Lithium Mining Companies Bullish on Lithium as Demand For Lithium-Ion Batteries For EVs Continues To Rise

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PALM BEACH, Fla., Nov. 2, 2022 /PRNewswire/ -- One thing all experts agree upon is that the demand for lithium will continue to rise at an ever increasing rate in the next several years. A recent report by Fairfield Market Research predicts how the rising use of lithium in batteries, steel, lubricants, and aluminum products will create lucrative opportunities for the global lithium mining market during the forecast period. The global lithium mining market stood at US$ 829.73 Mn in 2019 and is expected to reach US$ 1,630.30 Mn by 2025, registering a CAGR of 26.3% from 2020 to 2025. Another research firm, Emergen Research added that the increased utilization of lithium-ion batteries in grid storage is a key factor driving lithium mining market revenue growth. They added: "The batteries segment accounted for a largest revenue share in 2021. Lithium-ion batteries' rising popularity is expected to drive revenue growth of this segment. In comparison to lead-acid and other lithium batteries, lithium iron phosphate batteries provide a variety of advantages, such as improved discharge and charge efficiency, longer lifespan, and ability to deep cycle while maintaining power. These batteries often cost more up front; however, their lifetime expenses are significantly lower. They have a very long lifespan and do not need any maintenance, making them a good long-term decision. When compared to lead-acid batteries, lithium batteries can live up to ten times longer and even after 2,000 cycles, but they still retain 80% of their initial capacity. Furthermore, lifespan of majority of lithium-ion batteries is at least five years, while usually, lead-acid batteries only survive for two years."  Active companies in the mining industry this week include Scotch Creek Ventures Inc. (OTCPK:SCVFF) (CNSX:SCV.CN), Albemarle Corporation (NYSE:ALB), Lithium Americas Corp. (NYSE:LAC) (TSX:LAC.TO), Surge Battery Metals Inc. (OTCPK:NILIF) (TSXV:NILI.VN), American Lithium Corp. (OTCQB:LIACF) (TSXV:LI.VN).