Li-Ion Battery Market Expands With Electric Vehicle Production

According to a recent Transparency Market Research report, the lithium-ion battery market is expected to grow from $29.68 Billion in 2015 to $77.42 Billion by 2024. The market is also expected to register a compound annual growth rate (CAGR) of 11.6% during the forecast period.

 

Lithium-ion batteries provide higher productivity and longer life expectancy than other batteries. Based on their application, the lithium-ion battery market is segmented into the automotive, consumer electronics, and industrial and grid energy segments. Automotive and consumer electronics are two of the major segments of the global lithium-ion battery market due to the increasing demand for electric vehicles, smartphone, laptops and other devices. Some of the major players in the li-ion market include European Electric Metals Inc., Lithium Americas Corp., Artemis Resources Ltd., First Cobalt Corp., and NRG Metals Inc.

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Highlights 

  • Lithium and cobalt are the two essential components of lithium-ion batteries. Cobalt production is bound closely to copper and nickel mining, as there are very few pure cobalt mines. Additionally, the cobalt supply is mainly dominated by the Democratic Republic of Congo (DRC).
  • European Electric Metals Inc. is a Canadian with a focus on electrification themed projects in Europe.
  • Lithium Americas Corp. is developing Caucharí-Olaroz, under construction in Jujuy, Argentina, and on the closing of the Transaction will have a 62.5% interest in Cauchari-Olaroz with Ganfeng Lithium holding a 37.5% interest.
  • Artemis Resources Ltd. recently announced that high-grade cobalt, copper and gold mineralization has now been extensively drilled over a continuous strike of 1.2km from a target of over 12km in strike length at its 100% owned Carlow Castle Project, located 30km from Artemis's Radio Hill processing plant.
  • First Cobalt Corp. recently reported new drill results from its Iron Creek Cobalt Project in Idaho, USA. Results reported demonstrate thicker cobalt mineralized zones as well as mineralization between the two recognized zones.
  • NRG Metals Inc. recently provided additional information regarding the maiden lithium (Li) and potassium (K) resource statement for its Hombre Muerto North lithium brine project in the Salta province of Argentina. The average grade of lithium for the 571,000 tones combined Measured and Indicated resource (509,000 measured and 62,000 indicated) is 756 mg/liter lithium, with a low lithium to magnesium ratio of 2.6 to one.

 

For further information, visit the FinancialBuzz.com.

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