"EVs back up lithium demand

Although technology advances are considered a risk to any bullish demand outlook for lithium, ING’s document states that the upward trend in lithium demand – currently at 290kt LCE – will continue to take place, mostly driven by electric vehicle sales.

“The power sector will see growth from a build-up in stationary energy storage capacity but the absolute numbers are a fraction of what will be seen in electric vehicles,” the report reads. “Under our ‘wait & see’ scenario, we see total lithium demand from EVs and the power sector growing by 13% p.a. through until 2040. While under our ‘fast forward’ scenario, annual demand growth will be around 14% to leave demand from these two sectors at 1.6mt LCE by 2040.”

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