Lithium is showing the fastest growth in demand among metals worldwide: its demand is increasing primarily due to the development of the electric vehicle market, according to a report by the International Energy Agency (IEA).

"Lithium is the fastest-growing critical mineral in terms of demand. Demand for lithium will continue to grow strongly over the next two decades. By 2040, it will increase 3.5 times compared with 2025. Electric vehicles remain the main source of growth, as their adoption continues to expand in the largest markets," the report says.

Most lithium is used in the production of lithium-ion batteries for electric vehicles.

According to a chart presented in the report, global lithium consumption increased fourfold from 2020 to 2025, exceeding 250 thousand tons. By 2040, it will grow by almost another four times, reaching nearly 1 million tons.