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Favorable Initiatives by Various Governments a Significant Factor Driving Global Lithium Mining

PR Newswire - Thu Sep 14, 7:45AM CDT News Commentary

PALM BEACH, Fla., Sept. 14, 2023 /PRNewswire/ -- The increasing consumer demand for electric vehicles creates a strong demand for lithium. A report from Future Market Insights said that the growth of the market can be attributed to the increasing demand for EVs. Lithium-ion batteries are being used in electric vehicles because of their high energy per unit mass relative to other electrical energy storage systems. Further, they also have a high power-to-weight ratio, good high-temperature performance, high energy efficiency, and low self-discharge. Moreover, players in the market are taking various initiatives to launch new products in the market which will benefit the industry during the forecast period.  The report projected that the global lithium mining market… secured US$ 1.66 Billion in 2022. From 2022-2032, the lithium mining market is projected to exhibit a CAGR of 7.43% while garnering a market value worth US$ 3.4 Billion.  The report said: "During the period ranging from 2020 to 2022, lithium mining demand prospects flourished at a stellar rate, supported by a shift in the design and advancement of battery technology. There has been rising concern about the declining availability of fossil fuels, increasing carbon emissions, and an emphasis on alternative sources of power that have been worked on for a significant tenure. This void was gradually overcome with the latest advancements and development of cutting-edge technologies to reduce the cost of vehicles. since mid-2021, leading to a resurgence in growth projections."  Active mining companies in markets include:  Usha Resources Ltd. (OTCQB: USHAF) (TSX-V: USHA), Lithium Americas Corp. (NYSE: LAC) (TSX: LAC), Sigma Lithium Corporation (NASDAQ: SGML) (TSX-V: SGML), Livent Corporation (NYSE: LTHM),Standard Lithium Ltd.(NYSE American: SLI) (TSX-V: SLI).


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