Interest in lithium continues to surge as the demand for lithium-ion batteries to power electric vehicles (EVs) continues to grow. The top lithium-producing countries are attracting more attention as the world looks to meet the rising demand for this essential metal.
According to the latest data from the US Geological Survey, worldwide lithium production saw a significant increase from 2022 to 2023, reaching 180,000 metric tons (MT) of lithium content last year. The top three lithium-producing countries in 2023 were Australia, Chile, and China, with Brazil and Zimbabwe also making significant strides in the rankings.
Australia, the top lithium-producing country in 2023, produced 86,000 MT of lithium last year. However, due to a slowdown in EV sales and lower lithium prices, the country’s lithium production is expected to decline in 2024. Australia holds over 4.8 million MT of identified lithium reserves and exports most of its supply to China.
Chile, the second-largest lithium producer in the world, saw its output increase to 44,000 MT in 2023. The country’s lithium is found in lithium brine deposits, with the Salar de Atacama salt flat being a key production area. Chile recently made headlines with plans to nationalize its lithium industry, a move that will impact major producers like SQM and Albemarle.
China, the third-largest lithium producer in 2023, saw its output grow to 33,000 MT last year. China is the largest consumer of lithium due to its electronics and EV industries. The country recently announced the discovery of a massive lithium deposit but is facing a slowdown in EV demand, affecting its lithium production capacity.
Overall, as the demand for lithium continues to rise, countries like Argentina, Brazil, Zimbabwe, Canada, Portugal, and the United States are also playing significant roles in global lithium production. These countries are investing in expanding their lithium production capacity to meet the growing demand for this essential metal in the EV and energy storage sectors.
