Electric Car Battery Manufacturers Fueling Global Demand for Lithium

During the 2024 Atomexpo International Forum (the 13th edition), Nikita Gusakov, senior vice president of the Russian Export Center (part of VEB.RF), reported that the lithium market has experienced an annual growth rate of nearly 30%. He noted that more than 85% of the demand for lithium comes from manufacturers of batteries for electric cars.

Gusakov moderated the "Lithium: Market Priorities and Integration Prospects" round table, where he addressed its crucial importance for knowledge-intensive and high-tech industries.

"The demand for this metal remains at an all-time high, with the annual market experiencing a 30% increase from 2021-2023 alone. Specifically, over 85% of the demand for lithium comes from manufacturers of lithium-ion batteries for electric vehicles and stationary energy storage. These figures are projected to continue growing, driven by the ongoing global expansion of electric transportation," Gusakov maintained.

He stated that the significant increase in demand for lithium has led to the emergence of a new technological paradigm in national economies, necessitating comprehensive solutions and innovative approaches to the development of industrial networks. During the round table, both Russian and foreign participants engaged in discussions regarding collaboration projects and technologies for the industrial advancement of lithium, including those involving the Russian state corporation Rosatom.

"At the same time, the success of the lithium industry development largely depends on the expansion of international cooperation and the creation of strategic partnerships for both the development of lithium deposits and the joint production of lithium products," Gusakov summarized.

The 13th 2024 Atomexpo forum took place on the territory of Sirius (Russia’s Krasnodar region) under the auspices of Rosatom. Leading experts and specialists from dozens of countries took part in the forum, the key theme of which was titled as "Clean Energy: Creating the Future Together".

The forum included an exhibition and an extensive business program that mainly focused on developing nuclear power as a sustainable energy source, managing human capital, establishing nuclear energy infrastructure, financing and investing in energy, and developing non-energy nuclear technologies among the numerous topics.