Market dynamics of lithium as a key element for modern energy

Abstract

Oil has been and continues to be the “black gold” of the energy industry, and now the “white gold” of the energy industry has appeared - this is the alkali metal lithium. Lithium-ion batteries сharge smartphones, laptops and electric vehicles. Some developed countries have committed to phasing out new gasoline and diesel vehicles by 2040. In 2021, global sales of electric vehicles, the main driver of the lithium market, grew 1.5 times. A further increase in demand in 2022 will mean a continued shortage of lithium this year, as consumption of the material outstrips production and depletes stocks. As the world’s car manufacturers shift from internal combustion engines to electric vehicles, the need for new supplies of raw materials increases. The influence of environmental and political motives on the dynamics of supply and demand for lithium in the world is being discussed. Lithium deficiency can become a real limiting factor in achieving energy transition goals.