According to Transparency Market Research, the global lithium-ion battery market was valued at US$29.68 billion in 2015 and is expected to reach US$77.42 billion by 2024. This growth is projected to be achieved at a CAGR of 11.6% during the forecast period. The research indicates that an increasing shift towards clean and sustainable energy in the automobile industry plays a major role in the global lithium-ion battery market. High capacity batteries are now in higher demand because of their usage in HEVs, BEVs, and EVs. An increasing shift towards clean and sustainable fuels in the automobile industry is the chief driving factor for the growth of global lithium-ion battery market. An essential component of the LIB market is the chemical element of Cobalt. Like nickel, cobalt is found in the Earth’s crust only in chemically combined form. According to Benchmark Mineral Intelligence, 75% of lithium-ion battery cathode capacities are expected to contain some volume of cobalt by 2020. LiCo Energy Metals Inc , First Cobalt Corp , Katanga Mining Limited , Panasonic Corporation , Lundin Mining Corp.
“The range of EVs can be improved, and the fuel consumption of hybrid EVs can be reduced using lithium-ion batteries. The diverse types of rechargeable batteries, distinguished by the materials used for the electrodes and electrolytes, have a short-range due to lower energy density and have a short operational life when compared with that of lithium-ion batteries. Growth in vehicle fleet leads to a proportionately faster change in the acceptance of EVs, thereby providing growth prospects for the global lithium market,” explained Mahitha Mallishetty, a lead metals and minerals research analyst at Technavio.
Source: PR Newswire
