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In 2024, Australia was the leading supplier of lithium as raw material in the world, reaching roughly ***kilotons. By 2030, it is forecast that the amount of lithium supplied by Australia will exceed *** kilotons, and by 2040, it will decrease to about ****kilotons.

Shifting dynamics in the battery materials market 

While Australia dominated the raw lithium supply, China was the leader in other crucial battery materials. As of 2024, China was the largest supplier of refined cobalt worldwide, accounting for more than 196 kilotons. With over 1,850 kilotons supplied in 2024, China also dominated the market for refined battery-grade graphite. This figure is expected to rise to nearly 6,892 kilotons by 2040, further solidifying China's role in the battery materials supply chain.

Growing demand for clean energy applications

The increasing demand for lithium and other battery materials is primarily driven by the clean energy sector, particularly electric vehicles. In 2024, the global demand for lithium in clean energy applications reached 128 kilotons, with approximately 109 kilotons required for electric vehicle production. Similarly, the demand for graphite in clean energy applications amounted to 1.5 million metric tons, with electric vehicles accounting for 1.26 million metric tons.