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Long Term Lithium Demand Remains Robust – Albemarle-The 21st China(Guangzhou) Die-casting, Foundry & Industry Furnace Exhibition
1/3/2020 压铸展-铸造展- Die-casting expo-foundry expo |
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World’s largest lithium producer Albemarle Corp CEO Mr Luke Kissam expects robust long term demand for the electric vehicle battery mineral despite troubles in the existing market resulting from oversupply. He said “The demand outlook for lithium remains robust. We have enough lithium to satisfy demand for next 10 to 15 years. Looking out to 2024, we forecast a 38 percent jump in revenue, helped largely by the company’s lithium business. The company expects its lithium production capacity to more than double by 2024 to 225,000 tonnes annually. Without lithium there are no electric vehicles.”
Mr Kissam admitted that Albemarle went on an expansion spree because he did not anticipate the rapid growth in the EV market, a growth that then overshot demand as a result. He said “Demand for lithium accelerated much faster than we anticipated back in 2017.”
The outlook comes as shareholder anxiety about Albemarle and its peers has escalated in recent months, with the industry having produced far more of the white metal than EV makers currently need. Wall Street analysts have downgraded Albemarle.
The five-year forecast time frame appears to have been consciously chosen: many EV analysts expect global production of electric vehicles to reach a tipping point in 2024, a development that would fuel a surge in lithium demand.
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