Lithium fell to 71,350 CNY/T on August 1, 2025, down 0.90% from the previous day. Over the past month, Lithium's price has risen 15.73%, but it is still 10.25% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Lithium - values, historical data, forecasts and news - updated on August of 2025.

Why did the Lithium Hydroxide Price Change in July 2025? The Lithium Hydroxide Spot Price Index in the U.S. dropped by 3.2% in Q2 2025, with prices declining to USD 8,600/MT by the end of June.

Get the latest insights on price movement and trend analysis of Lithium Hydroxide in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

Explore the factors influencing lithium hydroxide prices, crucial for lithium-ion batteries in EVs and electronics, including demand-supply dynamics, technological advancements, geopolitical events, and market trends.

By 2025, producing battery grade lithium hydroxide globally from brine harvesting will involve, in general, more costs than from spodumene. This is because in the first process it is necessary to produce lithium carbonate as an intermediate product, to later generate lithium hydroxide. It is expected that the difference in production costs between these two processes will amount to almost 1,000 U.S. dollars per ton of lithium carbonate equivalent.

According to Cognitive Market Research, the global technical grade lithium hydroxide market size is USD XX million in 2023 and will expand at a compound annual growth rate (CAGR) of 4.10% from 2023 to 2030. Growing Demand for Electric Vehicles to Drive the Market Expansion.

The importance of renewable energy and energy storage grew, particularly in light of worldwide initiatives to minimise greenhouse gas emissions and promote green energy is anticipated to drive the market growth. Spending on technical grade lithium hydroxide for stationary energy storage and electric vehicles has surged. The primary drivers of the market are the increasing demand for technical grade lithium hydroxide used in electric vehicles and the growing popularity of lithium hydroxide NCA cathode-powered power tools.

For instance, in August 2022, Ganfeng Lithium stated that it has partnered with GAC AlON in a long-term strategic cooperation to enhance the development of battery raw materials and the recycling of outdated new electric vehicle ("NEV") batteries.

Source-www.marklines.com/en/top500/catl

Novel and Enhanced Tchnology in Lithium Ion Battery to Propel Market Growth

New and improved lithium-ion battery technology is being developed as battery applications require more power and lower costs. Battery technology developments are critical to meeting consumer demand for portable devices and electric vehicles with greater battery life and faster charging periods. As a result, new materials, manufacturing methods, and battery management systems have been developed to improve the efficiency and performance of technical grade lithium hydroxide.

For instance, in May 2022, According to the International Energy Agency (IEA), electric vehicle sales are expected to reach a record high of 4.7 million units in 2021, a 43% increase over the previous year.

Market Restraints of the Technical Grade Lithium Hydroxide Market

The High Expense of Procedure Stemming from the Need for Multiple Stages and the Use of Lime, Which Generates Waste, are Hamper the Market Growth. 

Numerous common reasons of maintenance outages in processing plants that lead to reduced output, increased costs, and downtime, regardless of whether LiOH is derived from carbonate or straight from a spodumene slurry. Erosion frequently serves as a source of contaminants as well. The hardness of crystallised hydroxide is well known to those who have attempted to chip it out of equipment (more on this later). The erosion that occurs when this material is moving quickly through a pipe in the form of a turbulent hot slurry is also noteworthy.

Impact of the COVID-19 on Technical Grade Lithium Hydroxide market

The COVID-19 pandemic affected the technical grade lithium hydroxide market significantly. Lockdowns and mask mandates reduced the demand for lithium hydroxide COVID-19 influenced short-term lithium hydroxide sales. Covid-19 is causing a backlog in the lithium hydroxide supply chain. Overseas markets, primarily Japan and South Korea, bought more over 80% of China's hydroxide output. Overseas consumers are having difficulty obtaining lithium hydroxide due to customs clearance complications caused by the epidemic. Domestic users are also suffering issues as a result of transportation disruptions. They may find it increasingly difficult to obtain the material as converters work to keep their foreign customers well supplied. These effects are exacerbated by the chemical's limited shelf life. Because lithium hydroxide is highly hygroscopic and oxidative, users rarely keep considerable quantities of it on hand. What is Technical Grade Lithium Hydroxide?

