried in the sun to collect the sediment that remains. Most of the country’s lithium reserves are found in the Salar Flat of Atacama, which contains the world’s richest deposits of lithium. The Atacama, together with high-grade lithium, also possesses a high rate of evaporation and extremely low annual rainfall, which makes production economically viable.
Lithium production
Global lithium metal production, after registering an estimated decline in 2020 amid declining prices and the COVID-19 pandemic, is expected to recover by 2021. Production from Australia, and Argentina will be significant to the overall growth. In addition, output from Chile is also expected to grow.
Key lithium producer
Albemarle Corporation
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 Americas, Europe, the Middle East, Africa, Australia and Asia.
Other notable lithium producers are:
Switzerland
China
Japan
Luxembourg
South Korea
Japan
United Kingdom
Australia
Japan
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