Newark, NJ, May 17, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global lithium compounds market was expected to grow from USD 13.6 billion in 2019 to USD 61.22 billion by 2027, at a CAGR of 20.69% during the forecast period 2020-2027. Asia-Pacific region accounted for the most substantial share in the global lithium compounds market. The growing need for new energy storage applications in vehicles, grid connected energy storage, and the essential requirement for consumer gadgets are supposed to change the market dimensions. Followed by the by North America, owing high demand for storage devices and development of new electric cars. The European region has constant demand over the years.
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Some of the key players of global lithium compound market are New Materials Company Limited, Shanghai China Lithium Industrial Company Limited, Nemaska Lithium Inc., Bacanora Lithium, Livent Corporation, Albemarle Corporation, Tianqi Lithium Industries Inc., Ganfeng Lithium Americas. These companies are mainly concentrated on the advancement of new technologies & devices; expand from their territories to grab the vital share of the global market.
High-voltage electrolyte yields lithium-ion batteries a boost: Scientists have produced a new electrolyte that empowers lithium-ion batteries to permit immense voltages. Lithium-ion batteries supply much of the modern world, so advancements in execution can serve a broad range of equipment. Scientists in Japan pottering with battery components have come up with a new element they say can offer more excellent protection and an ability to work at higher voltages, raising the prospect of electric cars or smartphones that run continued on each charge.
Based on derivatives, the market segmented into lithium metal, lithium hydroxide, lithium concentrate, lithium carbonate, butyl lithium, lithium chloride. The lithium carbonate segment witnessed the most substantial share of the global lithium compounds market. Lithium carbonate is a salt of lithium and the carbonate used broadly in the preparing the different oxides of metals. Based on end-use, the market has been segmented into medical, Li-Ion batteries, glass, ceramics, lubricants. The Li-ion batteries segment witnessed the largest share among other sub-segments.
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About the report:
The global lithium compounds market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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