Lithium Compounds Market by Type (Lithium Carbonate, Lithium Hydroxide, Lithium Concentrate, Butyl Lithium and Lithium Chloride), By End-Use Industry (Battery, Glass and Ceramics, Healthcare, Lubricants, Aluminum and Metallurgy)- Global Analysis & Forecast 2020-2030
Report ID : 309 | Published Date : Jul 2020 | Pages : 160 | Region : Global | Report Code : CM-29
Lithium Compounds Market Overview and Introduction
Lithium is a lightweight alkali metal found in small amounts in mineral deposits or salts including brine lakes and seawater. Lithium and its compounds, such as lithium carbonate and lithium hydroxide, offer a wide range of useful properties including high electrochemical potential, high coefficient of thermal expansion and others.
The global lithium compounds market is majorly driven by its utilization across different industries; lithium-ion batteries being the most significant one. Owing to the increasing concerns regarding carbon footprint and the growing adoption for electric vehicles, the demand for lithium batteries is expected to witness extensive growth in the coming years. Compounds such as lithium carbonate and lithium hydroxide are among the commonly used compounds in the automotive lithium-ion battery market. Lithium concentrate or other lithium compounds are used in the manufacture of fiberglass, pharmaceutical glass, and flat glass, among others. They help to reduce the melting temperature & melting viscosity and offer higher energy outputs together with molding benefits. In the ceramics industry, lithium helps to lower the firing temperature and thermal expansion and helps to increase the strength of ceramic bodies. Lithium's extremely high coefficient of thermal expansion makes these products resistant to thermal shock and enhances their mechanical strength. Additionally, lithium finds application in several other industries, such as aluminum production and healthcare, among others, which is expected to boost market growth in the coming years.
On the other hand, factors such as price volatility of lithium &its compounds and the economic impact of the COVID-19 outbreak on industries globally will hamper the demand and production of lithium.
The global lithium compounds market can be segmented by type, end-use industry, and region.
Lithium Compounds Market By Type
Based on type, the lithium carbonate segment dominated the lithium compounds market in 2019. Lithium carbonate is the first compound that is extracted from the brines. It is then utilized in the manufacture of other lithium derivatives. The broad scope of lithium carbonate applications across different industries, such as glass &ceramics, healthcare, batteries and others, is expected to drive the demand for lithium carbonate in the coming years.
Lithium Compounds Market By End-Use Industry
Based on end-use industry, the lithium compounds market can be segmented into battery, glass &ceramics, healthcare, lubricants, aluminum, and metallurgy, among others. The battery segment accounted for the largest market in 2019. In comparison with traditional lead-acid batteries, Li-ion batteries offer longer run times, higher energy density and extended life cycles. The growing utilization of lithium-ion batteries by leading automobile companies, such as Tesla, BYD and others is generating several growth opportunities in the market. According to the International Energy Agency(IEA), under the EV30@30 scenario, the sale of global electric vehicles is expected to reach 44 million per year by 2030, which is expected to generate a high demand for lithium compounds, such as lithium hydroxide and lithium carbonate, in the coming years.
Lithium Compounds Market By Region
The global lithium compounds market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW).Asia Pacific will dominate the market owing to the high demand from China and India. The growing utilization of lithium compounds in end-use industries, such as batteries, glass &ceramics, aluminum production and others is expected to propel the demand in this region. The increased sale of electric vehicles in China is leading to high demand for lithium-ion batteries, which will boost market growth in the coming years. Additionally, China is the largest market for aluminum wherein lithium compounds are utilized extensively, which will further contribute to market growth.
Lithium Compounds Market Prominent Players
Some of the prominent players in the global lithium compounds market are SQM S.A., Livent, Albemarle Corporation., Ganfeng Lithium Co.,Ltd., China Lithium Products Technology Co., Ltd., Lithium Americas Corp., Tianqi Lithium, Galaxy Resources Limited, Shanghai China Lithium Industrial Co.,Ltd., and Nemaska Lithium, among others.