Lithium hydroxide is a chemical used in the production of technical grade lithium hydroxide , ceramics, and lubricants. Lithium-ion batteries are commonly employed in electric vehicles, portable electronics, and grid energy storage systems. The market is primarily driven by rising demand for technical grade lithium hydroxide in the automotive sector. Lithium-ion batteries are commonly employed in electric vehicles due to their high energy density, extended life, and low self-discharge rates. The automotive industry is experiencing an increase in demand for technical grade lithium hydroxide . Lithium-ion batteries are commonly employed in electric vehicles due to their high energy density, extended life, and low self-discharge rates...

In 2025, the price of ** percent lithium carbonate is projected to be around **** U.S. dollars per kilogram. Growing global lithium demandThere has been a steady increase in battery demand globally, which in turn becomes a strong driver of lithium usage in the future. However, producers have been unable to keep up with the demand. In 2025, global lithium demand is expected to reach ***** metric tons of lithium carbonate equivalent for non-rechargeable batteries. The 2018 annual average price of battery-grade lithium carbonate was ****** U.S. dollars per metric ton, increased from the ****** U.S. dollars in the previous year. Lithium demand by applicationLithium has many end use applications aside from batteries. For example, demand for lithium in ceramics is anticipated to reach ****** metric tons of lithium carbonate equivalent in 2025. Another example is that the demand for lithium in polymers is expected to grow to ****** metric tons of lithium carbonate equivalent by 2025, from the 2018 demand which was ***** metric tons.

Explore the growing importance of lithium hydroxide in the EV and electronics sectors, the role of the London Metal Exchange in pricing, and the influence of market dynamics on lithium futures contracts and investor opportunities.

The global lithium hydroxide market is experiencing robust growth, projected to reach a value of $1314 million in 2025 and maintain a Compound Annual Growth Rate (CAGR) of 10.4% from 2025 to 2033. This expansion is primarily driven by the burgeoning electric vehicle (EV) industry's increasing demand for high-performance lithium-ion batteries. The power battery segment is the dominant application, consuming a significant portion of the global lithium hydroxide supply, followed by consumer batteries and lubricating greases. Battery-grade lithium hydroxide commands a larger market share compared to industrial-grade due to its superior purity and performance characteristics. Growth is further fueled by advancements in battery technology, increasing government support for clean energy initiatives, and the rising adoption of renewable energy sources. Geographical distribution shows strong demand from the Asia-Pacific region, especially China, driven by its significant EV manufacturing and battery production capabilities. North America and Europe also contribute significantly, reflecting the growing awareness and adoption of electric vehicles and renewable energy technologies in these regions. While supply chain challenges and price volatility remain potential restraints, the long-term outlook for the lithium hydroxide market remains positive, driven by the continued global transition towards sustainable energy solutions. The competitive landscape is characterized by both established players and emerging companies. Key players such as Livent, SQM, Albemarle, and several significant Chinese manufacturers dominate the market. These companies are actively investing in expanding their production capacity and developing advanced technologies to meet the growing demand. However, the market is also witnessing increased competition, with new entrants seeking to capture market share. The future market trajectory will likely depend on factors including raw material availability, technological innovation, government policies promoting sustainable energy, and the overall growth trajectory of the EV sector. Strategic alliances, mergers, and acquisitions are expected to further shape the competitive landscape in the coming years.

The global market size of Lithium Hydroxide Monohydrate is $XX million in 2018 with XX CAGR from 2014 to 2018, and it is expected to reach $XX million by the end of 2024 with a CAGR of XX% from 2019 to 2024.
Global Lithium Hydroxide Monohydrate Market Report 2019 - Market Size, Share, Price, Trend and Forecast is a professional and in-depth study on the current state of the global Lithium Hydroxide Monohydrate industry. The key insights of the report:
1.The report provides key statistics on the market status of the Lithium Hydroxide Monohydrate manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
2.The report provides a basic overview of the industry including its definition, applications and manufacturing technology.
3.The report presents the company profile, product specifications, capacity, production value, and 2013-2018 market shares for key vendors.
4.The total market is further divided by company, by country, and by application/type for the competitive landscape analysis.
5.The report estimates 2019-2024 market development trends of Lithium Hydroxide Monohydrate industry.
6.Analysis of upstream raw materials, downstream demand, and current market dynamics is also carried out
7.The report makes some important proposals for a new project of Lithium Hydroxide Monohydrate Industry before evaluating its feasibility.
There are 4 key segments covered in this report: competitor segment, product type segment, end use/application segment and geography segment.
For competitor segment, the report includes global key players of Lithium Hydroxide Monohydrate as well as some small players. At least 5 companies are included:
* FMC
* Rockwood Lithium
* Simbol
* SQM
* Tianqi Lithium,

