Global Lithium Derivatives Market – Overview
Lithium Derivatives Market is surging exponentially mainly due to one of its type Lithium ions. Great capacity to store energy makes Lithium ions an ideal component for making rechargeable batteries and grid connected storage. Emergence of electric vehicles that run on Lithium batteries, consumer preference towards rechargeable batteries due to its high drain application coupled with the increased environmental and economic benefits these batteries provide are some of the driving forces increasing the uptake of Lithium batteries that eventually drive growth of Lithium Derivatives Market.
Simultaneously, other properties of Lithium Derivatives such as viscosity glass modifiers in the glass melts, high coefficient of thermal expansion, and higher electrochemical potential as compared to other catalytic metal; these derivatives find extensive application in manufacturing of lubricants, Glass & Ceramic items, Polymers and Aluminium Smelting & various alloys.
Attributing to the wide uptake & range of application industries; the market of Lithium Derivatives enjoys a great market traction on the global platform. Furthermore, contribution from the burgeoning consumer electronics industry owing to the consumer preference & adoption of portable devices coupled with the expanding uptake of electric vehicles. Factors as such are expected to provide impetus to the market growth during the review period.
Recognizing the potential of the market to grow further in the years to come, Market Research Future (MRFR) has published a detailed study report giving out the market forecast for the period 2017 – 2023. In its analysis, MRFR asserts that the global Lithium Derivatives Market is expected to reach up to USD 2,074.2 million by 2023 growing at 5.80% CAGR during review period of 2017-2023.
On the other hand, factors such as high initial investment cost & lack of expertise in the lithium extraction activities are expected to restrict the market growth during the assessment period.
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Industry/ Innovation/ Related News:
March 9, 2018 – Albemarle Corporation (US), a leading global producer of leader in the production of lithium and its derivatives, announced receiving of approval from CORFO (Chile’s Economic Development Agency) for increasing the company’s lithium quota consequently increasing its lithium production in Chile. According to the approval, Albemarle can increase its lithium production as much as 145,000 metric tons annually through 2043.
Worldwide Lithium Derivatives Market – Segments
Global Lithium Derivatives Market is segmented in to 3 Key dynamics for an easy grasp and enhanced understanding;
By Derivative Types: Comprises – Lithium Carbonate, Lithium Concentrate, Lithium Hydroxide, Lithium Metal, Lithium Chloride, Butyl Lithium, and others.
By Applications: Lubricants, Batteries, Medicals, Glass & Ceramic, Metallurgic, Alloys, Polymers and Aluminum Smelting and others.
By Regions: North America, Europe, APAC and Rest of the World.
Worldwide Lithium Derivatives Market – Regional Analysis
Asia Pacific accounted for the largest market for Lithium Derivatives which in 2016, occupied 53% of the global market shares. China, among other APAC countries, being the largest producer for the lithium-ion batteries for the electric vehicle. Other factors adding up to the china market growth include; economic growth, availability of low cost man power, presence of several small scale lithium derivative producers coupled with the presence of huge automotive manufacturing base.
On the other hand, North America is another lucrative market for lithium derivatives, owing to the presence of major markets players in US & Canada.
Europe market for lithium derivatives growing steadily, is likely to perceiver relatively a faster growth in the next 7 years attributing to the greater adoption of electric vehicles.
Albemarle Corporation (U.S.), FMC Corporation (US), SQM (Chile), Jiangxi Ganfeng Lithium Co.Ltd. (China), Sichuan Tianqi Lithium Industries Inc. (China) and General Lithium are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Lithium Derivatives Market.
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