In 2022, the average price of battery-grade lithium carbonate was estimated at 37,000 U.S. dollars per metric ton. This figure is by far the highest price for battery-grade lithium carbonate recorded in the period of consideration. Lithium is a highly reactive soft and silvery-white alkali metal. As the third element in the periodic table, it has 3 protons in its nucleus and three electrons around it. As a result of being highly reactive, it cannot be found in its pure form in nature. Lithium is the least dense of solid elements and the lightest out of all metals.
Lithium and batteries
One of lithium’s most well-known end uses is in lithium-ion batteries. Lithium-ion batteries are rechargeable and mostly used in portable electronics and electronic vehicles. In lithium-ion batteries, the lithium ions move from the negative electrode to positive electrode while in use, and the process is reversed while charging. These batteries are highly flammable but are also low-maintenance. They have a high energy density and a low self-discharge. Some drawbacks include the fact that they are expensive to manufacture, and that they require protection circuits to maintain the voltage safely. Lithium-ion batteries are also the single-largest end use of lithium, amounting to an 80 percent share of global lithium consumption in 2022.
Lithium demand forecasts
Looking to the future, lithium demand is forecast to double in the second half of the decade, surpassing two million tons by 2030. This growth will be mainly driven by lithium-ion battery demand for electric vehicles. Demand is expected to remain the highest in China, which will consistently account for half of global lithium-ion battery demand.
Average lithium carbonate price from 2010 to 2023
(in U.S. dollars per metric ton)
Characteristic
Price in U.S. dollars per metric ton
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US Geological Survey. (January 29, 2024). Average lithium carbonate price from 2010 to 2023 (in U.S. dollars per metric ton) [Graph]. In Statista. Retrieved July 16, 2024, from https://www.statista.com/statistics/606350/battery-grade-lithium-carbonate-price/
US Geological Survey. "Average lithium carbonate price from 2010 to 2023 (in U.S. dollars per metric ton)." Chart. January 29, 2024. Statista. Accessed July 16, 2024. https://www.statista.com/statistics/606350/battery-grade-lithium-carbonate-price/
US Geological Survey. (2024). Average lithium carbonate price from 2010 to 2023 (in U.S. dollars per metric ton). Statista. Statista Inc.. Accessed: July 16, 2024. https://www.statista.com/statistics/606350/battery-grade-lithium-carbonate-price/
US Geological Survey. "Average Lithium Carbonate Price from 2010 to 2023 (in U.S. Dollars per Metric Ton)." Statista, Statista Inc., 29 Jan 2024, https://www.statista.com/statistics/606350/battery-grade-lithium-carbonate-price/
US Geological Survey, Average lithium carbonate price from 2010 to 2023 (in U.S. dollars per metric ton) Statista, https://www.statista.com/statistics/606350/battery-grade-lithium-carbonate-price/ (last visited July 16, 2024)
Average lithium carbonate price from 2010 to 2023 (in U.S. dollars per metric ton) [Graph], US Geological Survey, January 29, 2024. [Online]. Available: https://www.statista.com/statistics/606350/battery-grade-lithium-carbonate-price/