Wood Mackenzie Forecasts Global Lithium Demand to Exceed 13 Million Tonnes by 2050

Key Facts

1Global lithium demand is projected to exceed 13 million tonnes by 2050.

2Wood Mackenzie anticipates supply gaps emerging by 2028.

3Growth in the EV and energy storage sectors is the primary driver of global consumption.

Wood Mackenzie has released a long-term forecast projecting that global lithium demand will surge to over 13 million tonnes by 2050. The primary drivers for this massive consumption growth are the rapid adoption of electric vehicles (EVs) and the expansion of large-scale energy storage systems. The report warns of potential supply deficits emerging as early as 2028, as current mining capacity may fail to keep pace with demand. This outlook underscores the accelerating global energy transition and the urgent need for increased investment in lithium extraction projects. While the market currently faces short-term fluctuations, the long-term fundamentals remain bullish for lithium prices and mining equities. Key market instruments, including the LIT ETF and major producers like ALB and SQM, are expected to be significantly influenced by these structural supply-demand dynamics.