Lithium-ion battery market growth driving two-fold increase in production over the next 4 years
The demand for electric vehicles (EVs), have emerged as a clean alternative to traditional vehicles, has picked up in recent years. GlobalData forecasts that the demand for lithium, needed for the production of lithium-ion batteries for use in EVs, will more than double from 26.7kt in 2018 to 58.3kt in 2022. The global EV market is expected to grow at a substantial CAGR of 15.6% through to 2022, driven by the growing popularity of EVs across countries in Asia-Pacific (APAC) and Europe. The company further reveals that China will lead the global EV market with more than 50% share and grow three times as fast as the US over the next five years. This in turn, will result in increased consumption of lithium and support investment in mine expansions across Chile and Australia and new mine development in Chile, Australia, Argentina and Canada.
Albemarle Corp, Chengdu Tianqi Industry Group Co., Ltd., Sociedad Quimica y Minera de Chile SA (SQM), FMC Corp (FMC), Orocobre Ltd.