Lithium Mining Market Booming as EV Popularity Skyrockets

FinancialNewsMedia.com News Commentary

PALM BEACH, Fla., March 30, 2022 /PRNewswire/ -- The Lithium market is projected to continue its growth over the recent several years through 2030. Rising demand for consumer electronics products and increasing use of lithium-ion batteries in grid-scale energy storage systems are among some of the key factors driving market revenue growth. Increasing focus on Research & Development (R&D) of advanced technologies in mining process is expected to boost revenue growth of the market to a significant extent. A recent report by Emergen Research projected that the global lithium mining market size, which was USD 3.33 Billion in 2020, is expected to register a revenue CAGR of 6.8%, during the forecast period of 2030.  The report said: "Several universities are focusing on research for developing newer technology to assist in lithium extraction. For instance, Researchers team from Monash University, Australia, The Commonwealth Scientific and Industrial Research Organization (CSIRO), the University of Texas at Austin, and the University of Melbourne have developed an innovative filtering technology for extracting lithium ions from brine. This innovative filtering technology has a higher recovery rate over present mining methods and reduces the mining procedure time down to just a few hours from several months to years in present lithium mining. This new way to mine lithium substantially decrease lithium prices for Electric Vehicle (EV) batteries and stationary energy storage systems, providing opportunities for energy transition and electric mobility."  Active Mining Companies in the markets today include China Dongsheng International Inc. (OTCPK: CDSG), American Lithium Corp. (OTCQB: LIACF) (TSX-V: LI), Albemarle Corporation (NYSE: ALB), Lithium Americas Corp. (NYSE: LAC) (TSX: LAC), Sociedad Química y Minera de Chile S.A. (NYSE: SQM).

Emergen Research continued: "Lithium hydroxide segment revenue is expected to expand at significantly steady CAGR during the forecast period. Lithium hydroxide is suitable in battery manufacturing, particularly for EVs. It boosts the efficiency of the battery, enabling EVs to have a further usability range before requiring a recharge.  Glass & Ceramics (Frits) segment is expected to register significantly steady revenue growth rate over the forecast period due to rising use of lithium in glass and ceramic manufacturing. As the addition of lithium boosts the glass melt rate, decrease the viscosity and melt temperature providing higher output, moulding benefits, and energy savings."