Li-ion Battery Industry Is Shaping The Lithium Industry
| Jerry Huang
Lithium ion battery and EV industry occupy 32% of world’s lithium consumption in 2015, with ceramics and glass, lubricating grease, medicine, metallurgy and polymers being 68% at the same time; while it is estimated that Lithium ion battery will consume 67% of world’s lithium supply right after six years by the end of 2021.
Source: Benchmark Mineral Intelligence, Lithium Forecast Database.
In China market, the lithium ion battery industry consumes approximately 80% of lithium hydroxide in 2018 already, according to data from Lithium Research Institute. As a result, the lithium industry has been shaped by lithium ion battery and EV industry since 2015/2016; and lithium refinery has experienced a big shift of thinking for a dominant application in lithium ion battery and electric vehicles out of various end use.
With increasing investment in lithium ion battery, such as NCM, NCA and LFP, especially the resurgence of LFP battery in China market, the demand of battery grade lithium carbonate, being 80% of all grades lithium carbonate's output in 2020, is estimated to continue its growth in the future.