Global Lithium Market is anticipated to expand at a CAGR of 10.7%

Posted by mandar on March 24th, 2021

The global lithium market was valued at US$ 2,983.59 Mn in 2017 and is anticipated to expand at a CAGR of 10.7% from 2018 to 2026, according to a new report titled ‘Lithium Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published by Transparency Market Research (TMR). The global lithium market is driven by rise in the demand for electric vehicles. Asia Pacific accounts for a major share of the global lithium market.

Increase in demand for lithium for its use in electric vehicles to fuel the lithium market

Increase in sales of electric vehicles including hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs) and pure battery electric vehicles (BEVs) is anticipated to fuel the demand for lithium batteries and thereby, lithium during the forecast period. Low weight and high energy density are major properties of lithium responsible for its use in battery applications. Increase in government funding for research and development activities for energy storage applications is likely to augment the demand for lithium in the next few years. The U.S. government has granted US$ 2 Bn to accelerate the development and manufacture of next-generation electric vehicles. Increasing use of lithium in mobile phones, cordless power tools, laptops, and high-tech devices is anticipated to drive the global lithium market during the forecast period.

Request PDF brochure

https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=35285

Increase in demand for lithium for use in air-treatment applications to augment the global lithium market

Use of lithium in air treatment applications such as cooling, dehumidification, and air regeneration is on the rise. Rising use of absorption chillers in hospitals, shopping malls, and other institutional facilities is likely to drive the global lithium market in the near future, as lithium bromide is primarily used in these applications. Increasing use of lithium chloride for dehumidification is another factor driving the lithium market. Gelatin manufacturers, pharmaceutical companies, breweries, and hospitals employ typical installations wherein lithium is used for the dehumidification purpose. Demand for lithium for use in air regeneration is also increasing. Lithium is used for removal of carbon dioxide in space