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Laboratory technicians Gabriela Torrez, left, and Bernabe Apaza analyze brine samples at the lithium pilot plant on the southern edge of the Uyuni salt lake.Reuters
Globe editors have posted this research report with permission of Euro Pacific Canada. This should not be construed as an endorsement of the report's recommendations. For more on The Globe's disclaimers please read here. The following text is excerpted from the report:
Demand for lithium grew at an average of 7.2 per cent per year from 2001 to 2008, slowing due to the global recession and picking up again in 2010. It is expected that annual demand will continue to rise significantly in the near future as a result of the increased usage of lithium in battery applications. Primary drivers of lithium demand are expected to come from hybrid and electric cars, electrical grid storage, cell phones, computers, power tools, iPods and iPads. Lithium batteries are now used in most electrified vehicles.
Demand for lithium products has increased in most sectors, and we expect it to continue to grow at a rate close to the average global GDP, which is estimated at 3 per cent year-over-year. We expect China to continue to be the largest lithium consumer but we should also see an increase in lithium demand from the other major consuming regions (i.e., U.S., Europe, Japan and Korea) as the global economy improves.
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