Lithium Demand Soars: 28 Times More Per Capita Than in the 1990s

Lithium consumption has skyrocketed globally, with people now using nearly 28 times more lithium per capita than in the 1990s, driven by the widespread adoption of electric vehicles and lithium-ion batteries in various devices. The metal's price has surged to nearly 70,000 per metric ton in 2022, a significant increase from its value of about 4,200 per metric ton in 1991. The US, the world's second-largest lithium consumer after China, has seen a substantial rise in demand, with lithium-ion batteries becoming a crucial component in the production of electric vehicles. According to experts, the lithium-ion battery market is expected to continue growing, with the global demand for lithium projected to increase by 20% annually over the next decade. This surge in demand has led to a shortage of lithium, with the US relying heavily on imports to meet its needs. However, only one state in the US, Nevada, is currently mining lithium, with other states exploring the possibility of extracting the metal from geothermal brine and other sources. The lithium boom has also sparked concerns about the environmental and social implications of large-scale mining operations. "We need to be careful about how we extract lithium, as it can have significant environmental impacts," said Dr. Rachel Surls, a specialist in environmental science at the University of California, Riverside. "We need to consider the long-term effects of mining on local ecosystems and communities." The rise of lithium-ion batteries has been driven by the growing demand for electric vehicles, which are expected to become increasingly popular in the coming years. According to the International Energy Agency, electric vehicles are expected to account for 30% of new car sales by 2030. As a result, the demand for lithium-ion batteries is expected to continue growing, with the global market projected to reach $140 billion by 2025. In response to the growing demand for lithium, companies such as Tesla are exploring alternative sources of the metal, including recycling and direct extraction from geothermal brine. "We're looking at all options to secure a stable supply of lithium," said a spokesperson for Tesla. "We believe that recycling and direct extraction from geothermal brine are promising alternatives to traditional mining methods." The current status of lithium mining in the US is that Nevada is the only state actively extracting the metal, with other states exploring the possibility of extracting lithium from geothermal brine and other sources. The US government has also announced plans to invest in lithium extraction and recycling technologies, with the aim of reducing the country's reliance on imports and promoting sustainable mining practices. As the demand for lithium continues to grow, experts warn that the metal's price is likely to remain high, with potential shortages and supply chain disruptions on the horizon. However, with the development of new technologies and alternative sources of lithium, the industry is working to mitigate these risks and ensure a stable supply of the metal.