As electric vehicle (EV) adoption soars, demand for lithium has followed suit. The element is a key ingredient in the making of lithium-ion batteries, which have been riding around in our pockets for years (in the form of smartphone batteries), but are increasingly powering our very movement. 

Top lithium producer Albemarle (NYSE: ALB) was an early mover, catching on to the coming wave of EV adoption and pivoting toward the battery energy storage market years ago. After a more than 150% run in the stock over the last five years, Albemarle is now a large business with a market cap of over $28 billion.  

There are other ways to play the lithium demand run, though. Let's take a look at far smaller operation Livent (NYSE: LTHM), which was spun off from chemical manufacturer FMC in 2019. Livent is now readying to merge with lithium miner Allkem (OTC: OROCF). Once combined, could this leader in lithium mining and refining offer similar upside potential to Albemarle?  

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Source Fool.com