Global lithium-ion battery market size is estimated to exceed $94 billion by 2025.
The growth of the global lithium-Ion battery market is likely to be driven by the excellent features of li-ion batteries, increasing adoption of consumer electronics, and growing R&D initiatives by different organizations & battery manufacturers.
Moreover, an increase in demand for plug-in vehicles, rising need for automation and battery-operated material-handling equipment in industries, propelling demand for smart devices and other industrial goods, and high requirement of lithium-ion batteries for industrial applications are other key driving factors.
A report from MarketsAndMarkets said that the global lithium-ion battery market size is estimated to grow from USD 44.2 billion in 2020 to USD 94.4 billion by 2025; it is expected to grow at a CAGR of 16.4%. It added that market for lithium nickel manganese cobalt is expected to grow at a higher rate during the forecast period.”
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The report said: “The energy density of NMC batteries is its primary strength. It achieves this energy density with excellent stability due to the use of an optimum ratio of nickel manganese and cobalt. It also has a good charge and discharge cycle. These features enable its application in industries such as automotive.” Active stocks in the markets this week include Millennial Lithium Corp. (OTCQB: MLNLF) (TSX-V: ML), Lithium Americas Corp. (NYSE: LAC) (TSX: LAC), Piedmont Lithium Limited (NASDAQ: PLL), Livent Corporation (NYSE: LTHM), Albemarlle Corporation (NYSE: ALB).
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MarketsAndMarkets continues with: “NMC is used in batteries of laptops, mobile phones, tablets, automotive, power tools, and electrical storage systems. It is lightweight and can better serve slimmer and lighter tablets and smartphones. This property will lead to the gradual replacement of LCO and NCA cathode materials in batteries of notebooks, mobile phones, and tablets.”
“NMC is also used in HEV, EV, and PHEV as it offers higher safety, along with other desired properties. These advantageous properties of NMC are expected to increase its market share in the next five years and ideally positioned it to be the best material available in this industry.”
Millennial Lithium Corp. (OTCQB: MLNLF) (TSX-V: ML) BREAKING NEWS: Millennial Lithium Corp. Announces Additional License Acquisitions at its Pastos Grandes Project, Argentina to Increase Holdings to 14,091 Hectares – Millennial Lithium Corp. (“Millennial” or the “Company”) announce that it has been successful in a recent Mining Court lottery hearing and was awarded priority rights over the areas covered by PPG 01 (formerly La Union), and PPG 03 (formerly Aguamarga 19) mining licenses (“minas”).
The company has exercised those rights and the title transfer is in process. The two new minas are 968.7 hectares (ha) and 394.8 hectares respectively and increase the Company’s landholdings at the Pastos Grandes Salar to approximately 14,091 hectares. The PPG 01 license is just north of the Pastos Grandes Salar and is of strategic importance to the Company for project infrastructure and as a potential supplemental source of fresh water.
Farhad Abasov, President and CEO, commented
We are very pleased to have the opportunity to expand our land position at the Pastos Grandes Salar which now totals just over 14,000 hectares.
“The acquisition of these licenses, particularly PPG 01, allows Millennial to continue to develop and plan our Project infrastructure and it also provides the Project with the potential to expand significantly the sources of fresh water for our processing facility. Millennial is fully engaged at Pastos Grandes with pilot plant operations continuing and discussions progressing with a number of off-takers and strategic investors.”
The PPG 01 mina is strategically located, contiguous with Company’s Papadopolus LXXIV mina to the west and the Company’s Taba PG mina to the south. While subsequent optimization of the evaporation pond design and infrastructure system as detailed in the Company’s Feasibility Study (see news release dated July 29, 2019) has moved the locations of ponds positioned over part of the PPG 01 license area, nonetheless to retain multiple development options, in 2019 the Company applied for an easement for the area.
The awarding of these rights to Millennial negates the need for an easement, with potential delays, and development could proceed as necessary upon acquiring project financing and the decision to commence detailed engineering and construction. Topographically PPG 01 is relatively flat and underlain by alluvial fan material consisting primarily of sand and gravel.
Geophysical studies and water-well drilling of this same fan on the adjacent Papadopolus LXXIV mina encountered significant fresh water indicating there is strong potential to encounter in PPG 01 similar water quantities and of similar quality.
The Global Lithium-Ion Battery Market Size is Estimated to Exceed $94 Billion by 2025, PALM BEACH, Fla., June 16, 2021
