By: Inspenet, November 2, 2022
According to experts at Benchmark Mineral Intelligence, the lithium market needs to rise to 25 times or more of the 2021 level by 2050.
According to their study, in 2050 an annual production of 11.2 million tons of LCE (Lithium Carbonate Equivalent) will be needed. Meanwhile, energy storage will account for two-thirds of battery demand by that date, influenced by the growth of renewable energy sources, such as wind and solar.
Similarly, Benchmark in its report stressed that the data highlights the challenge of increasing lithium production from new mining projects, whose start-up can take more than five years.
Likewise, he stressed that by 2032 a total of 2.9 million tons of LCE will be needed. Level that would exceed 2.7 million tons of accumulated global lithium production between 2015 and 2022.
He also detailed that in view of the growth of energy storage and electric vehicles, globally, more than 20 times the amount of lithium that was extracted last year will be needed to meet demand by mid-century.
The study also argues that if lithium is not recycled, 234 new lithium mines will be needed by 2050 to meet this huge demand. Benchmark currently only records 40 mines that have produced lithium this year. This highlights the importance that recycling will have in meeting future lithium demand.
This material from rumbominero.com was edited for clarity, style and length.
Source : https://www.rumbominero.com/peru/noticias/mineria/2050-mundo-25-veces-litio/
Photo: ShutterStock
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