Lithium Market and Electric Vehicles
NEW YORK, April 10, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, the global lithium-ion battery market is expected to generate revenue of $46.21 billion by 2022, with a CAGR of 10.8% during the forecast period (2016-2022). The report indicates that the market for these batteries is expected to witness notable growth because of their increasing application in the automotive sector. Additional key factors contributing to the increasing demand of lithium is the growing use of portable electronic devices such as smartphones, tablets, and others; stringent government regulations aimed at reducing the increasing pollution levels; and enhanced efficiency of lithium-ion batteries. MGX Minerals Inc. (OTC: MGXMF) (CSE: XMG.CN), Sociedad Quimica y Minera de Chile (NYSE: SQM), Albemarle Corporation (NYSE: ALB), FMC Corp. (NYSE: FMC), Tesla Inc. (NASDAQ: TSLA)
From a growth perspective, the automotive sector would be the most prominent user of these batteries and is anticipated to witness the highest CAGR of 13.6% during the period. The research also reveals that the Asia-Pacific is the largest revenue-generating region in this market followed by North America. The Asia-Pacific region is likely to exhibit the highest growth, with a CAGR of 12.4% during the forecast period. The growth would be driven by the rising demand from consumer electronics segment and increasing number of electric vehicles (EVs) in China, Japan, and India.
MGX Minerals Inc. (OTC: MGXMF) (CSE: XMG.CN) earlier today provided, "a project development update for its Paradox Basin petrolithium project.
The Company has begun unitization of designated areas within its Lisbon Valley claims. The purpose is to eliminate property boundaries, pool mineral interests and establish the Company as unit operator.
MGX has completed boundary surveying and issued mailers to parties within the unit. Additionally, the Company has submitted a permit to drill along with a surface use plan of operations to the Bureau of Land Management (BLM). Preparations are also underway to conduce a 3-D seismic shoot.
Consolidation through unitization represents the most efficient timelines and cost-effective means of developing the area's underlying resources. This includes drilling of the Blueberry #1 bore hole, the first well of its kind optimized for oil, gas and lithium."
MGX also reported that "it has further expanded its Lisbon Valley land package through the acquisition of 4,718 additional mineral claims. The expanded land position adds 94,082 acres to the Company's Lisbon Valley petrolithium project ('Lisbon Valley'), increasing MGX's total cumulative minerals claims to approximately 118,000 acres, which now includes the majority of oil, gas, and brine mineral rights within the area of interest."
Sociedad Quimica y Minera de Chile (NYSE: SQM) is an integrated producer and distributor of specialty plant nutrients, iodine, lithium, potassium-related fertilizers and industrial chemicals. Its products are based on the development of high-quality natural resources that allow the Company to be a leader in costs, supported by a specialized international network with sales in over 110 countries. SQM's development strategy aims to maintain and strengthen the Company's position in each of its businesses. As the world's largest lithium producer, SQM is committed to the development and sustainability of the lithium industry.
Albemarle Corporation (NYSE: ALB) announced recently that Talison, a joint venture between Albemarle and Tianqi Lithium Corporation, has approved the expansion of lithium concentrate production at its Greenbushes, Australia spodumene mine. Greenbushes is the world's largest active lithium mine. It has the largest hard rock lithium reserve, and contains the highest concentration of lithium oxide available of any active mine. This project is integral to our announced litium expansion plans so that we can meet the growing needs of our customers," said John Mitchell, President, Lithium and Advanced Materials for Albemarle. "The expansion of the mine and ore upgrading facilities is a key deliverable in our supply strategy to grow total combined lithium carbonate equivalent (LCE) production to approximately 165,000 MT/year early in the next decade."
FMC Corp. (NYSE: FMC) is a diversified chemical company serving agricultural, consumer and industrial markets. The Company operates in three business segments: FMC Agricultural Solutions, FMC Health and Nutrition, and FMC Lithium. The Company's FMC Lithium segment manufactures lithium for use in a range of lithium products. FMC Corp. Earlier in October 2016 FMC Corp. announced a new long-term supply agreement with Nemaska Lithium, Inc. Under the agreement Nemaska will provide FMC with 8,000 metric tons per year of lithium carbonate beginning in mid-2018.
Tesla Inc. (NASDAQ: TSLA) explains that, with a planned production rate of 500,000 cars per year in the latter half of this decade, Tesla alone will require today's entire worldwide production of lithium ion batteries. The Tesla Gigafactory was born of necessity and will supply enough batteries to support our projected vehicle demand. Tesla broke ground on the Gigafactory in June 2014 outside Sparks, Nevada, and we expect to begin battery cell production by the end of this year. By 2018, the Gigafactory will reach full capacity and produce more lithium ion batteries annually than were produced worldwide in 2013.
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