Lithium Market to Observe Strong Development by 2025
Lithium
is the lightest element in the periodic table and reacts immediately
when exposed to air and water. Lithium exhibits properties such as
high coefficient of thermal expansion, viscosity, and electrochemical
potential. Lithium has a wide range of applications in various
end-user industries such as industrial, consumer electronics,
electric vehicles, energy storage, and medical. Lithium does not
occur in its elemental form due to its high reactivity. Products made
of lithium are resistant to thermal shock and have high mechanical
strength. Lithium is commonly found in continental brines, hard rock
minerals, and clay.
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The
global lithium market is driven by the demand for lithium-ion
batteries in grid connected storage. Lithium-ion batteries can store
a significant amount of power, and the stored power can be supplied
to the grid when it is required. Another major driver for the global
lithium market is the low emission of carbon. Usage of lithium-ion
batteries in electric vehicles helps reduce global warming by
reducing carbon dioxide emissions from the vehicles. Devices such as
laptops, calculators, cameras, mobile phones, activity monitors,
etc., require enhanced performance of the batteries, and batteries
based on lithium can perform better in this regard. Military
applications are witnessing a rise in demand for lithium batteries.
However, the high cost of batteries based on lithium are acting as a
hindrance to the expansion of global lithium market.
Based
on the type, the global lithium market can be classified into metal,
compounds, and alloys. Compounds include carbonate, chloride, and
hydroxide. Based on end-user application, the global lithium market
can be segregated into batteries, glass and glass ceramics,
automotive parts, greases, metallurgy, polymers, air treatment,
aluminum smelting, and alloys. Lithium is utilized for the production
of glass ceramics, as lithium can provide additional durability.
Lithium can lower firing temperatures and thermal expansion and
increases the strength of ceramic bodies, including heat-proof
ceramic cookware. Lithium-ion batteries are employed in the electric
cars and hybrid cars.
The
global lithium market expanded at a robust pace in 2016. This trend
is expected to continue during the forecast period. In terms of
geography, the global lithium market can be segmented into Asia
Pacific, North America, Europe, Middle East & Africa, and Latin
America. Asia Pacific is considered as a prominent market for lithium
compounds. Rising demand for new energy storage applications in
vehicles, grid connected energy storage, and the increasing demand
for personal devices are propelling the expansion of lithium market
in the region. North America, is another key market for lithium due
to the existence of a strong market for rechargeable batteries in the
region.
A
strong military sector, which demands the application of rechargeable
batteries, is anticipated to propel the expansion of the lithium
market in the region. Expanding semiconductor industry in Europe is
driving the lithium market in the region. In Europe, most large car
manufacturers are launching models that integrate the lithium-ion
battery technology. Latin America presents lucrative growth
opportunities for the lithium market, due to the presence of a large
number of mineral reserves in the region. In Middle East &
Africa, the lithium market is in the nascent stage, and is expected
to have significant growth opportunities due to the strong demand for
smartphones, tablets, and other mobile devices in the region.
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Moderate
degree of competition exists in the lithium market. Albemarle
Corporation, SQM, FMC, and Sichuan Tianqi Lithium Industries are
major manufacturers operating in the global lithium market
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