Lithium end-use share in the global market 2023

In 2023, batteries were by far the largest end-usage of lithium worldwide. This application accounted for 87 percent of lithium consumption that year, while use in ceramics and glass made up another four percent. Lithium, which is at the heart of lithium-ion batteries that revolutionized energy storage, has remained the top end-user of this metal.

Why lithium-ion batteries?

The property of lithium being a lightweight metal, combined with a high energy density, received a boost for a widespread adoption of commercializing rechargeable lithium-ion batteries. As of 2023, lithium-ion battery pack price stood at 139 U.S. dollars per kilowatt-hour. While there are novel alternatives like sodium-ion batteries, zinc-air batteries, and solid-state batteries that are available today, they still face a challenge in terms of cost, performance, and commercialization.

Lithium powering the future of mobility

As the world transitions towards sustainability, lithium will play a crucial role. Starting with powering electric vehicles or EVs, lithium-based batteries have remained the top choice for automotive manufacturers. As the demand for EVs grows with no other commercially available alternatives to power, these vehicles will increase the demand for lithium in the near future.

As this demand for lithium continues to grow, it has become crucial to source and to dispose of wastage generated by this metal in a sustainable and ethical manner to ensure a brighter future.