Edison Lithium Corp (EDDY): Lithium Demand, Prices Skyrocketing: New...

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Thursday, 04/14/2022 9:15:10 AM

Thursday, April 14, 2022 9:15:10 AM

Lithium Demand, Prices Skyrocketing: New Sources Needed

Demand for lithium is increasing rapidly due to the proliferation of electric batteries dependent on the mineral. McKinsey forecasts the battery cell market will grow at a minimum of 20% per year through 2030, which would put the global value at $360 billion. Depending on market conditions and the possible positive impacts of economies of scale, the firm believes the global electric battery market could plausibly reach $410 billion by that time.

Along with rising demand and in conjunction with a relatively capped supply, lithium prices have of course skyrocketed. According to Benchmark Mineral Intelligence, the price of raw lithium rose 344.9% between January 2021 and January 2022.

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