Source page: McKinsey & Company
Commentary
Plugging in to the lithium market
Metals and mining | Electric vehicles
July 10, 2023 – As demand for electric vehicles revs up, so does the need for lithium, a key input for batteries. Historically, battery technology has relied on lithium carbonate, but manufacturers are increasingly turning to batteries that rely on lithium hydroxide. Partner Sergey Alyabyev and coauthors find that there could be more demand for lithium hydroxide than for lithium carbonate by 2030. The market shift is a potential opportunity for the Australian resources sector.
To read the article, see “Australia’s potential in the lithium market,” June 9, 2023.
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Visual form
Multi-line demand projection chart.
Layout / body structure
A single timeline runs left to right across 2018, 2022, 2026, and 2030, with separate product trajectories laid over the same frame so the three demand paths can be compared directly.
What is being compared
It compares projected refined demand for lithium carbonate, lithium hydroxide, and lithium metal over the next decade.
Measurement system
The vertical measure is million tons of lithium carbonate equivalent, and the time axis is broken into the four labeled year markers that structure the forecast.
Visible structure inside the graphic
The visual uses three color-coded demand paths, a legend that names the product types, and the shared timeline so the lines can be read as diverging growth curves rather than as isolated snapshots.
Main takeaway from the visual
The chart is built to show that hydroxide and metal demand steepen faster than carbonate demand as the decade advances, with the separation between the product paths widening toward the right side of the timeline.
Key standout values or extremes
The years 2026 and 2030 are where the trajectories pull apart most clearly, and the chart explicitly calls out lithium metal as the fastest-growing demand stream in the second half of the decade.
Controls / sequence, when applicable
This is a static chart image with no in-chart controls to operate.
Companion media, when applicable
There is no separate companion audio or video; the chart image is the full visual on this page.