Pune, India -- (SBWIRE) -- 03/21/2019 -- The Lithium Market's segment market shares in each geographic region are mentioned in the report, along with the historic and forecast growth rates. Each segment represented visually with supporting reasons to justify the growth rates. IGR's report also covers drivers and restraints in the lithium market.

Infinium Global Research's report covers the annual growth of the Global lithium market. It also includes chapters on the Global lithium industry trends, geographic analysis, and competitive landscape.

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The report also includes a SWOT analysis to present the indicators of strength, weakness, prospects, and risk of the market until the completion of the projection period in 2024.

Lithium Market: Industry Insight

Lithium is a silvery-white alkali metal that used in the numerous applications including Battery, ceramics and glass, lubricating greases, drugs manufacturing, the production of high-performance aircraft materials and many others. Thus, Lithium is considered as the most important commodity of the 21st century. Lithium has a high calorific capacity, low viscosity, and density, huge temperature interval in the liquid state and other significant properties.

Lithium Market: Market Insight

According to the U.S. Geological Survey (USGS), 46% of the total produced lithium is used in the formation of batteries. The high adaption of lithium in the formation of batteries is the primary factor that drives the growth of the lithium market worldwide. The demand for lithium-based batteries is rising rapidly in the automotive, consumer electronics and power generation industries that in turn fuel the growth of the lithium market. Furthermore, the growing used of lithium in the production of anti-depressant is contributing to the growth of the lithium market. The lithium is vastly used in the high-performance aircraft materials. The lithium-based batteries are rapidly used as a primary power source for aircraft. Thus, these factors are anticipated to escalate the growth of lithium market in the near future. Moreover, the growing use of hybrid and electric vehicles are projected to create several growth opportunities in the lithium market over the forecast period.

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Lithium Market: Segmentation

The Global Lithium Market is Segmented As Type, Application, and End User

In terms of types, the market is further categorized as alloy, metal, and compound. The lithium alloys along with aluminum used in the various applications aerospace, automotive, chemical and others. The lightweight advantage provided by the lithium alloys is expected to fuel the growth of lithium in the aerospace industry.

Based on the end users the lithium market is sub-marketed as consumer electronics, healthcare, pharmaceuticals, chemicals, energy and infrastructure, and others. Among these end users, consumer electronics holds a significant share in the lithium market. By applications, the market is categorized into aluminum smelting & alloy, air treatment, battery, glass and ceramics, lubricant, metallurgy (iron & steel castings), medical, and polymer. Among these, the battery is a major application in the of lithium ion. The lithium-ion batteries are massively used in the hybrid and electric vehicles, energy storage systems, and high-drain portable electronics. Thus, the high adoption of lithium-ion batteries in these applications drives the growth of the lithium market.

Lithium Market: Regional

Among the geographies, Asia Pacific is the largest and the fastest growing region in the lithium market. The rapidly growing consumer and the automotive sectors are driving the growth of the lithium market in the Asia Pacific. In addition, the growing demand for lithium from various industry verticals is projected to create numerous opportunities in this market in the near future.

Lithium Market: Competitive Analysis

The key companies described in the report include Albemarle Corporation, Avalon Advanced Materials, Lithium Americas Corp, Critical Elements Corporation, Nemaska Lithium, Neometals Ltd, Sayona Mining Limited, Orocobre Limited Pty Ltd, Ganfeng Lithium Co., Ltd., and Galaxy Resources Limited.

New product launch is key expansion strategies adopted by the major and prominent players to expand their product portfolio. It helps them to expand their business across other industry verticals. In February 2019, Siemens launched Junelight Smart Battery, lithium-ion battery-based energy storage systems for private households, aimed primarily at maximizing the use and integration of onsite-generated solar energy, dubbed 'self-consumption' in many markets.

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