Pune, India -- (SBWIRE) -- 04/12/2018 -- Key Findings

Global Lithium Derivative Market is projected to reach USD 2,074.2 million by 2023 with 5.80% CAGR during review period of 2017-2023. Regionally, Asia-Pacific accounted for the largest share by being the largest producer in the global market. Moreover, the region dominated the market, accounting for nearly 53% shares, followed by North America and Europe. Asia Pacific is projected be the fastest growing region in Lithium Derivative Market growing at CAGR of 5.89% in terms of value and reach USD 1,103 million by 2023. Furthermore, by type lithium carbonate is the most promising segment and accounted over 50% market share due its use in rechargeable batteries. Based on the applications, market is segmented into batteries, lubricants, medicals, metallurgic, glass & ceramic, aluminum smelting & alloys, polymers, and others. Among all rechargeable batteries is the biggest segment with a market share of more than 41%. On the other hand, the global market is dominated by key players including FMC Corporation, Albemarle Corporation, SQM, Sichuan Tianqi Lithium Industries, and others.

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Regional Analysis

As per the MRFR analysis, global lithium derivative market is dominated by Asia Pacific followed by North America and Europe. Asia Pacific is the largest region in terms of value and volume and has occupied 53% of the global market shares as of 2016. China drive Asia Pacific lithium derivatives market by producing majority of lithium-ion batteries due to emergence of electric vehicle. Moreover, the country has huge automotive manufacturing base which has contributed driving demand for lithium derivative substantially. Other than that, economic growth, proximity to cheap labors and presence of numerous small scale lithium derivative producers in this region are the important growth factors. North America is another attractive region for lithium derivatives, including major market U.S. and Canada. Presence of few leading players in this region such as Albemarle Corporation (U.S.) and FMC Corporation (U.S.) stimulated demand for lithium derivatives. Europe is a steady market for lithium derivatives and likely to grow relatively faster in the years to come due to greater adoption of electric vehicles.

Key Players:

FMC Corporation (US)
Albemarle Corporation (U.S.)
SQM (Chile)
Sichuan Tianqi Lithium Industries Inc. (China)
Jiangxi Ganfeng Lithium Co.Ltd. (China)
General Lithium (Haimen) Corporation, (Chian)
ZHONGHE CO., LTD (China)

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Segmentation

The Global Lithium Derivatives Market is majorly segmented on the basis derivatives types, applications and by regions. Based on derivative types global market has been segmented into lithium carbonate, lithium hydroxide, lithium concentrate, lithium metal, butyl lithium, lithium chloride, and others. Market segmentation based on application includes batteries, lubricants, medicals, metallurgic, glass and ceramic, aluminum smelting and alloys, polymers and others.