The information for each competitor includes:
* Company Profile
* Main Business Information
* SWOT Analysis
* Sales, Revenue, Price and Gross Margin
* Market Share

For product type segment, this report listed main product type of Lithium Hydroxide Monohydrate market
* Industrial Grade
* Battery Grade
* Other
For end use/application segment, this report focuses on the status and outlook for key applications. End users sre also listed.
* Application I
* Application II
* Application III

For geography segment, regional supply, application-wise and type-wise demand, major players, price is presented from 2013 to 2023. This report covers following regions:
* North America
* South America
* Asia & Pacific
* Europe
* MEA (Middle East and Africa)
The key countries in each region are taken into consideration as well, such as United States, China, Japan, India, Korea, ASEAN, Germany, France, UK, Italy, Spain, CIS, and Brazil etc.

Reasons to Purchase this Report:
* Analyzing the outlook of the market with the recent trends and SWOT analysis
* Market dynamics scenario, along with growth opportunities of the market in the years to come
* Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
* Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
* Market value (USD Million) and volume (Units Million) data for each segment and sub-segment
* Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
* Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
* 1-year analyst support, along with the data support in excel format.
We also can offer customized report to fulfill special requirements of our clients. Regional and Countries report can be provided as well.

Explore the rising demand and fluctuating prices of lithium hydroxide monohydrate, a crucial compound in battery manufacturing, driven by the EV market and sustainable energy solutions. Understand the factors influencing its market, including supply chain dynamics, technological advancements, and regional variations in the 2020-2023 period.

The anhydrous lithium hydroxide market is experiencing robust growth, driven primarily by the burgeoning electric vehicle (EV) battery industry. Lithium hydroxide, a crucial component in lithium-ion batteries, is essential for powering EVs, and the increasing demand for these vehicles is directly translating into higher demand for this chemical. Furthermore, the growing adoption of renewable energy technologies, particularly grid-scale energy storage solutions, further fuels market expansion. While the exact market size for 2025 is unavailable, considering a plausible CAGR of 15% (a conservative estimate based on industry growth in related sectors) and a hypothetical 2024 market size of $1.5 billion (a reasonable approximation given the size of related markets), the 2025 market size could be estimated at roughly $1.725 billion. This growth trajectory is expected to continue throughout the forecast period (2025-2033), although challenges such as raw material price volatility and supply chain disruptions may present some headwinds. Major players such as Leverton, Ehyun Industrial Ltd., and others are actively expanding their production capacities to meet the escalating demand. However, the market also faces challenges, including potential environmental concerns associated with lithium mining and processing, as well as geopolitical factors impacting the supply of raw materials. The market is segmented based on several factors including purity grade, application, and geographical region. Future growth will hinge on technological advancements in battery technology, sustainable lithium sourcing, and supportive government policies promoting the adoption of EVs and renewable energy solutions. The competitive landscape is characterized by both established chemical companies and specialized lithium producers, leading to both innovation and price competition. Continued investment in R&D to improve efficiency and reduce environmental impact will be crucial for sustained growth in the anhydrous lithium hydroxide market.

