A new report on the future of the Western Australian lithium industry has noted that while future outlook for the commodity remained bright, it warned that government support was vital for the sector to remain sustainable.
The report was commissioned by the Chamber of Minerals and Energy of Western Australian (CME) and The Association of Mining and Exploration Company (Amec) to investigate what was needed to ensure the immediate viability, growth and longer-term sustainability of Western Australia’s lithium industry.
The study, authored by Australian Venture Consultants, found the application of lithium-ion batteries in portable devices, energy storage and particularly EVs will grow from the current 50% to more than 80% market share in the next several years.
Importantly for Western Australia, EVs will be the largest driver of battery derived demand for lithium, growing from the current 60% to just under 90% of market share in the next few years.