FinancialBuzz.com News Commentary
PR Newswire
NEW YORK, October 31, 2018
NEW YORK, October 31, 2018 /PRNewswire/ --
According to a report published by Grand View Market Research, the global lithium-ion battery market is expected to grow from USD 22.8 Billion in 2016 to reach USD 93.1 Billion by 2025. The increasing demand for lithium-ion batteries in electric vehicles, portable consumer electronics and grid storage systems are expected to drive the growth of the market. Additionally, technological advancements in lithium-ion batteries will also fuel the increase in demand. Based on application, the consumer electronics segment was valued at USD 11.92 Billion in 2016. Demand for batteries in energy storage system is expected to increase at a compound annual growth rate (CAGR) of 21% during the forecast period. Surge Exploration Inc. (OTC: SURJF), Nemaska Lithium, Inc. (OTC: NMKEF), MGX Minerals Inc. (OTC: MGXMF), American Lithium Corp. (OTC: LIACF), Advantage Lithium Corp. (OTC: AVLIF)
The battery raw materials market is growing rapidly as the price of two key battery elements, lithium and cobalt, experienced a dramatic increase in recent years. The electric-vehicle revaluation significantly increases the demand for batteries. According to a report from McKinsey & Company, Battery demand for electric mobility is expected to reach 735 GWh by 2025, while battery demand for power storage is anticipated to reach 130 GWh by 2025. To match the demand, cobalt production will need to more than double from its 2016 production level by 2025.