Global Lithium Market is most vigorously growing in China and is expected to lead the market with USD 535.63 million in revenue by 2025.
Lithium is a low-density metal which inhabits the earth’s crush and belongs to the alkali metal group. The highly flammable and reactive metal takes part in reactions with both organic and inorganic reactants. It is typically stored in mineral oil to avoid tarnish and corrosion. It is found as a part of the natural compound instead of elemental form due to its high reactiveness. Its high-energy density feature allows it to store substantial amounts of energy in limited storage.
Lithium is being used in several applications such as lithium-ion batteries, lubricant grease, glass and ceramics, nuclear fusion applications, metallurgy, and air treatments. It is also used in medical applications as a mood stabilizer medication for bipolar disorder in the form of lithium carbonate.
The global lithium market has been categorized into several applications including battery applications, chemical applications, glass and ceramics, and specialty applications. In 2018, the battery application was valued at the highest revenue outcome and is expected to report USD 1,369.32 million revenue by 2025 with a 160.78 kilotons sales volume. Lithium-ion batteries are being used in several applications, including telecommunications devices and consumer electronics. The surge in battery use has been led by electric vehicles, cell phones, laptops, tablets, e-bikes, and other electronic devices, which are also expected to steer market growth during the forecast period.
In terms of product types, the market has been segmented into metal and alloys, Chloride, carbonate, hydroxide, and concentrate. Lithium carbonate is one of the most consumed segments, however, lithium hydroxide surpassing it in terms of market share, as hydroxide’s performance in Li-Ion cathode applications boosted the growth of this segment. In the global lithium market, the carbonate segment was valued at USD 671.78 million in 2018 and anticipated to reach USD 1,386.55 million by 2025.
Rapidly increasing production of electric vehicles has been led by considerably surging demand for lithium. A number of developed economies intentionally emphasizing electric and hybrid vehicle production. Growing competition intensity among EV manufacturers is also boosting growth in the global lithium market. The market is also witnessing increasing demand in the medical and pharmaceutical industries. Alkyl lithium is largely being used in drugs and agricultural chemical manufacturing as a synthetic agent.
Whereas, the market is expected to face crucial challenges during the forecast period as the worldwide mining industry is confronting threats from government restrictions and lithium projects are certainly not exceptional.
The global lithium market is being dominated by a number of organizations who have been performing in the market to satisfy the worldwide demand for lithium. The leading market players include Albemarle, Altura Mining Limited, FMC, Critical Elements Corporation, Galaxy Resources Limited, Liangxi Ganfeng Lithium Co. Ltd, Lithium Americas, Sichuan Tianqi Lithium Industries, and SQM.
The global lithium market report heavily emphasizes:
- Extensive evaluation of contemporary market trends to determine forthcoming opportunities and challenges in the market.
- Intact analysis of leading market players that helps to identify their strengths and weaknesses.
- Detailed competitive landscape and acumen to gain competitive advantages.
- Study of market dynamics, driving factors, restraints, potential, and market scope.
- Sweeping exploration of the historical market status and authentic forecast estimations up to 2025.
- Precise segment details focusing on product types, applications, end-users, and regional analysis.
- Elaboration on lithium production processes, pricing structure, and value chain.
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