
{"id":12877,"date":"2023-06-13T08:00:02","date_gmt":"2023-06-13T08:00:02","guid":{"rendered":"https:\/\/admin.acceleratingscience.com\/mining\/?p=12877"},"modified":"2026-02-09T14:22:58","modified_gmt":"2026-02-09T14:22:58","slug":"forecasted-demand-and-supply-gap-for-critical-battery-minerals","status":"publish","type":"post","link":"https:\/\/www.thermofisher.com\/blog\/mining\/forecasted-demand-and-supply-gap-for-critical-battery-minerals\/","title":{"rendered":"Forecasted Demand and Supply Gap for Critical Battery Minerals"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-12878\" src=\"http:\/\/admin.acceleratingscience.com\/mining\/wp-content\/uploads\/sites\/3\/2023\/05\/iStock-1391380402_lithiumsalts.jpg\" alt=\"Pile of lithium-rich salt material from deposits for Li-Ion battery manufacturing in EV industry, Lithium hexafluorophosphate extract from rechargeable energy cell in recycling process 3D illustration\" width=\"450\" height=\"202\" srcset=\"https:\/\/admin.acceleratingscience.com\/mining\/wp-content\/uploads\/sites\/3\/2023\/05\/iStock-1391380402_lithiumsalts.jpg 880w, https:\/\/admin.acceleratingscience.com\/mining\/wp-content\/uploads\/sites\/3\/2023\/05\/iStock-1391380402_lithiumsalts-300x135.jpg 300w, https:\/\/admin.acceleratingscience.com\/mining\/wp-content\/uploads\/sites\/3\/2023\/05\/iStock-1391380402_lithiumsalts-768x346.jpg 768w\" sizes=\"auto, (max-width: 450px) 100vw, 450px\" \/><a href=\"https:\/\/www.thermofisher.com\/us\/en\/home\/materials-science\/advanced-battery-technology.html?icid=CAD_blog_metals_2023June\">Battery technology<\/a> has existed for over two centuries and has evolved significantly and become a crucial modern life component. Batteries have a wide range of uses, from powering small devices like cell phones and laptops to large-scale applications like electric vehicles and renewable energy storage systems.<\/p>\n<p>The growing demand for batteries is driving the need for critical battery minerals like lithium, cobalt, and nickel. According to a report by the International Energy Agency, the demand for these minerals could increase by more than 40 times over the next 20 years. However, the supply of these minerals is limited, and there is a growing concern about the environmental and social impacts of <a href=\"https:\/\/www.thermofisher.com\/us\/en\/home\/industrial\/cement-coal-minerals\/mining-minerals.html?icid=CAD_blog_mining_2023June\">mining<\/a>.<\/p>\n<p>The significance of battery technology lies in its potential to transform the energy landscape, reducing our reliance on fossil fuels and enabling a more sustainable future. However, as the demand for batteries continues to grow, so does the need for efficient mining of the resources.<\/p>\n<p>According to the <a href=\"https:\/\/pubs.usgs.gov\/periodicals\/mcs2023\/mcs2023.pdf\">USGS Mineral Commodity Summaries 2023 report<\/a>, here are some facts about three of the critical battery minerals we mentioned above:<\/p>\n<blockquote><p><strong>Cobalt<\/strong><\/p>\n<p>Global cobalt mine and refinery production were forecast to increase to record-high levels in 2022. Most cobalt is mined as a byproduct of copper or nickel. China was the world\u2019s leading producer of refined cobalt, most of which was produced from partially refined cobalt imported from Congo (Kinshasa). China was the world\u2019s leading consumer of cobalt, with about 80% of its consumption used by the rechargeable battery industry.<\/p>\n<p><strong>Lithium<\/strong><\/p>\n<p>Worldwide lithium production (excluding U.S. production) in 2022 increased by 21% to approximately 130,000 tons from 107,000 tons in 2021 in response to strong demand from the lithium-ion battery market and increased prices of lithium. Global consumption of lithium in 2022 was estimated to be 134,000 tons, a 41% increase from 95,000 tons in 2021&#8230;. Owing to continuing exploration, identified lithium resources have increased substantially worldwide and total about 98 million tons.<\/p>\n<p><strong>Nickel<\/strong><\/p>\n<p>Estimated global nickel mine production increased by about 20%, with almost all of the increased production attributed to Indonesia. The largest share of the increase was facilitated by the ongoing commissioning of integrated nickel pig iron and stainless-steel projects. In addition, several companies continued to develop projects to produce intermediate matte or mixed nickel-cobalt hydroxide that were intended to be used as feedstock to produce battery-grade nickel sulfate.<\/p><\/blockquote>\n<p><strong>XRF Technology in Mineral Exploration<\/strong><\/p>\n<p>Analytical technologies can help bridge the gap between the forecasted demand and supply of critical battery minerals. For example, handheld instruments utilizing <a href=\"https:\/\/www.thermofisher.com\/us\/en\/home\/industrial\/spectroscopy-elemental-isotope-analysis\/spectroscopy-elemental-isotope-analysis-learning-center\/elemental-analysis-information\/xrf-technology.html?icid=CAD_blog_mining_2023June\">X-ray fluorescence (XRF) spectroscopy<\/a> can be used to analyze the composition of mineral deposits, helping to identify the most promising sources of raw materials.