Lithium Market Size by Company Profiles, Product Picture, Specification

Posted by asmita rai on April 21st, 2021

 LithiumMarket Analysis

The global lithium market has been segmented based on product type and application. By product type, the global market has been divided into lithium hydroxide, lithium carbonate, lithium chloride, butyllithium, lithium metal, and others. Lithium carbonate with its application in battery materials, glass, frits, aluminum, cc powder, and construction adhesives, held a major share of over 30% of the market, in 2018, and is expected to follow the same trend during the forecast period.

Lithium carbonate and its inorganic derivatives such as lithium bromide, lithium fluoride, and lithium nitrate are majorly used in the manufacturing of lithium batteries and production of pharmaceuticals. The increase in the demand for electric vehicles coupled with stringent government norms regarding carbon emission in the automotive industry is expected to boost the market growth during the forecast period.

Additionally, lithium hydroxide (LiOH), in 2018 accounted for the second-largest share due to its varied properties such as high resistance to a wide range of temperature and water. These properties of LiOH have increased its application in general purpose grease, ceramics, and Portland cement. LiOH also finds application in gas purification system; it helps to remove carbon dioxide and produce lithium carbonate and water. Some of the major applications of lithium hydroxide as gas purifier are in submarines, rebreathers, and space-shuttles.

Top Key Players

Some of the key players operating in the global lithium market are Albemarle Corporation (US), SQM S.A. (Chile), Livent (US), Altura Mining (Australia), Orocobre Limited Pty Ltd (Australia), Jiangxi Ganfeng Lithium Co. Ltd (China), Tianqi Lithium Industries Inc. (China), Critical Elements Corporation (Canada), Lithium Americas Corp. (Canada), and Sayona Mining Limited (Australia).

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Report :  https://www.marketresearchfuture.com/reports/lithium-market-8030

Regional Analysis

The global lithium market report has been studied across five key regions, namely Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa. Based on market value share, Europe is estimated to hold over 30% of the global lithium market share and is expected to continue the dominance throughout the forecast period owing to the growth in manufacturing of electric vehicles. Also, major countries in Europe such as Norway, Sweden, Belgium, and Iceland together are expected to account over one-third share of the regional market.

Asia-Pacific is expected to exhibit the highest CAGR during the forecast period, due to the growing demand for battery-powered vehicles across China and South-East Asian countries. For instance, the Chinese government has strategized to adopt 20% of electric vehicles by 2020.

 Additionally, Tianqi Lithium Corporation and Albemarle Corporation have collaborated to increase the production of lithium from the Greenbushes spodumene mine of Australia.

In North America, the increase in demand for lithium in pharmaceuticals and agricultural chemicals is expected to boost the demand for lithium in the region. The application of fermentation chemicals in adhesives and greases processes coupled to its application in the construction sector is expected to propel the demand for lithium in the Middle East & Africa during the forecast period.