Hyperdrive
Lithium Sector Needs $42 Billion as Pivot From China Adds Costs
- EV-makers may have to start mining vital material: Benchmark
- Europe, North America are seeking to develop own supply chains
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The global lithium industry needs as much as $42 billion of investment by the end of the decade in order to meet demand for the crucial battery-making material, with attempts to build supply chains outside of China subject to much higher costs, according to a data and market-intelligence provider.
The sector will require $7 billion of investment each year from now until 2028, Benchmark Mineral Intelligence said in a report. That would help it meet forecast demand of 2.4 million tons a year by 2030, which is four times higher than the 600,000 tons that’s estimated to be produced in 2022.