The lithium hydroxide monohydrate market is experiencing robust growth, driven primarily by the burgeoning demand for lithium-ion batteries in electric vehicles (EVs), energy storage systems (ESS), and portable electronics. The market's compound annual growth rate (CAGR) is estimated at 15% between 2025 and 2033, indicating substantial expansion potential. This growth trajectory is fueled by several key factors, including government policies promoting EV adoption, increasing consumer preference for electric vehicles, and advancements in battery technology leading to improved energy density and lifespan. Major players like FMC, Rockwood Lithium, Simbol, SQM, and Tianqi Lithium are actively expanding their production capacities to meet the surging demand. However, the market also faces certain constraints, such as the geographical concentration of lithium resources, fluctuating lithium prices, and environmental concerns related to lithium mining and processing. Despite these challenges, the long-term outlook for the lithium hydroxide monohydrate market remains highly positive, underpinned by the continued global shift toward clean energy and sustainable transportation. The geographical distribution of the market shows significant regional variations, with North America and Asia-Pacific currently dominating the landscape due to established manufacturing bases and significant demand from the automotive and electronics sectors. Europe is also witnessing strong growth, driven by ambitious targets for EV adoption and expanding renewable energy infrastructure. The competitive landscape is characterized by both established multinational corporations and emerging players. Strategic partnerships, mergers and acquisitions, and technological innovations are shaping the competitive dynamics. Future growth will be influenced by factors such as advancements in battery chemistries, improvements in lithium extraction and processing technologies, and the development of sustainable sourcing and recycling practices. The market segmentation, while not explicitly provided, can reasonably be assumed to include segments based on application (EV batteries, ESS, portable electronics, etc.), purity levels, and geographical region. Further market research would be beneficial to solidify these assumptions with concrete data.

The global market for battery-grade lithium carbonate and lithium hydroxide is experiencing robust growth, driven by the burgeoning electric vehicle (EV) sector and the increasing demand for energy storage solutions. Let's assume, for illustrative purposes, a 2025 market size of $20 billion, with a Compound Annual Growth Rate (CAGR) of 15% projected from 2025 to 2033. This translates to a significant market expansion, reaching an estimated $60 billion by 2033. Key drivers include the accelerating adoption of EVs worldwide, coupled with expanding grid-scale energy storage deployments. Government policies promoting renewable energy and stricter emission regulations are further fueling this expansion. While supply chain constraints and price volatility present challenges, technological advancements in lithium extraction and processing are mitigating some of these risks. The market is segmented by chemical type (carbonate vs. hydroxide), application (EV batteries, energy storage systems), and geography. Major players like SQM, Ganfeng Lithium, Albemarle, and Tianqi Lithium Corporation are actively expanding their production capacities to meet the soaring demand. Competition is fierce, characterized by strategic partnerships, mergers and acquisitions, and technological innovation to secure raw material supplies and optimize production processes. The growth trajectory for battery-grade lithium chemicals is expected to remain strong throughout the forecast period. However, several factors warrant monitoring. These include the potential for oversupply in the long term, the increasing importance of sustainable and ethical sourcing practices, and the emergence of alternative battery technologies that could potentially impact lithium demand. Moreover, geopolitical factors influencing raw material availability and trade policies will also shape the market's evolution. Therefore, companies need to adopt agile strategies and invest in R&D to navigate this dynamic landscape successfully. The focus will continue to be on enhancing production efficiency, securing stable supply chains, and meeting the increasingly stringent environmental and sustainability standards imposed by various governments and regulatory bodies.

348 Global import shipment records of Lithium Hydroxide Monohydrate with prices, volume & current Buyer's suppliers relationships based on actual Global export trade database.

