ID: MRFR/CnM/2604-CR | September 2019 | Region: Global | 156 pages
Owing to the increase in demand for lithium derivative, the Lithium Derivatives Market is expected to record a CAGR of 6% during the forecast year.
COVID 19 Analysis
The lithium derivatives market demand will experience a downward curve owing to the widespread curve of the Coronavirus pandemic. The market will witness a negative impact. However, the key players in the industry are leveraging the latest technologies and adapting strategic plans to move ahead and achieve more stability.
The leading players in the lithium derivatives market are building resilience strategies and conceptualizing scenario-based planning to handle the COVID-19 analysis and mitigate the crisis situation. The industry is increasingly adopting appropriate mitigation approaches and still stands optimistic about the growth during the forecast year. The progressive steps taken by the government and the introduction of vaccinations for containing the novel Coronavirus will further positively impact the lithium derivatives market demand and accelerate its growth.
As per the lithium derivatives market forecast report, the key players of the industry are Albemarle Corporation (US), FMC Corporation (US), SQM SA (Chile), Tianqi Lithium (Australia), Ganfeng Lithium Co., Ltd. (China), General Lithium (Haimen) Corporation (China), and ZHONGHE Co., Ltd (China).
Albemarle Corporation (US) is a prominent player in the industry that operates in various business segments such as Bromine specialties, Lithium, and Catalysts. The company also deals in lithium and lithium derivatives.
Lithium is the lightest metal present in the periodic table. It is a soft, and highly reactive metal that is extracted mainly from two sources, including salt lake brines and spodumene. Other mineral ore sources used for the extraction of lithium are lepidolite and petalite. The lithium derivatives like lithium hydroxide, lithium chloride, and lithium carbonate find wide use for different energy storage purposes. The derivates also find applications in batteries. Thus, it contributes significantly towards the lithium derivatives market growth. Historically, the lithium derivatives market size has experienced impeccable growth and is expected to grow even more during the forecast year.
This report focuses on the overall lithium derivatives market growth and sheds light on the different market drivers and opportunities that are likely to accelerate the revenues of the industry by 2027. Additionally, the report classifies the global lithium derivative market by manufacturers, type, application, and region. It also constitutes the restraints that will have a negative impact on the growth of the industry. This report provides a view of competitive analysis and other vital information of the global market.
The rise in demand for ceramic and glass production and the introduction of electric vehicles are some of the most significant driving factors for the market growth. Moreover, the extensive demand for portable consumer electronic devices such as cell phones, laptops, and cameras will contribute greatly towards the increase of the lithium derivatives market share during the forecast period. The increase in the application of lithium derivatives in aluminum smelting will further propel the growth of the global market. The global market of lithium derivatives is anticipated to witness impeccable growth in the coming years.
Spodumene or lithium aluminum inosilicate is a popular lithium derivative that is used in ceramic and glass production. The growing demand for perfectly finished ceramic products and the need to reduce energy consumption is increasing the use of lithium derivatives in ceramic and glass production.
The lithium derivatives market analysis shows ample growth opportunities for the key players in the industry. The increase in the preference of including lightweight lithium-ion batteries in electronic vehicles is a lucrative growth opportunity for the market players. The use of lithium batteries will result in the production of fuel-efficient vehicles and serve as an alternative solution to the ever-growing fuel price.
The ability of the lithium derivatives to increase the efficiency of the aluminum smelting process is another significant opportunity for the market players.
The high initial cost involved is one of the most significant restraint factors that negatively impact the growth of the global lithium derivative market. The availability of different substitutes such as redox flow batteries, bioelectrochemical batteries, and hydrogen fuel cells is another restraint that is likely to hinder the expansion of lithium derivatives market share during the forecast year. Lack of experienced professionals in various lithium extraction activities will further have a negative impact on the overall market growth.
The major players in the global market are adopting various approaches in order to lower the initial costs and handle the situation. With more cost-effectiveness, the demand for the lithium derivative market is anticipated to grow during the forecast year.
The major challenge experienced by the global lithium derivative market is the adverse impact of the COVID-19 pandemic. Owing to the lower production rate of different industries that uses lithium derivatives, the global market was significantly affected.
However, with the emergence of vaccination and effective steps taken by the governments, situations are getting normal. The production of ceramic and glasses are also increasing. Thus, the market players will gradually have to increase their supply of lithium derivatives and meet the demands of the global market.
The global lithium derivative market is expected to grow by a CAGR of 6% by the year 2027. The market revenue will significantly increase during the forecast period.
The lithium derivatives market analysis reflects that the key players of the global market are continuously putting in efforts to increase the market growth. The collective efforts of the major players will have a positive impact on the market.
By type, the global lithium derivative market is segmented into lithium carbonate, lithium hydroxide, lithium metal, lithium concentrated, butyl lithium, lithium chloride, and others.
Lithium carbonate occupies the largest share in the global market owing to its increasing use in batteries. Lithium hydroxide occupies the second largest share after lithium carbonate.
Based on application, the global lithium derivative market is divided into batteries, lubricating greases, glass and ceramic, aluminum smelting, air treatment, metallurgic, and polymer. The batteries segment occupies the largest share in the global market.
The use of lithium batteries in electronic vehicles and the increasing adoption of different consumer portable vehicles account for the growing demand for lithium batteries. The application segment of glass and ceramic is expected to grow rapidly during the forecast year owing to its ability to provide enhanced finish to the products.
Geographical Analysis of Global Lithium Derivatives Market
The report on the lithium derivatives market uses various factors to study the growth of the market in different geographical regions. Based on region, the global market of lithium derivatives is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The Asia Pacific region accounts for the largest share in the global market owing to the rapid expansion of the electronics industry in the region. The increase in the use of electronic vehicles in developing countries like China will further propel the growth of the Asia Pacific market.
The European market is anticipated to significantly grow during the forecast year due to the rapid growth of electronic vehicles and the growing demand for lithium batteries in the region. Russia, Germany, and France are the main countries that contribute significantly towards the growth of the market region. The market regions of the Middle East & Africa, and Latin America are expected to experience healthy growth during the forecast year due to the rapid expansion of electronic industries. The lithium derivatives market prices are likely to grow in different regions during the forecast year.
As per the lithium derivatives market forecast report, the recent developments include:
The report overview is as follows:
The report highlights the significant growth factors of the global lithium derivative market. It sheds light on the market potential during the forecast year.
|Market Size||2027: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Albemarle Corporation (US), FMC Corporation (US), SQM SA (Chile), Tianqi Lithium (Australia), Ganfeng Lithium Co., Ltd. (China), General Lithium (Haimen) Corporation (China), and ZHONGHE Co., Ltd (China)|
|Key Market Opportunities||The increase in the preference of including lightweight lithium-ion batteries in electronic vehicles|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Asia Pacific region account for the largest share due to the rapid growth of electronics industry.
The global lithium derivatives market is divided based on type, application, and geographical region.
The rapid growth of the global lithium derivatives market is attributed to increase in the EV production.