Electric Vehicles Are Expected to Drive Massive Demand for Lithium and Cobalt

Deutsche Bank Markets Research has reported that global lithium demand is likely to jump from 181kt Lithium Carbonate Equivalent (LCE) in 2015 to 535kt LCE over the next decade. The report cites the growing number of electric vehicles (EVs) as the primary driver of demand for lithium. Overall battery consumption is anticipated to multiply five times over by 2025, meaning that supply chains and markets are preparing for massive strains.

Though EVs are a major reason for the shift, the growing demand for battery-hungry tech, like smart phones and laptops, is also to blame. Pushes from large vehicle markets like China remain some of the biggest drivers of lithium and cobalt demand. It’s now standard to require manufacturers of vehicles and batteries to sign deals to secure raw minerals up to ten years in advance. In anticipation of shortages and future difficulties, companies like VW are partnering with nation states to ensure smooth, consistent procurement of essential materials like cobalt and lithium.

Follow us on social media for the latest updates in B2B!

Latest

Improving Quality and Bottomline for Finishing Operations
June 30, 2022
This is another episode of Manufacturing A Stronger Standard from FABTECH 2021. Host and President of Lesta USA and Degeest Corp., Derek Degeest, talked with Bill Robinson, President and Kris Bonnegent, Regional Read more
Adapting Existing and New Wagner Solutions to Leverage Self-Learning Robots
June 30, 2022
This episode of Manufacturing A Stronger Standard was live from FABTECH 2021. Host and President of LestaUSA and DeGeest Corp., Derek DeGeest, talked with JR Rogers, National Sales Manager for Engineered Systems Read more
How to Be Your Own Healthcare Advocate
June 30, 2022
While healthcare in the United States is often the topic of a heated political debate, there is one subject within it that irks patients and healthcare practitioners alike: time. One of the biggest problems with Read more