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Increasing demand for electric vehicles continued to drive the lithium market. According to a report published by Zion Market Research, global lithium-ion battery market was valued at around $31.17 billion in 2016 and is expected to reach $67.70 billion by end of 2022, growing at a CAGR of slightly above 13.7% between 2017 and 2022. Lithium-ion batteries are also widely used in portable electronics, such as smartphones, cameras, watches and tablets. Based on power capacity segment, the low power lithium-ion battery (5-25 Wh) segment accounted for over 32% of the total market in 2016 due to the increasing demand for portable electronics. MGX Minerals Inc., Albemarle Corporation, Tesla Inc., Advantage Lithium Corp., Galaxy Resources Limited.
According to another report from Research and Market, the global lithium compound market reached a volume of 260,500 Tons in 2016, the market is expected to reach a volume of 399,800 Tons by 2022, at a CAGR of more than 7% during the forecast year. Lithium forms numerous organic and inorganic compounds including hydride, oxide, nitride, carbide, hydroxide, which can be used in cooling systems for nuclear reactors, rechargeable batteries, aircrafts and other applications.
