Lithium Mining Industry Booming Resulting from Strong Demand in Lithium-ION Battery Market
PALM BEACH, Fla., April 18, 2023 FinancialNewsMedia.com News Commentary
/PRNewswire/ — Dynamic emission standards and changing government policies with respect to electric vehicles are anticipated to provide a positive outlook to the lithium mining industry. Over the next ten years, the worldwide lithium mining industry is expected to grow at a CAGR of 7% through 2031. Globally, operations in the lithium mining business have been scaled back during COVID-19… but following this collapse, the market has fully recovered. A report from Fact.MR said that Lithium Mining Revenues are projected to attain USD 3.1 Billion by 2031; & Battery Manufacturing is anticipated to hold a strong position. The Report said: “There are several drivers for the lithium mining market, including: 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; 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; and Emerging markets such as China and India are seeing rapid growth in the adoption of electric vehicles and renewable energy, which is driving demand for lithium.” Active mining companies in the markets this week include: Indigo Exploration Inc. (OTCQB: IXIXF) (TSX-V: IXI), Albemarle Corporation (NYSE: ALB), E3 LITHIUM LTD. (OTCQX: EEMMF) (TSX-V: ETL), LithiumBank Resources Corp. (OTCQX: LBNKF) (TSX-V: LBNK), Patriot Battery Metals Inc. (OTCQX: PMETF) (TSX-V: PMET).
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