ALBANY, New York, May 20, 2019 /PRNewswire/ -- The global lithium market features a highly competitive vendor landscape, Transparency Market Research (TMR) examines during their detailed study. Some of the key players including SQM, Talison Lithium, Albermarle Corporation, FMC Corporation, and Jiangxi Ganfeng are dominating in the global lithium market. Domination of international and large players is leading to increased competition in the market. Thus, capacity expansion and collaborations are some of the key strategies adopted by companies to retain their position in the market. Additionally, large players are focusing on lowering production costs to gain a competitive edge in the market.
TMR's report based on the global lithium market estimated the growth with a striking CAGR of 10.7% over the forecast period from 2018 to 2026. With the vigorous CAGR, the market is expected to attain a value of US$7.28 bn by 2026 from a value of US$2,983.59 Mn in 2017.
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Based on the application, the global lithium market is dominated by the energy storage segment by 42.5% in 2017. Regionally, Asia Pacific accounted for a major share of the global lithium market in 2017 in terms of consumption. The region has emerged as a hub for manufacturers coupled with high exportation of chemicals from the past few years. Primarily, the presence of the countries such as China and South Korea in the region that are registering high consumption of lithium from the past decade.
Widening Applications of Lithium to Boom the Demand in Coming Years
Lithium offers benefits such as small size, high power, low weight, long life cycle, and compatibility with high voltages. Thanks to these compatibilities, the demand for lithium products is high from medical device manufacturing. Additionally, alkyl treated lithium chemicals have applications as synthetic agents in the manufacturing of other intermediates such as drugs and agricultural chemicals. These widened uses of the lithium are propelling growth of the global lithium market.
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Moreover, recent research on lithium and potential applications of salts has boosted applications of lithium salts for treatment of diseases such as schizoaffective disorder and depression along with the bipolar disorder. Additionally, due to enhanced battery support, the demand for lithium-based batteries is increased substantially for manufacturing cardiac pacemakers, neurostimulators, drug pumps, and cardiac defibrillators. This is another key factor expected to boost the lithium market in the coming years.
Some of the Environmental Concerns to Restrain Market's Growth
Furthermore, lithium salts or lithium carbonates have wide applications during the processing of metal oxides for producing technical-grade and battery-grade applications. High demand for the enhanced batteries is boosting demand for lithium and lithium-based products, in turn, benefiting the global lithium market.
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However, concerns over the disposal of the lithium batteries are likely to restrain the growth of the market to some extent. As the contact of lithium with food could release toxic content, consumption of this contaminated food may lead to food poisoning. Thus, the proper disposal of the component demands high cost and careful disposal through landfill processes. This leads to increase the cost substantially. Additionally, numerous governments have imposed regulations on the disposal, which hampers the growth of the lithium market. Nonetheless, booming production of hybrid cars coupled with growing penetration of the consumer electronics is expected to offer the most lucrative opportunities for growth of the lithium market in the coming years.
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This information is encompassed in the report by TMR, titled, "Lithium Market (Product- Lithium Carbonate, Lithium Hydroxide, Lithium Chloride; Application - Energy Storage (E-vehicles, E-bikes, Consumer Electronics, Grid Storage), Air Treatment, Greases and Lubricants, Glasses and Ceramics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026."
For the study, the global lithium market has been segmented as follows:
- Lithium Carbonate
- Lithium Hydroxide
- Lithium Chloride
- Energy Storage
- Consumer Electronics
- Grid Storage
- Air Treatment
- Greases & Lubricants
- Glasses & Ceramics
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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