Global consumption of lithium is forecast to greatly surge this year and through 2020, according to a newly released report by the U.S. Geological Survey.
Mineweb reports the agency predicts this year’s growth will amount to 10 percent while increases through 2015 will be 190,000 metric tons. By 2020, growth is projected to rise to 280,000 metric tons.
“Demand for lithium-ion batteries appears to have the greatest potential for growth,” the most recent edition of the geological survey’s Minerals Yearbook for lithium states, noting yearly consumption growth of the mineral throughout the world will be on average 9.5 percent through 2020.
The agency noted the mineral will be especially in demand in Asia.
“Lithium supply security has become a top priority for Asian technology companies,” according to the U.S. Geological Survey. “Strategic alliances and joint ventures have been, and continue to be, established with lithium exploration companies worldwide to ensure a reliable diversified supply of lithium for Asia’s battery and vehicle manufacturers.”
One key industry where lithium is projected to be highly demanded is research for nanotechnology, which has helped make lithium-ion batteries in power tools. The provides a power surge that is as much as 10-times what conventional lithium-ion batteries offer.
The U.S. Geological Survey probes the ecosystem and the environment to gauge its health while monitoring natural hazards that pose threats, according to the agency’s website.
It also monitors the global supply of natural resources and core science systems.
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