Global Lithium Market: Information by Product Type (Lithium Hydroxide, Lithium Carbonate, Lithium Chloride, Butyllithium, Lithium Metal and others), Application (Energy Storage, Greases, Frits, Glasses and Ceramics, Air Treatment, Adhesives and others) and Region (North America, Europe, Latin America, Asia-Pacific and Middle East & Africa) – Forecast till 2024
Competitive Analysis
The key players operating in the global lithium industry are SQM S.A. (Chile), Sayona Mining Limited (Australia), Albemarle Corporation (US), Livent (US), Orocobre Limited Pty Ltd (Australia), Altura Mining (Australia), Jiangxi Ganfeng Lithium Co. Ltd (China), Critical Elements Corporation (Canada), Tianqi Lithium Industries Inc. (China), and Lithium Americas Corp (Canada).
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Market Summary
The Global Lithium Market demand stood at USD 3.62 billion in 2018 and is projected to exhibit a CAGR of over 10.6% during the forecast period, owing to the increasing application of lithium-ion batteries in electric vehicles, portable consumer electronic equipment, and grid management across the globe. Additionally, the demand for lithium is increasing with the growing adoption of glasses, ceramics, and dyes, which is expected to propel the growth of the market during the forecast period.
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.
Segment Analysis
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.
Based on application, the global lithium market outlook has been segmented into energy storage, greases, frits, glasses and ceramics, air treatment, adhesives, and others. The energy storage segment accounted for the largest market share and is expected to maintain its dominance throughout the forecast period.
The growth is attributed to the rise in concern among government bodies and other agencies regarding the issue of global warming and expanding carbon footprint in the atmosphere. The restrictions imposed by various government bodies such as the United States Environmental Protection Agency (EPA), European Commission (EC), and United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) to restrict greenhouse carbon emission in automotive industry and implementation of electric vehicles into mass production are expected to fuel the growth of the lithium market during the forecast period. Lithium, with its high-energy density and rechargeable batteries, has been able to capture a major share of the automotive and electronics market.
Target Audiences:
- Lithium manufacturers
- Raw material suppliers
- Distributors and suppliers of lithium
- Potential investors
- Research institutes
- Government bodies
Table Of Contents
1 Executive Summary
2 Market Introduction
2.1 Market Definition
2.2 Scope Of The Study
2.3 List Of Assumptions
2.4 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
4 Market Dynamics Of Global Lithium Market
4.1 Introduction
4.2 Drivers
4.3 Restraints
4.4 Opportunities
4.5 Challenges
4.6 Trends/Technology
5 Market Factor Analysis Of Global Lithium Market
5.1 Supply Chain Analysis
5.1.1 Raw Material Suppliers
5.1.2 Manufacturers/Producers
5.1.3 Distributors/Retailers/Wholesalers/E-Commerce
5.1.4 End User
5.2 Porter’s Five Forces Analysis
5.2.1 Threat Of New Entrants
5.2.2 Bargaining Power Of Buyers
5.2.3 Bargaining Power Of Suppliers
5.2.4 Threat Of Substitutes
5.2.5 Intensity Of Competitive Rivalry
5.2 Pricing Analysis
6. Global Lithium Market, By Product Type
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