Is Lithium the next oil?

The rapid shift of technology is happening in this 21st century, starting from the smartphone industry, followed by the telecom and tech industry, everything is happening too fast when compared to the last century. The last few decades may be a golden age for few industries, but when it comes to oil everything is different. The world's oil reserves are estimated to deplete very soon within 2040. But the transportation should not be affected right?. 

The modern automobile industry has got rapid advancements in the last decade, the introduction of passenger electric vehicles and commercial electric vehicles are the main reasons for this development. But the development comes with a price. Here the price we have to pay is our lithium reserve. For someone who isn't aware of the word lithium, Lithium is an element the is placed in 25th place in the list of most abundant elements. Even though the element is found in a large amount(20mg per kilogram of earth's crust), mining the element in a large quantity will definitely affect the ecological balance of the planet. 

Here are things that you should know about Lithium:

1) Though lithium is the 25th abundant element, it is estimated to be depleted within a few years after 2100.

  

2) Lithium-based companies and the companies using lithium are estimated to become a multi-billion dollar industry.    

 

3) More the half of the lithium production is from Australia.

4) Nearly 40% of the world's shares of lithium are used by China.

Do you think lithium will change the world? Do you think electric vehicles will replace conventional vehicles? only time should answer these questions. Let's wait and watch the future of the automobile industry especially the heavy commercial vehicles.

Have a great day :)