Market Research Future has a cooked research report on the Lithium Derivatives Market.
The Lithium Derivatives Market is projected to reach USD 2,074.2 million by 2025
Market Dynamics:
Factors such as the increasing production and sales of electric vehicles and the growing demand for portable white and brown goods are primarily driving the market growth worldwide. For instance, the consumer electronics association (CEA) in January 2018 predicted an increase of 3.95% in the consumer electronics sector over 2017 with a retail revenue of USD 351 billion.
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Moreover, in order to reduce energy consumption and improve the finishing of glass and ceramic products, lithium aluminum inosilicate (Spodumene) is widely used. Thus, the increasing demand for glass and ceramic products is additionally bolstering the growth of the global market.
The growing preferences for lightweight lithium ion batteries in EV’s to produce fuel-efficient vehicles is creating lucrative opportunities for the key players operating in lithium derivatives market. Furthermore, the emerging applications of lithium derivatives in aluminum smelting in order increase efficiency of the process is further expected to propel the growth of the global lithium derivatives market.
However, the high initial cost is expected to hinder the growth of lithium derivative market. Also, the presence of substitutes such as hydrogen fuel cells, redox flow batteries, and bioelectrochemical batteries are likely to limit the global market growth.
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.
Global Lithium Derivative Market, by Region 2016 (%)
Key Players:
The global lithium derivatives market includes key players including 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), and others
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.
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