The world’s lithium market has undergone a significant transformation in recent decades, with demand for technology products such as electric vehicles and devices increasing substantially. The sale of global electric vehicles increased to 3.3 million in 2018 from 1.2 million in 2012, with sales stated to increase further to over 8.6 million in 2022.
A rapidly growing market with increasing demand
With lithium batteries powering many of today’s electronic devices, and with innovation in technology and manufacturing improvements driving down costs, demand will continue to steadily rise; demand for lithium compounds has gone from 134 kilotons in 2012 to 229 kilotons in 2018, with demand slated to increase in 2022 to over 526 kilotons.
With considerable barriers to entry to the global lithium and metals industry, it is an industry that is dominated by a small number of manufacturers and suppliers. These barriers include access to large amounts of the resources to justify establishment of operations, knowledge of mining technology, research and development capabilities and sufficient capital.
As of last year, the top five lithium suppliers accounted for just under 70% of global production capacity. We at Lithium Extraction Works have already-established mining operations with proven productivity, an existing supply/distribution network, access to large reserves of lithium and expert operators, scientists, miners and engineers. Our focus is to continue developing our successful business and ensuring a steady supply of lithium to our clients.