The global battery grade lithium hydroxide (LiOH) market is experiencing robust growth, driven by the burgeoning electric vehicle (EV) sector and the expanding energy storage systems (ESS) market. The market, valued at approximately $15 billion in 2025, is projected to exhibit a Compound Annual Growth Rate (CAGR) of 18% from 2025 to 2033. This significant growth is fueled by increasing demand for LiOH, a crucial component in lithium-ion batteries, as governments worldwide implement stricter emission regulations and consumers embrace electric mobility. Furthermore, the rising adoption of renewable energy sources, necessitating efficient energy storage solutions, is further bolstering market expansion. Key market segments include high-purity LiOH (≥99% and ≥99.5%) catering to diverse applications such as power batteries, consumer electronics, and large-scale energy storage. The dominance of Asia Pacific in LiOH production, owing to substantial manufacturing capacity and a strong downstream battery industry, is expected to continue throughout the forecast period. Competition within the market is intense, with major players including Livent Corporation, SQM, Albemarle, and several Chinese manufacturers fiercely vying for market share. These companies are investing heavily in expanding production capacity to meet the burgeoning demand. However, challenges remain, including the fluctuating price of lithium raw materials, potential supply chain disruptions, and the need for sustainable sourcing practices. The market's future trajectory hinges on continued technological advancements in battery technology, governmental policies promoting EV adoption and renewable energy, and the successful mitigation of supply chain vulnerabilities. Continued investment in research and development to improve LiOH production efficiency and reduce environmental impact will be crucial for sustained market growth. Geographical expansion into regions with growing demand for electric vehicles and energy storage solutions will also play a significant role in shaping the future competitive landscape. This in-depth report provides a comprehensive analysis of the global battery grade lithium hydroxide (LiOH) market, encompassing production, consumption, pricing trends, and future growth prospects. We delve into key market segments, competitive dynamics, and emerging technologies to deliver actionable insights for industry stakeholders. The report leverages extensive primary and secondary research, projecting a market valuation exceeding $10 billion by 2030. Keywords: Battery Grade LiOH, Lithium Hydroxide, LiOH Market, EV Battery, Energy Storage, Lithium-ion Battery, Battery Materials, Market Analysis, Market Forecast, Lithium Supply Chain, Lithium Price, Electric Vehicle, Renewable Energy.

Performance Lithium Market Outlook

The global performance lithium market size is projected to witness a significant growth, with an expected Compound Annual Growth Rate (CAGR) of 10.5% from 2024 to 2032. The market is estimated to reach a valuation of approximately USD 20 billion by 2032, up from USD 8.5 billion in 2023. This robust growth is driven by the increasing demand for lithium in various high-performance applications, especially in the renewable energy and electric vehicle (EV) sectors. As the world transitions towards cleaner energy solutions, lithium, known for its lightweight and high energy density properties, stands firm as a critical component in the new-age energy paradigm.

One of the primary growth factors for the performance lithium market is the skyrocketing demand for electric vehicles (EVs). Governments worldwide are pushing for increased adoption of EVs to reduce carbon emissions, which has resulted in a surge in demand for lithium-ion batteries, the most efficient and popular battery types used in EVs. Advancements in battery technology and the need for longer-lasting, more efficient energy storage solutions have further propelled the demand for performance lithium products. This trend is particularly strong in developed regions like North America and Europe, where governments offer incentives and subsidies for EV adoption, as well as in Asia Pacific, home to leading battery manufacturers.

Another significant factor contributing to the growth of the performance lithium market is the expanding use of lithium in renewable energy storage solutions. As the global energy sector experiences a pivotal shift towards renewable sources such as solar and wind, the need for effective energy storage systems has escalated. Lithium-ion batteries are increasingly being used in large-scale energy storage projects due to their high efficiency, longer lifecycle, and declining costs. This has not only bolstered the demand for lithium but also garnered substantial investments from both the public and private sectors, thereby fueling market expansion.

In addition to energy storage and EVs, lithium's usage in other applications such as electronics, glass & ceramics, and lubricants is also on the rise. The electronics industry, particularly, has seen a surge in demand for lithium due to its application in the manufacturing of lightweight, high-energy batteries for portable devices. Similarly, the glass and ceramics industry uses lithium to enhance product strength and thermal resistance. The growing industrial demand across these sectors is contributing significantly to the overall growth of the performance lithium market.

The regional outlook for the performance lithium market reflects substantial growth prospects across different geographies. Asia Pacific, driven by countries like China, Japan, and South Korea, is expected to lead the market with the highest growth rate, attributed to the presence of major battery manufacturers and increasing investments in EV infrastructure. North America and Europe are also poised for considerable growth due to favorable government policies supporting green technologies. Latin America, with rich lithium resources, is emerging as a crucial supplier in the global market, while the Middle East & Africa are gradually tapping into this growing industry through strategic partnerships and investments.

Product Type Analysis

Lithium carbonate, one of the primary product types in the performance lithium market, is extensively used for manufacturing lithium-ion batteries. The growing demand for lithium-ion and lithium polymer batteries in consumer electronics, electric vehicles, and renewable energy storage systems has led to an increase in the production and consumption of lithium carbonate. The compound’s versatility and effectiveness in stabilizing metal oxides in lithium-ion batteries make it an indispensable material in battery manufacturing, thereby witnessing a steady growth in market demand.

