In the 2024 financial year, Australia’s lithium exports were valued at approximately 9.9 billion Australian dollars. Forecasts show that by the 2026 financial year, this figure will decrease to around 8.2 billion Australian dollars.
How is lithium used?
Lithium is predominantly used as a component of rechargeable batteries for electronic devices such as mobiles, laptops, and cameras, as well as for electric vehicles. Before being used in batteries, it is mined in the form of lithium ore. Australia has a dominant global position in lithium mining. While the country produces significant quantities of lithium, this is expected to decline over the next few years.
The future of lithium
Lithium consumption has continued to rise across the globe, as manufactures continue to adapt to the growing demands from consumers. With lithium-ion batteries used across many different applications and technology continuing to advance, the cost of lithium-ion batteries will likely decrease over time. A challenge faced by lithium battery manufacturers is efficiently recycling them. This may prove to be a lucrative market in the future with the size of the global market for lithium-ion battery recycling poised to increase significantly in the next decade.
Export value of lithium in Australia from financial year 2023 to financial year 2024, with a forecast until 2026
(in million Australian dollars)
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Department of Industry, Science, Energy and Resources (Australia). (September 30, 2024). Export value of lithium in Australia from financial year 2023 to financial year 2024, with a forecast until 2026 (in million Australian dollars) [Graph]. In Statista. Retrieved December 08, 2024, from https://www.statista.com/statistics/1147692/australia-lithium-export-value/
Department of Industry, Science, Energy and Resources (Australia). "Export value of lithium in Australia from financial year 2023 to financial year 2024, with a forecast until 2026 (in million Australian dollars)." Chart. September 30, 2024. Statista. Accessed December 08, 2024. https://www.statista.com/statistics/1147692/australia-lithium-export-value/
Department of Industry, Science, Energy and Resources (Australia). (2024). Export value of lithium in Australia from financial year 2023 to financial year 2024, with a forecast until 2026 (in million Australian dollars). Statista. Statista Inc.. Accessed: December 08, 2024. https://www.statista.com/statistics/1147692/australia-lithium-export-value/
Department of Industry, Science, Energy and Resources (Australia). "Export Value of Lithium in Australia from Financial Year 2023 to Financial Year 2024, with a Forecast until 2026 (in Million Australian Dollars)." Statista, Statista Inc., 30 Sep 2024, https://www.statista.com/statistics/1147692/australia-lithium-export-value/
Department of Industry, Science, Energy and Resources (Australia), Export value of lithium in Australia from financial year 2023 to financial year 2024, with a forecast until 2026 (in million Australian dollars) Statista, https://www.statista.com/statistics/1147692/australia-lithium-export-value/ (last visited December 08, 2024)
Export value of lithium in Australia from financial year 2023 to financial year 2024, with a forecast until 2026 (in million Australian dollars) [Graph], Department of Industry, Science, Energy and Resources (Australia), September 30, 2024. [Online]. Available: https://www.statista.com/statistics/1147692/australia-lithium-export-value/