Did you know that lithium is being referred to as “white gold”. The nickname is fitting, with lithium now being the most sought-after mineral on the market. The reason for the increase in demand? Lithium-ion batteries.
Lithium batteries are used from things like cell phones and tablets all the way up to electric vehicles. Recently, there has been a global push to cut carbon emissions, which means there is a driving demand for electric cars. The more electric cars that are being produced, the more lithium is needed to create the batteries to make the cars run, and that is creating a runaway market.
Most lithium is mined outside the U.S, with Chile and Australia holding the largest lithium reserves. The U.S holds just 3.6% of the global reserves, meaning there is a heavier reliance on the international mining industry. Still, the supply is growing, and not just for lithium. Demand for graphite, cobalt, and copper is growing as well and will continue to grow as the years go on. In fact, the demand for lithium will increase 22x by 2030.
To learn more about the uses of lithium and how the market will affect our economy, take a look at the infographic below: