Global lithium demand is forecast to rise more than threefold out to 2027, with demand from lithium-ion battery makers due to increase by 650% in the same period, according to the latest market outlook report by consultants Roskill. The firm said that global production of lithium, which includes both new and existing plants, will grow at a compound annual growth rate (CAGR) of about 30% between now and 2030. The report also predicts the use of lithium hydroxide will rise, from 25% of lithium compounds used in rechargeable batteries in 2021 to 55% by 2027.
Global lithium demand is forecast to rise more than threefold out to 2027, with demand from lithium-ion battery makers due to increase by 650% in the same period, according to the latest market outlook report by consultants Roskill. The firm estimates demand for the metal from lithium-ion battery makers will grow from 46% of overall lithium demand in 2017 to 83% by 2027. The report also predicts the use of lithium hydroxide will rise, from 25% of lithium compounds used in rechargeable batteries in 2021 to 55% by 2027.