Rising installation of energy storage owing to store power generated from renewable sources will stimulate the global Lithium Compound industry
The global Lithium Compound market size is projected to reach over USD 9 billion by 2025. Lithium is an alkali metal that is generally present among the soil, human body, animals, and plants. It is a light weight metal with less density when compared to other elements. The lithium compounds, primarily find its application in rechargeable and non-rechargeable batteries. The lithium is primarily used across glass & ceramics, Li-ion batteries, healthcare, and lubricant industry. Its battery utilization finds application across a broad range of sectors including laptop, cellular devices, electric vehicle, and power generation storage including others.
The positive government outlook toward promotion of electric vehicle and solar energy owing to rising environmental concerns is driving the industry upsurge. The rising inclination toward information technology and digitization has shifted consumer lifestyle toward electronic devices, which in turn is further escalating the industry upsurge. The key advantage of the battery is its higher energy density and lighter weight when compared to the other available alternatives which in turn will catapult the industry upsurge over the forecast timeline.
The report also throws light on various aspects of the global Lithium Compound industry by assessing the market using value chain analysis. The report covers several qualitative aspects of the Lithium Compound industry in market drivers, market restraints and key industry trends. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local vendors.
The Lithium Compound market holds a strong competition among the well-established and new emerging players. These market players target to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.
The Lithium Compound market is categorized into Li-Ion batteries, medical, glass & ceramics, lubricants, metallurgy, polymers, and others on the basis of end use. The lithium ion segment is expected to expand at a growth rate of around 20% over the forecast period on account of its rising demand of batteries. Further, growing demand from automobile, energy storage, and consumer electronics component are expected to catapult the segment growth over the forecast timeframe.
Europe is poised to experience a substantial upsurge in the coming years. Rising concern associated with environmental changes leading to the adoption of electric vehicle and solar and wind energy storage is contributing toward industrial upsurge where these systems utilize battery to store energy. Supportive measures by the government to favor the promotion of these units will in turn positively impact the business landscape. In addition, ongoing innovation activities by the industry players to improve battery capabilities and improve the charging rate will further drive the product demand.
The major players operating across the global Lithium Compound market include Livent Corporation, Albemarle Corporation, Tianqi Lithium Industries, Ganfeng Lithium Company Limited, Nemaska Lithium Inc., Bacanora Lithium, Lithium America, Galaxy Resources Limited. The industry for lithium compound is integrated with the participation of established global players across the globe. In addition, these companies are focusing on expanding their footprint through implementation of inorganic as well as organic strategies which in turn is proliferating the business outlook.
Segment overview of Lithium Compound market
- Derivative Overview, 2018-2025, (USD Million and kilotons)
- Lithium Carbonate
- Lithium Hydroxide
- Lithium Metal
- Butyl Lithium
- Lithium Concentrate
- Lithium Chloride
- End Use Overview, 2018-2025, (USD Million and kilotons)
- Li-Ion Batteries
- Glass & ceramics
- Industry Vertical Overview, 2018-2025, (USD Million and kilotons)
- Aerospace & Defense
- Regional Overview, 2018-2025, (USD Million and kilotons)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
- North America