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According to research carried out by BloombergNEF, in 2030, the annual demand for lithium-ion batteries will exceed 2.7 TWh per year.
This estimate is 35% higher than last year's forecast, largely due to the greater adoption of passenger EVs (electric vehicles).
Rogério Mattos, director of Ideatek, official representative of Tesvolt in Brazil, also shares this premise and said that projections for energy storage should be revised upwards.
“The EV market will be one of the main drivers of this growth in demand for lithium batteries, not only for use in electrified cars, but also at charging points. This should help reduce the cost significantly,” he highlighted.
Know more: Combustion cars lose space and 74 million EVs will be sold per year by 2050
Another point highlighted in the BNEF report is the demand for graphite from lithium-ion batteries, which is expected to increase compared to the previous year by 37% – which corresponds to 446,914 metric tons in 2021. In total, the company projects an increase in 297% by the end of the decade.
“Graphite is one of the main components of the lithium battery, resistant to high temperatures. It is normally used in the anode, helping with stability and also increasing energy density. Its growing use is explained by the expansion of storage”, pointed out Mattos.
Lithium price is expected to rise, but will stabilize in 2022
Also according to the study, lithium prices will continue to rise in 2021, due to the restriction in supply as a result of the pandemic and the greater demand recorded in China and Europe.
Costs rose, for example, 71% for carbonate this year, 91% for hydroxide and 58% for spodumene concentrate. “We expect all prices to continue rising, but gradually stabilize as more supply comes online in 2022,” highlighted BloombergNEF.
More data
Check out other data presented by BNEF:
- Nickel prices will likely remain within US$18K per metric ton in 2021;
- Demand for cobalt will reach 163,121 tonnes in 2021, leading to a surplus of 3,313 tonnes this year. This projected surplus will depend on the ability of artisanal producers to increase supply;
- The price of cobalt metal could average US$$45,000 per tonne at the end of 2021. With the market projected to be relatively surplus this decade, costs are expected to remain at an average of US$44,000 per tonne through 2025;
- Manganese sulfate prices increased by 30%, from US$ 867 per metric ton in January to US$ 1,128 in June, driven by increased demand for batteries. Such values should continue to rise in the second half of the year.
