Lithium Demand Projected To Grow As Li-Ion Batteries Gain Popularity
According to data published by Allied Market Research, the global lithium ion (Li-ion) battery market is projected to reach $46.21 billion by 2022 and at a CAGR of 10.8%. The increasing demand for durable rechargeable batteries is attributable to increasing usage of rechargeable electronic devices, grid storage systems and electric vehicles.
Lithium batteries are compact, but the energy density allows for the vehicles to drive a further range than previous battery options. Gerard Reid, equity re- searcher and fund manager at Alexa Capital, explained, “Lithium is quite unique as a material in that it is very light with the lowest reduction potential of any chemical element which allows batteries based on lithium to have unbeatable performance. Lithium-ion batteries costs are likely to fall another 50% by 2020 to $100/kWh while at the same time energy density should increase by 20%, which will help bring the range of the average electric vehicle (EV) towards 500km.”