Lithium and its derivative compounds are mainly used in a number of end-use segments such as batteries, ceramics and glass, lubricants, metallurgy, and medical among others. With the growing use and demand of portable devices such as cellphones and laptops and growing popularity of electric vehicles, the demand for Li-ion batteries and lithium polymer batteries has increased, thus boosting the demand for overall lithium compounds as well. The global market for lithium compounds is expected to foresee considerable growth over the coming years, with the growth rate predicted to be 13.22% from 2015 to 2020.
Published: February 2016
No. of Pages: 337
Drivers & Restraints
The growth of the global market for lithium compounds is being primarily influenced by the following factors:
- Increased use of portable device that use li-ion batteries
- Shift from fuel-burning cars to electric vehicles
- Increased focus of consumers and government towards environmental concerns
Apart from this, developing applications of lithium compounds within the energy sector is expected to offer ample growth opportunities for this market. However, high cost of operations and lack of recharging infrastructure are the main factors that may hamper the market growth. Moreover, lithium is found in some of the politically sensitive regions and also poses some product safety concerns, which are the major challenges faced by the leading players in this market.
The global lithium compounds market which was valued at USD 2.64 Billion in 2014 is projected to reach USD 5.87 Billion by the end of 2020, growing at a CAGR of 13.22% during the forecast period from 2015 to 2020. In 2014, Asia-Pacific held the highest market share, and is expected to continue dominating the market over the forecast period as well. It is also the fastest-growing market, with China dominating it among countries in this region.
Among end-users, li-ion batteries are the leading segment since they are the most widely used batteries in power technology. Also, with the increased demand for portable devices such as cellphones and laptops, the demand for li-ion batteries is likely to increase as well. Glass & ceramics segment is the second largest market among end-users, and is expected to grow at a significant rate ahead. Based on derivatives, lithium hydroxide is the fastest-growing market, in terms of volume, owing to the increase in applications.
The major players involved in the global market for lithium compounds include companies such as SQM (Chile), Albemarle Corporation (U.S.), FMC (U.S.), Sichuan Tianqui lithium (China) and Jiangxi Ganfeng Lithium Co., Ltd (China).
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The global market for lithium compounds has been studied and predicted by breaking it down into the following segments and sub-segments:
- Application: LI-ION Batteries, Glass & Ceramics, Medical, Lubricants, Metallurgy, Polymers
- Derivatives: Lithium Carbonate, Lithium Hydroxide, Lithium Metal, Butyl-Lithium
- Geography: Asia-Pacific, North America, Europe, RoW