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The Lithium market shown huge strength in 2021 and he market is estimated to increase by more than 19% over the next 5 years.
Lithium-ion is the leading technology in the electric vehicle (EV) industry and is used as a substitute for conventional fuel vehicles. With lesser manufacturing costs and high-performance delivery, lithium batteries are considered to be the best choice in modern electric vehicles.
Major factors driving the market studied are the accelerating demand for electric vehicles. and increasing usage and demand by portable consumer electronics and the growing adoption of smart grid electricity is likely to be a major opportunity in the global lithium market over the forecast period.
Lithium is a soft, silvery-white alkali metal that is mined globally. The main sources of lithium are underground lithium-containing brine reservoirs and lithium-containing rock, such as spodumene. Lithium is the primary element in the larger batteries that charge hybrid and electric vehicles (EVs) as well, and as such is playing a dominant role in the industry’s transition away from fossil fuels. Thirty-six percent of lithium-ion batteries are used in portable electronic devices like cell phones and computers.
Moving forward, many partnerships will be formed in the lithium market, which could provide a more secure lithium supply chain. New lithium mining projects will begin to show and opportunity will arise in the supply side of the lithium market. Many investors have already capitalized on the opportunity to invest in lithium products by investing in the electric vehicle market with companies like Rivian and Tesla paving the way.
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