Between now and 2025: Supply will struggle to keep up with demand.
“In the short-term, continued robust electric vehicle demand globally and record-breaking heat and drought in the southwest of China [which is curtailing lithium supply] are the key drivers for the market,” Benchmark says.
Longer-term, there is very little additional lithium production capacity coming online before late 2023 and early 2024, according to Benchmark, and many projects are still being delayed.
“High prices are incentivising accelerated capital spending which will bring forward the timeline for a number of development stage projects, however the speed of these expansions are struggling to keep pace with growing demand,” Andrew Miller, chief operating officer at Benchmark, said.
Li-related News/Articles/Reports, page-2787
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