As you may know, lithium is the key component in rechargeable lithium-ion batteries. Every smartphone and electric vehicle in the world needs one to operate. And given the anti-carbon fuel zeitgeist today, it's no surprise that the demand for lithium is booming!

In 2020, the global market size for lithium was valued at 3.39 billion USD. By 2027, that's forecasted to grow at a compounded annual growth rate (CAGR) of 1.9% to reach a valuation of 4.93 billion.

All signs suggest the gains are likely to continue into the future.

After a decade of rapidly falling costs, the rechargeable lithium-ion battery is poised to disrupt industries!

(CSE: SPEY) (OTC:SPEYF) Spey Resources Acquires Tech One Lithium Resources Corp.

Titans of the automotive industry seem to agree. General Motors Co. has announced that it hopes to phase out gasoline and diesel-powered vehicles worldwide by 2035.

As countries across the globe focus more and more on meeting target emission standards, the electrical vehicles (EV) market is expected to stimulate the demand for lithium in the coming years.

"The planned production capacity of key Lithium ion battery producers of the world, such as Tesla, CATL, Panasonic, BYD, and LG Chem, is expected to be 465 GW by the end of 2020. Moreover, for 2023, the planned capacity of Li-ion battery has surpassed 1,000 GWh." Meaning, the need for lithium is projected to increase significantly by 2023.

Yet it's not just electric vehicles that are relying on more and more lithium as time goes on!

In Texas, lithium batteries are becoming more and more essential in the electric grid. At the end of 2020, installed batteries could deliver 215 megawatts of electricity. And the grid operator expects that to grow to nearly 2,000 megawatts worth of batteries by 2023.