More than $60 billion in capex required to meet 2040 lithium demand, Benchmark analysis finds Operating lithium supply will need to expand by over three million tonnes LCE to meet
Benchmark's Capex Briefing analysis finds that operating lithium supply must expand by over three million tonnes LCE to meet 2040 base demand, requiring approximately $64 billion in capital spending. Operating supply in 2026 is 1.7 million tonnes LCE, and demand is expected to grow at a 7.3% CAGR, driven by EV adoption and battery energy storage. The analysis notes that less conventional projects, such as direct lithium extraction and sedimentary sources, will play a larger role, with their combined share of production doubling to 40% by 2040.
Why it matters: This underscores the theme of critical minerals supply chains, highlighting the scale of investment and technological shifts needed to meet long-term demand.