Rho Motion forecasts annual growth of 16% in global EV sales across 2024-2030. This is driving significant lithium-ion battery demand, with battery cell production capacity in Europe expected to triple by 2030.
Forecast 2030 global shortfall for supply meeting demand. According to Benchmark Mineral Intelligence, forecast lithium chemicals demand cannot be met by current operational and planned production.
China dominates hard-rock refining. It currently holds a 95% market share for converting hard-rock ore into lithium chemicals. Investment in the European midstream is urgently required.