Pune, India, Jan. 24, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™, the global lithium market size is projected to reach USD 8.24 billion by the end of 2027. The presence of several large scale companies in several countries across the world will emerge in favor of the growth of the global lithium market. Lithium is a chemical element that is present in natural substances such as rocks. The material is approved for use in several industry verticals, including chemical, electrical, healthcare, and automotive. Accounting to the exceptional properties of lithium, it has been excessively used in applications that require high efficiency as well as durability. The properties such as resistance to external factors and low cost of the product cater to flexible applications. The increasing applications and subsequently rising demand for the product across the world will bode well for the growth of the overall lithium market in the coming years.
Covid-19 Pandemic Proving Damaging for Lithium Manufacturing Sectors
The recent coronavirus outbreak has had a damaging impact on several businesses across the world, with SMEs amongst the categories the worst-hit sectors. As several businesses have come to a complete halt, it is evident that the measures taken to minimize the spread of the disease have ultimately affected several industries across the world.
The shortage of manual labor and workforce has been daunting to manufacturers in the lithium market in the past few months. Due to the lack of available laborers, production units have been put on hold. This has resulted in severe economic losses across the world. Having said that the resumptions in business operations, although within constrained boundaries, will provide hope to the companies that have hugely suffered at the hands of the pandemic.
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List of the Companies Profiled in the Global Lithium Market are:
- FMC Corporation (India)
- Albemarle Corporation (U.S.)
- SQM S.A. (Chile)
- Tianqi Lithium (Australia)
- International Lithium Corp. (China)
- LSC Lithium Corporation (Canada)
- American Lithium Corp. (Canada)
- Livent (U.S.)
- Avalon Advanced Materials (Canada)
- Sayona Mining Limited (Australia)
- Other Key Players
Accounting too Massive Potential for Growth, Companies turn to Strategic Collaborations
The report encompasses several factors that have contributed to the growth of the market in recent years. The rising demand for lithium and lithium derivatives have resulted in strong competition on the global stage. This makes it even more difficult for the companies that are essentially under the SME bracket. As a result, several mid-scale companies are looking to collaborate with other businesses in the mid-range as well as large scale sectors.
In August 2020, Cornish Lithium announced that it will be collaborating with Geothermal Engineering (GEL) for new lithium manufacturing plant. The companies will develop a geothermal Li recovery plant in Cornwall. This unit will deal with the extraction of Li for use in power storage batteries for electric vehicles. An increasing number of such initiatives will have a massive impact on the growth of the overall market in the coming years.
Segmentation:
By Product
- Carbonate
- Hydroxide
- Others
By Application
- Batteries
- Glass & Ceramics
- Lubricant
- Medical
- Polymers
- Metallurgy
By Geography
- North America
- By Product
- By Application
- By Country
- U.S.
- Canada
- Mexico
- Europe
- By Product
- By Application
- By Country
- Germany
- UK
- France
- Spain
- Rest of Europe
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https://www.fortunebusinessinsights.com/lithium-market-104052
Report Aim & Scope:
- An overview of the market based on geographical scope, segmentation and financial performance of key players is presented in the report.
- The report presents the estimated market size by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- The report presents current trends in the industry and future scope of the market in North America, Asia Pacific, Europe, Latin America and Europe.
- The various parameters accelerating the growth of the market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the market during the forecast period.
Key Industry Developments:
May 2020: Manikaran Power Limited announced that it has collaborated with Neo Metals towards developing the first lithium refinery in India. The refinery will have a capacity of 20,000 tons per annum LCE.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Joint Ventures, Collaboration, Partnerships, New Product Launches, and Mergers & Acquisitions
- Global Lithium Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product (Value/Volume)
- Carbonate
- Hydroxide
- Others
- By Application (Value/Volume)
- Batteries
- Glass & Ceramics
- Lubricant
- Medical
- Polymers
- Metallurgy
- Others
- By Product (Value/Volume)
TOC Continued…!
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