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U.S. Lithium Producer Says Supply Will Meet EV Battery Demand
Albemarle Corp., a key producer of lithium used in batteries for electric and plug-in hybrid cars, says suppliers should be able to keep up as demand soars for the lightweight metal, the Financial Times reports.
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Albemarle Corp., a key producer of lithium used in batteries for electric and plug-in hybrid cars, says suppliers should be able to keep up as demand soars for the lightweight metal, the Financial Times reports.
The South Carolina-based chemical company estimates current global consumption of lithium is about 185,000 metric tons (203,500 tons) per year. CEO Luther Kissam tells a conference in London that a surge in EV production will drive growth in global demand for the metal by 20,000 metric tonnes (22,000 tons) annually through 2021.
Most of the world’s lithium supply is in Australia and South America. Kissam says Albemarle will have annual capacity available to produce 165,000 tonnes of lithium by 2021—more than half the predicted global demand by then.
Albemarle predicts EVs and plug-in hybrids will account for only 2% of global vehicle sales in 2021 compared with 1% today. Kissam notes separately that an upswing in the market for batteries for backup power and electric power load leveling could create an additional 10,000 tonnes of demand per year.
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