The Lithium Ion Battery Market Expected to Surge

lithium ion battery

Race for renewable energy technologies charges lithium market

Business News Network, May 7, 2016

Global adoption of new transportation technologies and electronics are powering massive growth in lithium-ion battery sales. Google has recently announced a partnership with Fiat Chrysler to develop a self-driving hybrid minivan. Uber, Apple, BMW, Audi, Ford and Mercedes-Benz are also moving aggressively into the space. Tesla’s founder and CEO, Elon Musk anticipates that self-driving Teslas will be approved and in production by 2021.

With commercial production of self-driving cars and other new technologies, Navigant Research predicts the global market for lithium ion batteries will grow an unprecedented 300%—from $6 billion per year to $24 billion per year in the next seven years.

With these bullish fundamentals, competition is heating up in the lithium space. One of the leaders is Ganfeng Lithium—a $4.5 billion Chinese goliath that produces industrial grade lithium for various industries and end products like Panasonic batteries. Ganfeng has built specialized Lithium production subsidiaries and commissioned a new facility in China adding 500mt/y Li metal to its current 1000mt/y Li production capacity. The company holds over 19 lithium extraction patents.

Lithium prices have tripled in the last 12 months. Availability of secure lithium supply is critical for the auto industry.

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