The prime factor which is likely to be responsible for lepidolite market size in future is the strong product demand in jewelry industry. Rising per capita income coupled with drifting consumer preferences for products that offer luxury and status is likely to fuel the jewelry industry growth in the coming years,
Sellbyville, DE -- (SBWIRE) -- 01/14/2019 -- North America and Europe held a significant portion of the global lepidolite market size in 2016. This has been attributed to the abundant availability of lepidolite in these region and high per capita income of consumers. Furthermore, increasing demand for lithium polymer and ion batteries in automobile and aerospace applications is expected to offer immense growth opportunities for the lepidolite market size during the forecast span.
Asia Pacific shall witness substantial gains in the lepidolite market size in the coming years owing to the rapid industrialization and urbanization, which has propelled several consumer goods manufacturing industries including electronics, automobiles, etc. in the region. This has noticeably accelerated demand for lithium manufacturing which will subsequently have a positive impact on the overall lepidolite market size by 2024. The product is also found in Russia, Brazil and some African countries. High product demand for ornaments and jewelry in the Middle East owing to high per capita of consumers is a chief factor likely to influence lepidolite market size in the coming years.
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Global Lepidolite Market size is anticipated to witness a healthy CAGR during the forecast period. Lepidolite is mica mineral made of potassium, aluminum silicates and lithium. It is an ore of lithium which is usually violet colored, depending on the quantity of lithium present and traces of other elements.
The prime factor which is likely to be responsible for lepidolite market size in future is the strong product demand in jewelry industry. Rising per capita income coupled with drifting consumer preferences for products that offer luxury and status is likely to fuel the jewelry industry growth in the coming years, which will have a positive influence on lepidolite market size in the coming years. Moreover, increasing demand for consumer goods and for high efficacy & lightweight storage power supply across various applications including automotive, aerospace and electronics is expected to drive the product demand which in turn will have positive influence on the lepidolite market size over the forecast timespan.
The product is widely used in industrial applications on account of its thermal insulation characteristics. It is employed as a heat insulator in industrial sector. Rapid rise in industries and production units mainly in the emerging economies are anticipated to fuel the product demand which will subsequently help attain promising gains to lepidolite market size in the forecast spell. The product is also of significant use to geological and mineralogy research. Henceforth, advancements in geological research shall accelerate industry growth in the next few years.
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The only restraint associated with lepidolite market size is the variation in its composition from region to region. An ore with a little amount of lithium makes it unsuitable for lithium processing and extraction.
Based on application, the lepidolite market size can be classified into heat insulator, mineral specimen, lithium production, ornamental stone and other applications which includes alloys for aircraft parts, high-temperature lubricants, etc. Ornamental stones segment had a significant share of the global lepidolite market size in 2016. The product has a pearl like texture and is significantly preferred in jewelry industry owing to its vibrant appearance and color. Its demand in ornamental stones is also due to the belief of the product being a healing substance that brings prosperity and reduces stress. Lithium production is an important application segment on account of rising importance of lithium metal in batteries.
Based on end-user industry, the global lepidolite market is segmented into manufacturing industries, jewelry industry and mineralogy. The product is a precursor to lithium metal production. Lithium is used in manufacturing of lithium ion & lithium polymer batteries for mobile phones, laptops, hybrid cars and various other portable devices. Manufacturing segment constitutes a major chunk of the overall business size which is attributed to surge in demand for lithium in aerospace, electronics and automotive applications. The jewelry industry also holds a prominent share of lepidolite market size due to excellent product properties including luster, attractiveness and vibrant color.
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Some of the major market share contributors are Hallgarten and Company, SVS Chemical, Hangzhou J&H Chemical Company Limited, Lithium Australia NL and Univar. Other companies include Cristian Group, Triveni Interchem Private Limited, Coger, Novachim Trading Srl and Mc Chemical Company Limited. Most of these companies are making substantial investment to R&D to expand its product portfolio for retention of existing customers and new customers acquisition.