New York (US), Aug. 03, 2023 (GLOBE NEWSWIRE) -- Lithium and Lithium Minerals Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Lithium and Lithium Minerals Market for Non-Battery Application Information by Type, Application, and Region - Forecast till 2032”, During the projection period (2023 - 2030), the lithium and lithium minerals market for non-battery applications will expand from USD 2,805.9 million in 2023 to USD 4,570.0 million, at a rate of 7.22%.
There are many industrial sectors where lubricants are utilised, including the automotive, manufacturing, construction, and mining industries. As a result, the lubricant industry is very large, which presents chances for lithium and lithium minerals to flourish. Due to the fact that the automotive industry is expanding significantly and that industry participants are working hard to develop products that meet consumer demands, there will likely be a significant increase in demand for lubricants. The market for lithium will benefit from the use of lithium and lithium minerals in a variety of industrial sectors, including lubricants, polymers & rubber, ceramics, and glass. The market for lithium and lithium minerals will be boosted by the demand for a wide range of ceramic and glass items with various colors, textures, and designs as a result of shifting consumer preferences towards aesthetically pleasing products.
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Market Competitive Landscape:
The key manufacturers of lithium and lithium minerals are
- SQM SA (Chile)
- Albemarle Corporation (US)
- Livent (US)
- Nemaska Lithium (Canada)
- Allkem Limited (Argentina)
- Lithium Americas Corp (Canada)
- Ganfeng Lithium Co. Ltd (China)
- Mineral Resources (Australia)
- Tianqi Lithium Corporation (China)
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 4,570.0 million |
| CAGR | 7.22% (2023-2030) |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019 & 2021 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa and Latin America |
| Key Market Drivers | Increasing use of lithium in lubricant industry for enhancing the performance of lubricants |
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Market USP Covered:
Market Drivers:
All industries rely heavily on machinery and equipment, so it is critical that these devices function well in order to increase productivity. Because of its special qualities that enable the production of high-quality lubricants, lithium plays an important role in the lubricant business. Lithium-based greases are widely used in a variety of industries, including the automotive sector, because of their mechanical stability and water resistance. Lithium demand from the lubricant industry is expected to increase as the focus on machine maintenance is increasing in order to avoid the spending on machine repairs and replacements, making it very economical. The use of lithium-based additives as corrosion inhibitors in lubricants helps in protecting the metal parts from corrosion.
This is because cars have a lot of moving parts that need to be lubricated in order to function properly. Additionally, as lubrication is crucial for the machinery and equipment required to produce goods, the booming manufacturing sector would benefit the lubricant business.
Market Restraints:
Water contamination and depletion are two major social and environmental effects of lithium production. Also needed to treat this metal are hazardous chemicals. Such dangerous chemical spills, leaching, and air emissions can be harmful to communities, the environment, and food production. The removal of metal unavoidably pollutes the air and harms the environment. Locals in Argentina stated that the operations had contaminated the rivers and streams that were frequented by both livestock and people.
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COVID 19 Analysis
The COVID-19 outbreak has slowed down industrial output worldwide by affecting the supply chain's raw materials and intermediates. The manufacturing industry has been severely impacted by the pandemic. Businesses are updating their supply chains, particularly those in sectors that depend on imports.
The heavily electrified transportation industry will probably rely heavily on lithium-ion batteries. The market for batteries and electric vehicles (EVs) has been hampered by the coronavirus outbreak. During the COVID-19 epidemic, LIBs were employed in medical devices, notably ventilators. An electric vehicle manufacturer named Pure EV declared in July 2020 that it would provide LIBs to healthcare organizations fighting the new coronavirus across India.
Market Segmentation
By Type
Lithium is of various types, including lithium carbonate, lithium hydroxide, and others. Through the anticipated period, the Lithium Carbonate type is anticipated to rule the Lithium and Lithium Minerals Market for Non-Battery Applications in terms of revenue. Lithium carbonate is increasingly being used in the production of various glass and ceramic products because it enhances the thermal and mechanical qualities of the products.
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By Application
Lithium and lithium minerals are most commonly used in ceramics and glass, lubricants, polymers and rubber, and other products. The Ceramic and Glass sector, which led the market in the base year, is expected to continue to have a dominant position throughout the anticipated period.
Regional Insights
The highest market share belongs to the Asia Pacific, and it will generate the most revenue over the projection period. Numerous cutting-edge industrial facilities and technological developments are found in the Asia-Pacific area. This makes it easier for lithium compounds to be developed and used in cutting-edge non-battery applications such high-performance ceramics, specialized polymers, and high-tech lubricants. Also, a combination of strong industrial sectors, economic growth, supportive government policies, technical advancements, and access to lithium resources will further enhance the market share in the region.
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