According to data compiled by Allied Market Research, the global lithium ion battery market is expected to reach $46.21 billion by 2022 and at a rate of 10.8 per cent.
The increasing adoption of rechargeable products such as portable devices and electric vehicles are primary drivers for the market.
Currently, portable devices control majority of the lithium ion market share, but in the coming years, electric vehicles are expected to be the biggest market driver. Electric vehicles are growing more popular due to their low environmental impact, which has led governments to aggressively encourage developments in the industry and companies like Cameo Resources Corp., Albemarle Corporation, Sociedad Química y Minera de Chile S.A., FMC Corporation, Panasonic Corporation, to invest in research and development.
As demand for lithium ion batteries increases, the components of the batteries will also increase heavily. The batteries are mainly comprised of lithium and cobalt, which is also expected to see an increase in demand during the transitional phase into electric vehicles.
Wood Mackenzie analysts forecast cobalt demand to outpace lithium growth, as cobalt demand has seen a substantial increase, as prices from 2016 to 2017 doubled; and in February, prices were up 133 per cent year over year.
(Allied Market Research)
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