Projected Battery Mineral Deficit by 2034

What We’re Showing

This graphic shows that despite a surplus in key battery minerals in 2024, major deficits are forecast by 2034, driven mainly by battery demand growth.

This data comes exclusively from Benchmark Mineral Intelligence as of November 2024. 

Key Takeaways 

• Lithium demand more than triples by 2034, resulting in a projected deficit of 572,000 tonnes LCE.
• Nickel demand is expected to almost double, resulting in a deficit of 839,000 tonnes in 2034.