Global Lithium Mining Revenues To Attain $3.1 Billion By 2031 as Battery Manufacturing Anticipated To Hold Strong Position
FinancialNewsMedia.com News Commentary
PALM BEACH, Fla., May 25, 2023 /PRNewswire/ — The demand for Lithium-ion batteries seems to grow daily and the market’s future looks to significantly expand for years to come. The increasing demand for electric vehicles, smartphones, and other electronic devices that use lithium-ion batteries is driving the demand for lithium. Lithium is a key component of these batteries, and as the demand for these products grows, so does the demand for lithium. Globally, operations in the lithium mining business had scaled back during COVID-19 but the market has fully recovered as a report from Fact.MR projected that the Lithium Mining Revenues to Attain USD 3.1 Billion by 2031; Battery manufacturing anticipated to hold strong position. The report said there are several drivers for the market. “Governments across the globe are promoting the use of electric vehicles as a means of reducing carbon emissions and achieving climate change targets. This has led to increased investment in the development of electric vehicle infrastructure and the expansion of lithium-ion battery production capacity. Lithium-ion batteries are increasingly being used for energy storage systems, particularly in renewable energy applications. As the use of renewable energy grows, the demand for lithium is expected to increase as well.” 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), Frontier Lithium Inc. (OTCQX: LITOF) (TSX-V: FL).