Lithium Market Overview:
Lithium can be defined as a low-density metal that finds application in both inorganic and organic reactants. Lithium can be found with other compounds in brine pools and igneous rock. Its high density enables it to store substantial power within a very limited space. Its applications cover myriad sectors like ceramics, lithium soaps, fire-viewing windows for fireplaces, air-conditioners, lubricating greases, and batteries. Its use as power storage unit for portable electronic devices, smartphones, and electric vehicles can impact the market growth.
Market Research Future’s (MRFR’s) take on the global lithium market reveals a possibility of crossing USD 8.37 billion valuation by the end of 2024 with a CAGR of over 10.6%. One of the major market drivers is the electric vehicles that includes diverse types like pure battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hybrid electric vehicles (HEVs). It finds application as lithium bromide in absorption chillers for air conditioning. It can assist in dehumidification, air regeneration, and also, cooling process, which is bound to provide traction for growth.
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Lithium Market Segmentation:
The global market for lithium can be segmented into product type and application for a better understanding of the global market in the coming years. The segmentation includes various market details regarding factors and this segmentation is getting bolstered by volume-wise and value-wise data.
By product type, the global market for lithium can be segmented into lithium metal, lithium carbonate, lithium hydroxide, butyllithium, lithium chloride, and others.
By application, the market for lithium includes greases, energy storage, glasses & ceramics, frits, adhesives, air treatment, and others.
Lithium Market Regional Analysis:
The global lithium market for includes regions like APAC (Asia Pacific), North America, Latin America (LATAM), Europe, and the Middle East & Africa (MEA). These regions can be better analyzed with inputs from various demographic understandings.
Europe has the maximum market share and it covers almost 30% of the global market. This dominance would continue in the coming years as well. Countries like Sweden, Norway, Belgium, and Iceland have initiated the intake of battery cars to take on globalization, which would increase the rate of incorporation of lithium in the automotive sector. In addition, the regional infrastructure for automotive is showing substantial market growth due to which the market is expecting even higher growth. The APAC market has the potential to register the highest CAGR during the review period as several countries, including China, are expected to make great impact on the global market by having the necessary setup for electric vehicles. These initiatives by governments can influence the intake of electric vehicles market. Along with China, now India is all set to revamp their infrastructure to back up the regional market.
North America is expected to make substantial contribution in the sector with the US and Canada shoeing the way to make sure that the regional market gains high traction. Technological prowess is expected to make the market grow substantially in the coming years.
Lithium Market Competitive Landscape:
Several companies are impacting the market for lithium by initiating diverse market plans. These companies are SQM S.A. (Chile), Albemarle Corporation (US), Altura Mining (Australia), Livent (US), Jiangxi Ganfeng Lithium Co. Ltd (China), Orocobre Limited Pty Ltd (Australia), Lithium Americas Corp. (Canada), Critical Elements Corporation (Canada), Tianqi Lithium Industries Inc. (China), and Sayona Mining Limited (Australia). Market research Future (MRFR) covered all these companies for a better analysis of the report where their latest actions are recorded. The attempt is to assess the latest moves on the basis of their merits and how they can impact the global market in the coming years.
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