Surging Demand for Lithium Reaching New Highs as EV’s Popularity is Still Growing
FinancialNewsMedia.com News Commentary
PALM BEACH, Fla., April 6, 2023 /PRNewswire/ — The surging demand for storing grid-based energy is one of the key factors that is expected to drive the demand for Lithium ion batteries and, hence, propel the metal’s mining requirement. Growing technological investments in metallurgy and mining would accelerate the metal’s production through mining. New technological studies have led to developing such mining techniques, which are more energy and resource-efficient. New techniques, such as direct extraction technologies, use organic sieves instead of vast evaporation ponds, making mining and extraction a sustainable practice. Hence, growing advancements and technological development of such mining practices would propel the market growth during the projected period through the next several years. According to Fortune Business Insights, the global lithium mining market size is projected to grow to $516.22 million by 2028, growing at Compound Annual Growth Rate (CAGR) of 6% through 2028. It said that the high demand for power because of the surging urbanization and industrialization worldwide would affect growth positively. It would result in the increasing demand for lithium-ion batteries for storing the excessive energy. The report said: “The market has been analyzed across major countries, including the United States, Canada, Portugal, China, Australia, Argentina, Bolivia, Chile, Brazil, Namibia, Nigeria, and Zimbabwe. The market is dominated by Australia due to a high amount of lithium reserves, coupled with massive mining projects in the country. The growing awareness of utilizing environment-friendly electric vehicles would also drive the market growth in the country.” Active mining stocks in the markets this week include: Lithium South Development Corporation (OTCQB: LISMF) (TSX-V: LIS), Livent Corporation (NYSE: LTHM), Sayona Mining Limited (OTCQB: SYAXF), American Lithium Corp. (NASDAQ: AMLI) (TSX-V: LI), Piedmont Lithium Inc. (NASDAQ: PLL).