New York, USA, Dec. 19, 2022 (GLOBE NEWSWIRE) -- Lithium Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Lithium Market Information by Product Type, Application and Region - Forecast till 2028”, the market is estimated to grow at a 8.1% CAGR to reach USD 6.62 Billion by 2028.
Market Scope:
The continuous manufacturing, processing, and usage of lithium is what drives the expansion of the lithium market and its consistent growth rate. A building method incorporating a large quantity of lithium-ion content has been used in electrifications and other industrial procedures.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2028 | USD 6.62 Billion |
| CAGR | 8.1% (2021–2028) |
| Base Year | 2020 |
| Forecast Period | 2021–2028 |
| Historical Data | 2019 |
| Forecast Units | Value (Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The increasing carbon emissions around the atmosphere. |
| Other applications has shifted the interests of consumers towards more energy-efficient and environmentally friendly emission methods. |
Competition Dynamics
Market participants compete on the basis of product quality, reliability in supply and customer service, and the breadth of their product offering. Additionally, market participants are placing bets on the battery sector, the most important use of lithium.
- Albemarle Corporation (US)
- SQM S.A. (Chile)
- Livent (US)
- Altura Mining (Australia)
- Orocobre Limited Pty Ltd (Australia)
- Jiangxi Ganfeng Lithium Co. Ltd (China)
- Tianqi Lithium Industries Inc. (China)
- Critical Elements Corporation (Canada)
- Lithium Americas Corp. (Canada)
- Sayona Mining Limited (Australia)
Market USP:
Market Drivers
The government's directives to curb automakers' reliance on internal combustion engines (ICEs) are a major force propelling the lithium market. Rising atmospheric carbon levels have made it imperative to think about using lithium batteries to mitigate pollution. Pollution-reducing batteries and other applications have moved customer priorities toward cleaner, greener emission technologies. There have been a variety of plans proposed for subsidizing electric vehicles and other market-booster technologies, all of which have contributed to the current surge in the market. Many manufacturers and producers have shifted to a healthier, more productive production style in response to the shift in the battery supply hold.
The EV market will be profoundly affected by the technology and industry shifts over the previous few years. Due to technological advancements, low carbon emissions, little maintenance, a smoother drive, the convenience of charging at home, reduced engine noise, and great fuel economy, EVs are intended to replace conventional modes of transportation. Electric vehicles are useful for lowering greenhouse gas emissions and air pollution in urban areas.
Market Restraints
Particularly in regards to water depletion and pollution, Li extraction has substantial social and environmental impacts. Also, hazardous chemicals are needed for Li processing. Toxic chemicals released into the air, leached into the ground, or spilled can have disastrous effects on wildlife, agriculture, and human health. Inevitably, soil degradation and contamination will result from Li extraction. Locals in Argentina have complained that the operations have polluted water sources.
Concerns have also been raised about the product's recyclable nature. The absence of Li recycling can be attributed to several factors, including a low collection rate, fluctuating lithium prices, and high recycling costs. Due to its extremely reactive, combustible, and poisonous nature, recycling this product is likely to be difficult.
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COVID-19 Analysis:
The global industrial output has been shaken by the COVID-19 epidemic because of the disruption of raw materials and intermediates in the supply chain. The industrial industry worldwide has been severely impacted by the pandemic. Companies, especially those in import-reliant sectors, are revamping their supply networks.
Lithium-ion batteries (LIBs) are poised to become increasingly important in the rapidly developing field of electrified transportation. Battery and electric vehicle (EV) markets have been hampered by the coronavirus pandemic. During this pandemic of COVID-19, medical devices like ventilators have relied on Li batteries.
Market Segmentation:
By Product Type
In terms of volume, the carbonate product category was the market leader in 2021 and was responsible for more than 57.0% of the total. The most stable inorganic chemical is lithium carbonate (Li2CO3), from which other compounds like lithium hydroxide (LiOH) and even pure lithium metal can be synthesized.
By application
It is anticipated that the energy storage application would be the market's primary driver over the study period.
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Regional Analysis:
The growth in the production of electric vehicles in Europe is responsible for the region's projected 30% share of the worldwide lithium market, and this dominance is expected to persist throughout the projection period. Furthermore, large European countries like Norway, Sweden, Belgium, and Iceland are predicted to contribute for over one-third of the regional market.
Due to rising demand for battery-powered vehicles in China and South-East Asian countries, Asia-Pacific is predicted to have the highest CAGR throughout the projection period. Over the projected period, the region is expected to develop at the highest CAGR in terms of volume, maintaining its dominant position. The expansion of the market is expected to be fuelled by the region's continued investments in battery technology, which are expected to continue to rise during the projected period. The area as a whole is seeing growth in the electric vehicle (EV) and battery sector as nations work toward their respective goals.
The growing need for lithium in pharmaceuticals and agricultural chemicals in North America is projected to drive up lithium prices there. The United States is one of the world's leading consumers of lithium because of its importance in battery production, second only to China. Large quantities of this crucial metal are found throughout the country. As the number of electric vehicles manufactured in the United States rises, industry leaders there are concentrating on stabilizing the battery supply chain in light of the inherent risks involved in moving the heavy packs of energy.
Lithium demand in the MEA is likely to be driven by its use in adhesives and greases produced by fermentation, as well as its widespread use in the construction industry.
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