Synopsis of Lithium Derivatives Market:
Lithium (CAS NO. 7439-93-2) is the lightest metal in the periodic table which is extracted from two sources, including spodumene and salt lake brines and then process manufactured into its derivatives. Lithium derivatives are highly reactive and broadly classified into lithium carbonate, lithium hydroxide, lithium concentrated, lithium chloride, lithium metal, butyl lithium, and others. Lithium ions have massive capacity to store energy which makes them favorable for use in the rechargeable batteries and grid connected storage. Other than that, they exhibit properties such as viscosity glass modifiers in the glass melts, high coefficient of thermal expansion, and higher electrochemical potential as compared to other catalytic metal.
According to the MRFR analysis, Global Lithium Derivatives Market is projected to reach USD 2,074.2 million by 2023, growing at healthy CAGR of 5.80%. Factors such as the emergence of the electric vehicles, growing demand for portable devices, and increasing glass and ceramic production considered as major growth drivers. China, especially emerged as a key market, thereby generating robust demand for electric vehicles in which lithium ion batteries are largely preferred. Furthermore, consumer electronics industry is on the rise on account of high adoption of portable devices and significantly driving demand for lithium derivatives. On the other hand, growth in this market is hampered by high initial investment cost. Additionally, lack of lithium expertise manpower in the lithium extraction activities led to failure of the lithium startup by having a negative impact on the global growth. Nevertheless, this market will be having several growth prospects in the years to come due to emerging applications of lithium derivative in grid connected storage as well as aluminum smelting.
Over the years the Lithium Derivatives Market has witnessed progressive growth. Since the emergence of electric vehicles have been strongly adopted, it has uncovered massive growth opportunities. Lithium ions have huge capacity to store energy due to which they are used in energy storage and power technology. Consequently, emerging applications in the electricity sector in order to bridge gap between demand and supply has created a vast scope for lithium derivatives. The trend of electric vehicles projected to continue over the forecast period while mounting robust demand for Lithium Derivatives.
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Regionally, Asia Pacific is the key consumer as well as the largest market for lithium derivatives. The region accounted 53% of global market shares as of 2016 and is likely to retain its dominance throughout the forecasted period. China accounted for almost half of the regional market in terms of value in 2016 by generating by generating revenue of USD 224.1 million. Moreover, demand for electric vehicles, flourishing automotive industry, increasing consumer electronic manufacturing, growing industrialization and, proximity to cheap labors are the major growth driving factors in this region. Asia Pacific represents high growth in the automotive industry by producing largest commercial and consumer vehicles. This in turn has generated vast demand for electric vehicles as well as lithium ion-batteries, and considered major driver. Moreover, consumer electronics manufacturing in this region is on the rise which includes portables devices and it is anticipated to grow significantly by complementing regional growth. Apart from this, economic development in emerging economies, including India, Japan, and South Korea coupled with growing industrialization substantially contributed in the regional growth.
Following Asia Pacific, North America is the second largest market for Lithium Derivatives growing significantly over the years. The region is witnessing additional demand for these derivatives by having major players such as Albemarle Corporation and FMC Corporation. Consequently, the region will progress in the regional shares in the years to come. U.S. and Mexico collectively drives the North American lithium derivative market on account of increasing lithium mining projects. Europe is a developing region, including emerging markets such as Germany, Spain, UK, and Netherland. Wherein, glass and ceramic industries have historically been the biggest consumers of lithium in Europe, thereby driving robust demand for its derivatives. The region is comprised of numerous car manufacturers, which are further launching models that integrate lithium ion battery technology, which is expected to surge demand for Lithium Derivatives. Driven by increasing mining projects in Argentina led Latina America to show progressive growth over the past few years. This trend is expected to continue over the forecast period and drive regional growth.
The Global Lithium Derivatives Market is majorly segmented on the basis derivatives types, applications and by regions. Market segmentation based on type of derivative includes lithium carbonate, lithium hydroxide, lithium concentrate, lithium metal, butyl lithium, lithium chloride, and others. Wherein, lithium carbonate is the most promising segment and accounted for almost half of the market in 2016. Lithium carbonates are highly favoured in the manufacturing of rechargeable batteries which have made them to grow at healthy CAGR of 5.81%, Moreover, lithium hydroxide is another promising segment which has extracted economically. Increasing usage of lithium hydroxide in energy storage likely to provide enhanced gains in the years to come.
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