The Rise and Rise of Lithium
Lithium is just like us. It’s part stardust, part primordial dust, and part earth dust.
Scientists believe that lithium was formed in the Big Bang. In fact, 25 percent of lithium was created when the universe was coming into existence – even before most stars had formed.
But that’s a story for another day. Lithium, as we know it now, is one of the major components of lithium-ion batteries.
It maintains its celestial properties as it powers the world with a more sustainable form of energy.
Lithium-ion batteries are everywhere, and they are here to stay. They provide high-density power. They’re inexpensive. They’re rechargeable. They’re lightweight. And they keep getting more powerful as scientists research the element.
Here are three reasons why analysts expect the demand for lithium batteries to skyrocket in the next decade:
- They power electric vehicles, which are gaining popularity as eco-friendly versions of traditional cars. Tesla, one of the biggest producers of electric cars, is signing supply deals with lithium companies that aren’t even ready to supply the metal yet. More automobile makers are expected to follow this trend.
- Governments all over the world are focusing on changing legislation to support electric vehicles. Once these come into effect, the world will collectively move toward hybrid vehicles, and lithium will become “the new gasoline” as Bloomberg puts it. To put things in perspective, Bloomberg predicts that electric vehicle sales will reach $41 million by 2040 – which will represent 35% of global new car sales.
- Lithium-ion batteries are transforming portable technology. Smartphone and tablet makers are already using them in their products. Moreover, scientists are working on ways to improve battery life and have found a way to stabilize a battery that doubles charge capacity. Analysts expect the rechargeable battery market to double its size to $112 billion by 2025. This will give lithium-ion batteries 70% of the market share.