SNE Research Battery Lithium Demand Analysis
"Global Lithium Demand to Increase 5 Times by 2030, Korea 6 Times"
[Asia Economy Reporter Moon Chaeseok] The demand for batteries (secondary batteries) used in electric vehicles and other applications is surging, and it is forecasted that the demand for lithium, the main raw material, will grow about fivefold by 2030. The lithium demand of the three major domestic battery companies?LG Energy Solution, Samsung SDI, and SK On?is also expected to increase about sixfold during the same period.
According to a report published on the 7th by energy market research firm SNE Research, the global demand for lithium for batteries, measured in lithium carbonate equivalent (LCE), is projected to rise from 529,000 tons (t) this year to 2,739,000 t in 2030, an increase of 5.2 times. The market size of lithium for batteries is expected to grow from $13.216 billion this year to $30.254 billion in 2025 and $82.164 billion in 2030.
The lithium demand for batteries from the three domestic battery companies is estimated to grow from 125,000 t this year to 314,000 t in 2025 and 749,000 t in 2030, accounting for about 30% of the global total demand.
SNE Research stated, "Supply is expected to become unstable compared to the increased demand, leading to lithium shortages starting in 2025," and added, "For Korea's major battery companies to maintain their market position, they must strive for long-term and sustainable lithium procurement."
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