Global Lithium Market to Reach US$ 7.28 Bn by 2026 : TMR
Albany, NY -- (SBWire) -- 02/28/2019 --Lithium Market – Snapshot
Lithium, which is a low-density metal is present in the earth's crust in the amount of 65 ppm (parts per million). Lithium takes part in reactions with both organic and inorganic reactants. Lithium is usually found in the form of compounds with other minerals, usually in igneous rock or brine pools. High-energy density is the unique feature of lithium and due to this property, lithium can store a significant amount of energy in a very limited space. Lithium is primarily used in applications such as energy storage, air treatment, greases and lubricants, and glasses and ceramics. Examples of lithium applications include batteries (smartphone batteries), ceramics and glasses (fire-viewing windows for fireplaces), lithium soaps (lubricating greases), and air treatment (air-conditioners).
The global lithium market was valued at US$ 2,983.59 Mn in 2017 and is anticipated to expand at a CAGR of 10.7% from 2018 to 2026, according to a new report titled 'Lithium Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,' published by Transparency Market Research (TMR). The global lithium market is driven by rise in the demand for electric vehicles. Asia Pacific accounts for a major share of the global lithium market.
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Increase in demand for lithium for its use in electric vehicles to fuel the lithium market
Increase in sales of electric vehicles including hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs) and pure battery electric vehicles (BEVs) is anticipated to fuel the demand for lithium batteries and thereby, lithium during the forecast period. Low weight and high energy density are major properties of lithium responsible for its use in battery applications. Increase in government funding for research and development activities for energy storage applications is likely to augment the demand for lithium in the next few years. The U.S. government has granted US$ 2 Bn to accelerate the development and manufacture of next-generation electric vehicles. Increasing use of lithium in mobile phones, cordless power tools, laptops, and high-tech devices is anticipated to drive the global lithium market during the forecast period.
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Rapid industrialization and high degree of competition among established players
Key players profiled in the report include SQM, Albermarle Corporation, FMC Corporation, Talison Lithium, Tianqi Lithium Corporation, Jiangxi Gangfeng Lithium, Orocorbe Limited Pty Ltd, and Neometals. Manufacturers' strategy of expansion in developing economies is likely to strengthen their business operations as well as their position in the global lithium market in the next few years. Several manufacturers are engaged in the production of lithium in order to meet the demand from applications such as energy storage, glasses & ceramics, and greases & lubricants.
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