Did you know that lithium powers many of the tools that we use each and every day? From the phones we talk on to the cars we drive, lithium-ion batteries are in demand more than ever. In fact, it is predicted that the demand for lithium is going to increase 22x in the next five years.
One of the reasons that lithium is increasing in demand is the push to cut carbon emissions. Lithium-ion batteries are what power electric cars, and the carbon footprint of these vehicles are significantly lower than traditional cars that run on gasoline. With direct lithium extraction, there is even a reduction in the footprint on lithium production while reducing the need for freshwater and other reagents.
As more vehicles and other devices are being made that require lithium-ion batteries, the demand will continue to rise. The U.S. holds just 3.6% of the global lithium reserves, meaning reliance on other countries’ lithium production is greater than ever. Most of the lithium supply chain is controlled by Chile, Australia, and other countries outside of the U.S. However, our neighbor country Canada also holds some of the global lithium reserves, and they have an optimal location with minimal capital cost.
As technology continues to evolve, the demand for lithium-ion batteries is going to continue to increase. Most of our social lives are already dependent on these batteries, with almost all forms of communication and travel requiring their use. To learn more about the lithium market and how it will affect our lives, take a look at the infographic below: