Global demand for lithium in energy storage applications is projected to grow 12 times by 2050, according to market intelligence firm Rystad Energy.
Speaking at the Critical Minerals Africa 2024 Summit, Erik Holm Reiso, Senior Partner and Head of EMEA at Rystad Energy, explained that despite advancements in alternative battery technologies, lithium-ion batteries will remain the dominant choice for commercial applications.
“Most commercial battery technology providers continue to rely on lithium-ion technology, ensuring its strong market presence,” Reiso stated.
He added that China will dominate the market, while Zimbabwe is poised to enhance Africa’s role in the global supply chain.
Reiso further noted that demand for critical materials, including cobalt, aluminum, and copper, as well as non-mineral resources like wood and plastics, is expected to rise from 9 million tons to 12 million tons by 2050. This growth is fueled by improving living standards and global population growth.
To capitalize on the opportunities of the energy transition, Reiso urged African governments to create incentives and establish tax policies that support the rapid development of critical mineral projects.
He also stressed the need for greater private sector involvement to provide the funding, services, and technologies necessary to advance these initiatives.
