Lithium Market
LITHIUM SUPPLY & DEMAND
Lithium Demand Dynamics Support Price Appreciation
Lithium Carbonate prices up 48% over the past year.
Geopolitical concerns and industrial policy objectives have intensified efforts to diversify supply chains.
Canada ranked No. 1 for potential to form a secure, reliable and sustainable battery supply chain.
Source: Bloomberg NEF, 2024
GLOBAL LITHIUM PRODUCTION
What will Demand look like in the Future?
- Global lithium production was approximately 240,000 metric tons of lithium in 2024.
- While most experts agree that demand will continue to rise, the magnitude of that increase remains difficult to predict.
- The International Council on Clean Transportation has forecasted a number of scenarios for what future demand could look like (2024 ICCT Report).
Global Battery Energy Storage Market
The global battery energy storage system market is anticipated to report a valuation of USD 81.6 billion in 2026 and is projected to reach USD 195.0 billion by 2036, expanding at a CAGR of 9.1% during the forecast period. Market expansion is being driven by accelerating renewable energy integration, grid modernization programs, and rising demand for flexible power management across utilities, commercial facilities, and residential users. Energy storage is increasingly positioned as a core infrastructure layer that enables intermittent renewable sources such as solar and wind to be deployed at scale while supporting grid stability, peak shaving, and backup power requirements.
Global Data Center Outlook
- Nearly 100 GW of new data centers will be added between 2026 and 2030, doubling global capacity.
- The global data center sector will likely expand at a 14% CAGR through 2030.
- Power, not location or cost, will be the primary site selection criteria due to multiyear wait time for a grid connection.
- Data center operators are expected to increase behind-the-meter power arrangements and explore collocated battery storage as the average wait time for a grid connection in primary data center markets exceeds four years.
- The Americas is the largest data center region, representing about 50% of global capacity.
Global Sales: Battery Electric Vehicule (BEV) & Plug-In Hybrid Electric Vehicle (PHEV)
Global Electric Vehicle Market
In 2018, only 2% of all cars sold were EV’s
In 2025, EV’s accounted for >25% of global car sales
2025 Summary:
- EV sales up 27% globally
- China accounts for >50% total EV sales
- Europe EV sales increased 30% (43% in Germany)
- North America EV sales increased 3%
Lithium Supply is Shifting
Benchmark Mineral Intelligence (BMI) reported that 52 new lithium mines capable of producing 30,000 metric tons per year will be needed to meet the global battery demand for 2030 (BMI, 2025 Report).
Benchmark’s Capital Tracker shows $285 billion of investment is required to bring sufficient critical raw materials online by 2030. Though many of these markets are currently in a state of oversupply, the forecast deficits are substantially higher than current surpluses (BMI, 2025 Report).
As the demand for lithium increases, new sources of supply have the ability to come online.
