US Lithium Mining Market Poised To Grow At A Sustainable This Year as Lithium Demand Skyrockets

FinancialNewsMedia.com News Commentary

PALM BEACH, Fla., Feb. 9, 2023 /PRNewswire/ — Lithium is a highly efficient energy storage medium used in virtually all batteries currently powering electric vehicles as well as consumer electronics. Today, lithium is one of the most important minerals when it comes to the production of electric vehicles. Lithium-ion batteries are light, powerful and take less space than other battery types. Tesla, Panasonic and other car manufacturers in the global lithium mining market are betting big on this mineral. In 2021 alone, global lithium production was 100,000 metric tons. By 2025, that number is projected to increase to 200,000 million tons. The global energy transition marathon and its demand for electric vehicles sent lithium demand into overdrive in 2022. Prices for the energy-savvy metal surged around the world over the past year, dragging lithium stocks on a bumpy ride. Now, analysts are reporting some more bearish views for 2023.  A recent report from SkyQuest projected that the Global Lithium mining market, which was valued at USD 340 Million in 2021, is expected to reach a value of USD 494.59 Million by 2028, at a CAGR of 5.5% over the forecast period (2022-2028) and that the US Lithium Mining Market is poised to grow at a sustainable CAGR for the next forecast year.  It continued saying that there is a growing demand for lithium around the world. “As more carmakers move away from traditional battery types and toward electric vehicles, they will need more lithium-ion batteries in order to power their vehicles.”  Active Companies in the markets today include Century Lithium Corp. (OTCQX: CYDVF) (TSXV: LCE), Lithium Americas Corp. (NYSE: LAC) (TSX:LAC), Standard Lithium Ltd. (NYSE American: SLI) (TSX-V: SLI), American Lithium Corp. (NASDAQ:AMLI)  (TSX-V:LI), Rock Tech Lithium Inc. (OTCQX: RCKTF) (TSX-V: RCK).

Read more at prnewswire.com