Lithium Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)Posted by Statzy Market Research on April 21st, 2021 Considering to the pandemic scenario, electronic vehicles (EV) and devices manufacturing units were on temporary shutdown, which led to a decrease in the consumption of lithium batteries and lithium during the lockdown. But, as the lockdowns were lifted, the EV segment had picked up the pace to meet the target emission standards set by many countries, which will enhance the demand for lithium batteries, thus will stimulate the demand of lithium in the coming years. - On the flipside, the demand supply gap in the lithium market is expected to hinder the growth of the market. - Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period. - Lithium is used in high-energy density, rechargeable lithium-ion batteries, which power the batteries in full-electric, plug-in hybrid, and hybrid vehicles (EVs, PEV, and HEVs), respectively. Due to the growth in EV technology, as well as concerns over increased CO2 pollution from combustion engines and rising fuel costs, lithium has been put into widespread use in EV batteries. - The major regions in which the production of electric vehicles is prominent include the European countries, such as Norway, Iceland, Sweden, and Belgium, among others. Norway has accounted for about 48% of global new battery-electric vehicle sales in the first half of 2020. - In the year 2019, Norway has 384 thousand of electric and plug-in hybrid cars and reached about 490 thousand in 2020, with a growth rate of about 27.5%, which in turn stimulates the demand for lithium market in the coming years, due to the environment viable nature of electric vehicles, over other petrol/diesel-based cars in the automotive sector. - Lithium-ion battery used in electric vehicles has a rechargeable nature and commendable lifetime. Moreover, EVs can also use rapid charging points that can top up the batteries to 80% capacity in around 30 minutes. All the aforementioned factors have helped electric vehicles gain popularity. - Some of the major manufacturers of EV battery are Tesla, Nissan, General Motors, Volkswagen, and BMW, among others. - All the aforementioned factors are expected to drive the global lithium market, during the forecast period. - Chinese lithium-ion battery was valued at about USD 12.6 billion in the year 2018 and is estimated to reach about USD 23.15 billion by 2024, with a CAGR of 10.5%, which in turn stimulates the demand for lithium market. - China has salt lakes in Qinghai province, spodumene resources, a lithium source, mainly in Xinjiang and Sichuan provinces, and lepidolite in Jiangxi province. - The Indian lithium industry is expected to witness significant growth in the region, during the forecast period, after China. - The rise in technological developments and the increasing need for cleaner energy sources have brought Li-ion batteries on the forefront across various industries, as well as end-use sectors. - Japan is one of the prominent regions for the lithium battery market, along with China and Korea, occupying a 96% market share in terms of battery capacity shipments. The Japan lithium battery market was valued at USD 329 million in the year 2019, with a decline rate of about 8.5% compared to previous year, which in turn negatively impacts the demand of lithium. - Japan’s lithium metal consumption decreased, owing to the relocation of primary battery manufacturing plants from Japan to Indonesia. - Emerging economies are expected to increase the consumption of lithium in various end-use products. - Owing to the increasing population, increase in regional acceptance of solar thermal and solar electric technologies (renewable heat) in emerging countries, such as Pakistan, Bangladesh, Nepal, Sri Lanka, Cambodia, Laos, etc., are expected to increase the consumption of lithium in energy storage, in the coming years. - Therefore, the aforementioned factors are expected to show significant impact on the market in the coming years. For sample report please visit : https://www.statzyreports.com/report/sr496957/lithium-market Like it? Share it!More by this author |