Wilmington, Delaware, Nov. 10, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, "Lithium Foil Market by Purity level (Less than 99.5%, 99.5% and above), by End Use Industry (Electrical and Electronics, Automotive, Industrial, Others), by Thickness (less than 0.02 mm, 0.02 to 0.10 mm, 0.2 mm and above): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global lithium foil market is forecasted to garner $40.9 billion by 2031. The market was valued at $7.1 billion in 2021 and is predicted to rise at a CAGR of 19.2% during the 2022-2031 period. The report provides a comprehensive study of the evolving market trends, major segments of the market, and regional landscape.
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Prime determinants of growth
The growth in the global lithium foil market can be attributed to rising demand for lithium foil from various end-use industries such as automotive manufacturing, healthcare, and consumer electronics. On the contrary, the availability of alternatives including copper and aluminum foil might create hurdles in the rise of the market. Nevertheless, a growing shift towards electrical vehicles is expected to create tremendous growth opportunities in the market.
The 99.5% and above segment to be the most profitable by 2031
By purity level, the 99.5% and above segment held the highest market share in 2021 with nearly four-fifths of the total revenue. The same segment is likely to demonstrate the fastest CAGR of 19.3% during the forecast period. Rising demand for pure lithium foil is projected to be the primary growth driver of this segment.
The electrical and electronics segment to offer lucrative growth opportunities
By end-use industry, the electrical and electronics segment held the largest market share in 2021 with around three-fifths of total revenue. The same segment is also estimated to have the highest CAGR of 19.4% during the forecast period. Extensive use of Li-ion batteries in small electronics and electric vehicles is projected to propel the segment ahead.
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The less than 0.02 mm segment to be the most dominant
By type, the less than 0.02 mm segment accounted for the highest market share with around two-thirds of the total revenue. The same segment is likely to be the fastest growing with a CAGR of 19.3% during the forecast period. The ability of 0.2 mm lithium foil to withstand high temperatures and offer excellent electrical properties is forecasted to help the segment to register a stunning growth.
Asia-Pacific garnered the major share in 2021:
By region, the Asia-Pacific lithium foil market garnered the highest revenue in 2021 with nearly two-fifths of the total revenue. The same region is predicted to have the highest CAGR of 19.7% by 2031. Growing demand for lithium due to the increasing shift to electric vehicles is expected to strengthen the position of the market.
Leading Players of the Market
- Albemarle Corporation
- Nanoshel LLC
- Ganfeng Lithium Co.
- BASF SE
- Merck KGaA
- Thermo Fisher Scientific
- China Energy Lithium Co., Ltd.
- The Honjo Chemical Corporation
- UACJ Foil Corporation.
- American Elements, Ltd.
The report also studies the major companies of the market and provides an in-depth analysis of the various strategies that these companies can employ to consolidate their lead over other competitors.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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