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FinancialBuzz.com: Lithium Market Projected to GrowNEW YORK, February 21, 2017 /PRNewswire/ -- Lithium is becoming a major component of the energy sector. A report by Transparency Market Research indicates that by power capacity, the low power lithium-ion battery (5-25 Wh) segment held the lead in the global market, accounting for a 35% share in 2015. The stronger batteries (18-28 KWh) segment is projected to witness significant growth in the coming years, at 16.7% CAGR by value from 2016 to 2024. In total, the global lithium-ion battery market is projected to rise from US$29.68 billion in 2015 to US$77.42 billion in 2024, at a CAGR of 11.6%. Lithium X Energy Corp. (OTC: LIXXF) (TSX-V: LIX), Sociedad Quimica y Minera de Chile (NYSE: SQM), Ford Motor Company (NYSE: F), Toyota Motor Corporation (NYSE: TM), Albemarle Corporation (NYSE: ALB) The research point out that based on application, the consumer electronics segment accounted for the leading share in the lithium-ion battery market in terms of revenue. However, the prediction is that market saturation in several countries will enable the automotive segment to gain much momentum, exhibiting the fastest growth during the forecast period due the anticipated boom of electric vehicles. Geographically, the Asia Pacific region leads the global market for lithium-ion batteries, with a share of over 48% in 2015. This region is also projected to expand at a significant pace in terms of demand and sales during the course of the forecast period. In terms of value, the Asia Pacific region lithium-ion battery market will register a 12.5% CAGR from 2016 to 2024. Earlier today Lithium X Energy Corp. (TSX-V: LIX) (OTCQX: LIXXF) just announced that it, "has received permits for the construction of the initial ponding facility to be constructed as part of the Salta Exploraciones SA. Highlights: Permits received for the construction of the initial ponding facility - The initial ponding facility is part of a joint venture with Salta Exploraciones S.A., a local consortium of companies with extensive expertise in the construction of ponding facilities - The initial ponding facility is designed for an output of approximately 2,500 annual tonnes of lithium carbonate equivalent in 5% lithium concentrate The initial ponding facility is designed for an output of approximately 2,500 tonnes per annum of lithium carbonate equivalent ("LCE"). The permits allow for the construction of brine collection, pumping, piping and ponding facilities consisting of 62.6 hectares of lined ponds, designed to produce a high-purity 5% lithium concentrate, at the Company's flagship Sal de los Angeles project ("SDLA" or the "Project") in Argentina. The JV ponding facility will cover a maximum of 100 hectares (approximately 1%) of the 8,156 hectares that comprise the Sal de los Angeles property. Construction activities will begin immediately. The Project has not been the subject of a feasibility study and there is no guarantee the Facility will successfully produce a commercial product on a profitable basis or at all. "We would like to thank the Province of Salta and respective regulatory authorities for their assistance and cooperation in the granting of this permit," commented Paul Matysek, Executive Chairman. "This is a key milestone for our Company and will certainly strengthen and differentiate our status in a very crowded lithium sector. We look forward to working closely with the local authorities and workforce in developing sustainable environmental, work and social programs to ensure we develop the Facility in harmony with the Puna region." "The receipt of construction permits for our Facility is a major landmark for Lithium X and our joint venture with SESA," commented Brian Paes-Braga, Chief Executive Officer "We are on the cusp of obtaining our first 5% lithium concentrate from our pilot pools on site. This is a high purity brine concentrate that could serve as feed to existing or new battery grade lithium carbonate and/or lithium hydroxide plants. We have already been approached by several end users of the expected concentrate and look forward to initiate testing with downstream partners." Producer of potassium nitrate and iodine, Sociedad Quimica y Minera de Chile (NSE: SQM) produces and sells specialty plant nutrients, industrial chemicals, iodine and derivatives, lithium and derivatives, potassium, and other products and services. Lithium and its derivatives are used in batteries, greases and frits for production of ceramics. Potassium chloride is a commodity fertilizer that is produced and sold by the Company across the world. Iodine and its derivatives are used in the X-ray contrast media and biocides industries, among others. Ford Motor Company (NYSE: F) Hyundai uses a lithium-ion polymer battery pack for all Ioniq models. Each of its Ioniq models are all-electric, hybrid and plug-in hybrid, is based on a dedicated vehicle platform designed to enhance efficiency, comfort and handling. Its Blue Drive® technology gives users lower pollution and higher performance. The lithium-ion polymer is located beneath the car's rear seats, giving the car a lower center of gravity and allowing for more storage space in the back as well. Toyota Motor Corporation (NYSE: TM) chairman, Takeshi Uchiyamada, who is known as the father of Prius and had led the development of the Toyota Prius anticipates the latest plug-in hybrid vehicles will catch on with global consumers far more swiftly compared to the original Prius. Uchiyamada expects to sell roughly a million plug-in hybrids in less than 10 years, the time it took for sales of its conventional hybrid vehicles to hit that mark. "Environmental awareness has become a bigger issue today than it was 20 years ago, and demand for environmentally conscious products has increased," announced by Uchiyamada in Japan at an event. He also mentioned that the technology for plug-ins has developed rapidly with lowered costs. Albemarle Corporation (NYSE: ALB) is a developer, manufacturer and marketer of specialty chemicals across a range of end markets, including the petroleum refining, consumer electronics, energy storage, construction, automotive, steel and aerospace, lubricants, pharmaceuticals, crop protection, household appliances, heating, ventilation, aluminum finishing, food safety and custom chemistry services. The Company operates through the segments, including Performance Chemicals and Refining Solutions. The Company's Performance Chemicals segment consists of product categories, including Lithium, Performance Catalyst Solutions and Bromine. The Company's Lithium business develops advanced materials for a range of industries and end markets. Please SIGN UP NOW at http://www.FinancialBuzz.com To Receive Alerts on Trending Financial News from all these companies. "The Latest Buzz in Financial News" Subscribe Now! 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