Lithium hydroxide is another significant product type within the performance lithium market, known for its high energy density and thermal stability. Its application is increasingly favored in high-performance electric vehicle batteries, as it enhances battery lifecycle and performance. Manufacturers are focusing on optimizing the use of lithium hydroxide in their battery chemistries to offer improved efficiency and energy output. This trend is expected to drive the demand for lithium hydroxide, supported by ongoing research and development activities in battery technology.

Lithium metal

The micro powder anhydrous lithium hydroxide market is experiencing robust growth, driven by the escalating demand for lithium-ion batteries in electric vehicles (EVs), energy storage systems (ESS), and portable electronics. The market's expansion is fueled by government initiatives promoting electric mobility and renewable energy adoption globally, coupled with continuous technological advancements improving battery performance and lifespan. While precise market sizing requires specific data, a reasonable estimation based on industry trends and competitor activity suggests a 2025 market value in the range of $2-3 billion USD, with a Compound Annual Growth Rate (CAGR) of 15-20% projected through 2033. This growth trajectory reflects the increasing penetration of EVs and ESS, leading to significantly higher lithium hydroxide demand. Key players like Sichuan Yahua Industrial Group, Zhejiang Yongzheng Lithium Battery, Ganfeng Lithium Group, and General Lithium Corporation are strategically investing in capacity expansions and technological innovations to capitalize on this market expansion. However, challenges remain, including price volatility associated with raw material costs and the potential for supply chain disruptions affecting the consistent availability of lithium hydroxide. Furthermore, environmental concerns related to lithium mining and processing must be addressed for sustainable market growth. The market segmentation will likely focus on battery grade versus industrial grade lithium hydroxide, with battery-grade dominating. Regional variations in growth will depend on factors such as EV adoption rates, government policies, and the presence of established battery manufacturing hubs. North America and Europe are expected to be strong growth regions, followed by Asia, where production and demand are heavily concentrated. The forecast period from 2025-2033 anticipates significant expansion, driven by anticipated growth in EV sales and investments in renewable energy infrastructure worldwide. Companies are responding by optimizing production methods, investing in new technologies to enhance efficiency, and exploring alternative lithium sources to address both supply and cost pressures. Competition will intensify as more players enter the market, spurring innovation and potentially lowering prices for consumers.

Explore the Lithium Hydroxide Market with insights on demand, volume, price range, and industry outlook. Get a comprehensive analysis of key trends, applications, and future forecasts from 2018 to 2034.

The lithium hydroxide market for batteries is experiencing explosive growth, driven by the surging demand for electric vehicles (EVs) and energy storage systems (ESS). The market, currently valued at $10.96 billion in 2025, is projected to expand at a Compound Annual Growth Rate (CAGR) of 36.2% from 2025 to 2033. This rapid expansion is fueled by several key factors. Firstly, government regulations worldwide are increasingly incentivizing EV adoption and renewable energy integration, leading to a significant increase in lithium-ion battery production. Secondly, advancements in battery technology are enhancing energy density and lifespan, further boosting demand. Finally, the increasing affordability of EVs and ESS is making them accessible to a broader consumer base. Major players like Ganfeng Lithium, Albemarle, and SQM are strategically positioning themselves to capitalize on this growth, investing heavily in production capacity expansion and technological innovation. Competition is fierce, but the overall market outlook remains exceptionally positive. Despite the robust growth trajectory, the market faces some challenges. Supply chain disruptions, particularly concerning raw material availability and geopolitical factors impacting lithium sourcing, pose a significant risk. Furthermore, the price volatility of lithium, influenced by fluctuating supply and demand, can affect profitability and investment decisions. However, these challenges are anticipated to be mitigated by ongoing exploration activities aimed at securing new lithium resources, technological advancements in extraction and processing techniques, and the development of alternative battery chemistries. The market segmentation likely includes various battery types (e.g., LFP, NMC), applications (EVs, ESS, portable electronics), and geographical regions, each exhibiting different growth rates depending on factors such as EV adoption rates, government policies, and infrastructure development. The continuous innovation in battery technology and the increasing demand from diverse sectors make the future of the lithium hydroxide for battery market exceptionally promising in the coming decade.