Supply, Growing Demand & Growth Sectors
From cellphones to laptops to electric vehicles, lithium makes up an increasingly important part of technology used in the daily lives of billions around the world. Currently, lithium demand is rooted in the following categories:
The global lithium-ion battery market is projected to reach USD $62B at a CAGR of over 16% by 2023. Emergence of cloud-based technologies is a major factor driving growth as well as increasing demand for lithium-ion battery across verticals like automotive, healthcare, manufacturing, retail and IT & telecomm.
An estimated 2.38 billion pound market, in which lithium-based greases make up 75%. Lithium-based greases generally have good stability, high temperature characteristics and water-resistance properties.
Lithium typically sourced from the mineral spodumene reduces the viscosity and thermal expansion of glass and, therefore, leads to increased melting efficiencies and/or larger effective furnace capacities. The end result is a substantial energy savings for the glass manufacturers.
Lithium is used in the ceramics industry to produce glazes. The glazes improve a ceramic piece’s shock absorption and stain resistance, protecting the piece against damage. Lithium carbonate typically is used for glass applications.
Lithium, in trace amounts (around 0.170 mg/L), can be prescribed to those with bipolar disorders or individuals with depression who don’t respond successfully to anti-depressants.
This is an exponentially growing market.