The battery commodities market is experiencing a golden age of growth and development, spurred by rapid technological advances and the growing demand for batteries to support cleaner mobility and the roll-out of variable renewables generators.
Global battery demand is forecast to grow by some 1 615 GWh, or 384.5%, over the next eight years, according to statistics aggregator Statista. This anticipated upsurge in demand for lithium-ion and other batteries is largely attributed to the rise of electric vehicles (EVs), which are expected to progressively replace internal combustion engine passenger cars.
Unlike more established commodity markets, such as gold and platinum, the battery market is still relatively immature, creating a “golden opportunity” for Africa’s mining sector to meet the growing gap in the market, says engineering consultancy Erudite founder and CEO Johann de Bruin.
Research institute Trade & Industrial Policy Strategies senior economist Gaylor Montmasson-Clair agrees, stating that, considering the forecasts, “it is pretty clear that we are looking at a growth factor by anywhere between five and seven by 2030”.
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