The value of Australia’s lithium exports alone are expected to exceed $18.5 billion this year, up from $5.3 billion in 2021–22, according to the Australian government’s Resources and Energy Quarterly. It is worth noting the lithium market was worth just $1.2 billion in 2020–21, demonstrating the sector’s enormous year-on-year growth.
Lithium’s tripling value looks like something of a shining light in a graph showing the value of nearly all Australia’s other exports like coal, natural gas, iron ore trending down. In fact, the export value of lithium and base metals are expected to equal that of coal within the next four years, reaching parity by 2027–28.
Base metals include materials like copper, nickel, tin, aluminium, zinc, and lead. While these are, of course, vital to a number of industries, an increasing portion is used by renewable industries. Meanwhile, in 2022 Australia grew its overall marketshare for lithium, reaching 53% of the world’s total production.
“The latest Resources and Energy Quarterly underlines the importance of our critical minerals sector,” Minister for Resources and Northern Australia, Madeleine King, said.
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