The emergence of electric vehicles has resulted in a multi-fold increase in the demand of Lithium. It is one of the key components used in EV batteries along with nickel and cobalt.
A study reveals that the Li-ion battery market size is expected to grow at 16.2% till 2024 and is expected to reach $92.2 billion globally.
Australia, Chile, and China are the 3 biggest producers of Lithium globally. China leads the consumption of Lithium as not only it has the maximum number of EVs but it also is the largest producer of EV batteries.