Although still in its early stages, the electrification of automobiles is expected to demand a sizable amount of lithium-ion batteries.

Due to their small size, ability to be recharged, ability to be recycled, and high-density energy output, lithium-ion batteries are widely used. As a result, electric vehicles commonly use these batteries (EVs). Along with investments in this area, government subsidies for EVs are projected to serve as an additional catalyst for the market’s expansion. Due to the rapidly growing consumer goods, glass, and automotive sectors in nations like China, Japan, South Korea, and India, the Asia Pacific region dominated the market on a geographical level in 2020, with the biggest volume share of 56.3%. Grand View Research estimates that the global lithium market was worth USD 6.83 billion in 2021 and is projected to increase at a CAGR of 12.0% from 2022 to 2030.

American Lithium Corp. (OTC: LIACF), Lake Resources N.L., Pilbara Minerals Limited (OTC: PILBF), Infinity Stone Ventures Corp. (OTC: GEMSF) (CSE: GEMS), and Albemarle Corporation (NYSE: ALB) (OTC: LLKKF)
Since LiOH, a white hygroscopic crystalline substance and an inorganic compound, is mostly employed by lithium-ion battery manufacturers, lithium has proven to be a crucial mineral for the electrification of cars. Global plug-in light-duty EV sales are anticipated to increase from an estimated 6 million units in 2021 to 6.5 million units in 2022 and 10.5 million units in 2025, according to Platts Analytics.

Source: Prnewswire