ISLAMABAD: Pakistan direly needs to frame a proper policy to exploit its lithium deposits to support the economy.
Lithium is the key component used in electric vehicle batteries.
Due to its vast industrial uses, lithium is a versatile mineral for trade and business. It is used in multiple industries like flux additive for iron, ceramics, heat-resistant glass, energy system transformations, lithium grease lubricants, magnesium, and aluminium alloys, etc. Its demand is very high for production of lithium batteries and lithium-Ion batteries to be used as electrodes and electrolyte material.
It is used in both disposable and rechargeable batteries. It is also used in pharmaceuticals.
Lithium salts have proven to be mood stabilisers, anti-depressants and healers of bipolar disorders.
The lithium market size in 2021 was worth $3.95 billion. To study the further development of this segment the same year was taken as the base year.
The results showed that this segment by the year 2030 is expected to grow at the compound annual growth rate (CAGR) of 23.4% to $25.54 billion.
The demand for lithium is also expected to reach between three million to four million tonnes by the year 2030 from 500,000 tonnes in 2021.
China dominated the market of lithium-ion battery production in 2021 by meeting 79% of the total demand worldwide. In 2022, the lithium price hit an all-time high of $77,000 per tonne. –INP
