South Korea’s demand for key minerals is predicted to see 19-fold leap from 2021 to 2040 because of growth within the electrical automobile and wind energy industries, a report confirmed on Sunday.
The demand for lithium, nickel, manganese and cobalt, important for electrical automobile batteries, will likely be up by 15-fold, 12-fold, 19-fold and 4-fold, respectively, by 2040 in contrast with the corresponding tally in 2021, in keeping with the report from the Korea Vitality Economics Institute (KEEI), reviews Yonhap information company.
The demand for neodymium, praseodymium, dysprosium and terbium, wanted for electrical automobile motors, will all enhance by 10-fold as gross sales of electrical vehicles in South Korea are anticipated to extend by 11 occasions over the identical interval.
The report additionally confirmed new installments of wind energy services will possible rise by eight occasions by 2040 from 2022, pushing up the demand for associated supplies, similar to neodymium, praseodymium, dysprosium and terbium, by 2.6 occasions, 3.1 occasions, 21.6 occasions and a pair of.7 occasions, respectively.
The KEEI mentioned South Korea ought to work to diversify its key mineral provide chain to decrease its dependence on China as a part of efforts to strengthen its competitiveness within the electrical car and secondary battery industries.
As of 2022, South Korea had imported most nickel, manganese and cobalt provides from China, in keeping with the KEEI.
