SMM Global Lithium Salt Supply-Demand Structure Analysis and Lithium Price Forecast 2022-2026

SHANGHAI, Jul 15 (SMM) - SMM predicts that the global sales of new energy vehicles will hit 10 million units in 2022, a year-on-year increase of 54%. Driven by the support of national policies, the layout and investment of battery companies and car companies, and the increasing popularity of new energy vehicles by consumers, it is expected that the total global sales of new energy vehicles will reach 25.51 million units by 2026, with a compound annual growth rate of 26%.

SMM predicts that from 2022 to 2026, lithium battery demand from the global NEV and energy storage markets will increase significantly. From 2022 to 2026, the compound annual growth rate of lithium battery demand from the NEV, energy storage and consumer markets will be 37%, 49% and 16% respectively.

In 2022, the global supply of lithium resources is expected to be approximately 830,000 mt of lithium carbonate equivalent, a year-on-year increase of 43%. The increase will come mainly from spodumene and salt lakes. Most of the increment will come from the expansion of existing projects, while the supply from new projects will be limited. It is estimated that by 2026, the total global output of spodumene concentrate will reach 1.15 million mt, of which Australia will account for as high as 52%, Canada will account for 13%, Congo (DRC) will account for 10%, and China will account for 4%.