Global lithium market was valued US$ XX Bn in 2018 and is anticipated to reach US$ XX Bn by 2026 at a CAGR of XX% during the forecast period.
Lithium is among the most plentiful elements. With the production and demand for hybrid and electric vehicles, energy storage systems, and high-drain portable electronic the market is anticipated to grow exponentially. The rapid expansion of the lithium-ion battery industry and the discovery of new application area are the opportunities for the market. The huge gap between demand and supply poses a major challenge for the lithium market. Miniaturization of electronic devices, extended the range of electronic devices, high-power electronic devices, the exponential growth of transportation, renewable energy concepts, smart grid & energy storage, less energy and water and fewer chemicals & simpler processes.
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Lithium is most widely consumed in the form of lithium carbonate, a the compound has application in a wide range of end users like including glass, ceramics, and batteries. However, lithium carbonate is about to lose its market share to lithium hydroxide, which is favoured by its superior performance in Li-Ion cathode applications. Large volumes of lithium metal are also consumed in the form of mineral concentrates, which find applications in the production of ceramics, glass, and metal castings.
Energy storage segment to dominate the lithium market through the forecast period. Energy storage segment includes portable electronic devices, hybrid vehicles, battery electric vehicles, and power storage. Energy storage segment is likely to witness a growth of nearly 34.5% owing to increased penetration of electronic devices, exponential growth in the battery based transportation, the rising popularity of smart grids, and growing demand from hybrid and battery electric vehicles. Growth of electric vehicles is expected to increase by nearly 9 million units thereby propelling the lithium market growth. Lithium is also witnessing an increase in the demand in the medical and pharmaceutical industries. Lithium helps reduce mental disorders such as schizoaffective disorder and cyclic major depression. Lithium is used for the synthesis of drugs and agricultural chemicals, while its derivatives are used as a synthetic agent.
North America is projected to exhibit the fastest gains in lithium demand, buoyed by strong growth in the production of Li-Ion batteries in the US. Li-Ion battery output is also forecast to expand in Europe, mainly in Germany. Europe is expected to witness steady growth owing to increased adoption of hybrid and battery electric vehicles. Asia Pacific region to experience the fastest gains in demand during the forecast period. China dominates the global lithium market attributed to the country’s immense output of goods manufactured with lithium which includes batteries, glass, grease, air conditioning equipment, and synthetic rubber. The reserves are largely concentrated in countries, such as Argentina, Chile, Australia, and China. Wherein Argentina, Chile, and Australia accounted for nearly 89% of the global production.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Lithium market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to emerging segment in the Lithium market.
Scope of the Global Lithium Market
Global Lithium Market, by Product:
• Lithium Carbonate
• Lithium Hydroxide
• Lithium Chloride
Global Lithium Market, by Application:
• Energy Storage
o Consumer Electronics
o Grid Storage
• Air Treatment
• Greases and Lubricants
• Glasses and Ceramics
Global Lithium Market, by Region:
• North America
• South America
• Middle East & Africa
• Asia Pacific
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