<\/p>\n<p>XRF is a non-destructive analytical technique used to determine the elemental composition of materials. <a href=\"https:\/\/www.thermofisher.com\/us\/en\/home\/industrial\/spectroscopy-elemental-isotope-analysis\/portable-analysis-material-id\/portable-mining-exploration-solutions.html?icid=CAD_blog_mining_2023June\">Handheld XRF analyzers<\/a> work by measuring the fluorescent (or secondary) X-rays emitted from a sample when excited by a primary X-ray source. Each of the elements present in a sample produces a set of characteristic fluorescent X-rays, or \u201cunique fingerprints\u201d. These \u201cfingerprints\u201d are distinct for each element, making handheld XRF analysis an excellent tool for quantitative and qualitative measurements.<\/p>\n<p>At the <a href=\"https:\/\/www.thermofisher.com\/us\/en\/home\/industrial\/cement-coal-minerals\/mining-minerals\/solutions.html?icid=CAD_blog_mining_2023June#exploration\">exploration stage<\/a>, a quick, non-destructive analysis is often required for outcrop and soil analysis, advanced exploration and drilling, core sample analysis, mine mapping, grade control, and cuttings analysis for mud logging and reservoir characterization. This data can enable geologists and miners to make data driven decisions on locations and sites.<\/p>\n<p><a href=\"https:\/\/www.thermofisher.com\/us\/en\/home\/industrial\/spectroscopy-elemental-isotope-analysis\/portable-analysis-material-id\/portable-mining-exploration-solutions.html?icid=CAD_blog_mining_2023June\">Portable XRF analyzers<\/a> enable miners and geologists to perform fast, accurate geochemical analysis \u2013 virtually anywhere on site \u2013 and quickly identify and recover the most economically viable resources.<\/p>\n<p>Additionally, advanced data analytics can be used to optimize the extraction process, reducing waste and improving the efficiency of the mining operation.<\/p>\n<p>Society\u2019s plans for a decarbonized world will rely on renewable energy and batteries, which rely on mining the right metal elements. Meeting the demand for cobalt, lithium, nickel, and other clean energy minerals calls for innovations and the adoption of technologies that will help provide fast and accurate geochemical analysis. Portable XRF analyzers help identify drill targets, increase discovery rates, enable on-site decisions, and pinpoint where to focus on the grid \u2013 ultimately guiding geochemical decisions and optimizing mining operations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Battery technology has existed for over two centuries and has evolved significantly and become a crucial modern life component. Batteries have a wide range of uses, from powering small devices like cell phones and laptops to large-scale applications like electric vehicles and renewable energy storage systems. The growing demand for batteries is driving the need<\/p>\n","protected":false},"author":1020,"featured_media":12878,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_monsterinsights_skip_tracking":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,225],"tags":[309,312,273,310,311,67,16,313],"division":[],"class_list":{"0":"post-12877","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-exploration","8":"category-general","9":"tag-battery-minerals","10":"tag-cobalt-mining","11":"tag-critical-minerals","12":"tag-lithium-ion-batteries","13":"tag-lithium-mining","14":"tag-minerals","15":"tag-mining-2","16":"tag-nickel-mining","17":"entry"},"_selected_authors":[786],"_selected_reviewers":[],"acf":[],"yoast_head":"<!-- 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can help bridge the gap between the forecasted demand and supply of critical battery minerals.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.thermofisher.com\/blog\/mining\/forecasted-demand-and-supply-gap-for-critical-battery-minerals\/\" \/>\n<meta property=\"og:site_name\" content=\"Advancing Mining\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/thermofisher\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-13T08:00:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-09T14:22:58+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/admin.acceleratingscience.com\/mining\/wp-content\/uploads\/sites\/3\/2023\/05\/iStock-1391380402_lithiumsalts.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"880\" \/>\n\t<meta property=\"og:image:height\" content=\"396\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ankush Koul\" \/>\n<meta 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