Lepidolite Market to Record an Exponential CAGR by 2026
Lepidolite
is a hard mica mineral composed of lithium, potassium, and aluminum
silicates. It is usually violet colored mineral; however, it can be
yellow or grey depending upon the quantity of lithium and other trace
elements. Lepidolite is an ore of lithium; thus, it is a precursor
for lithium production. The mineral has pearly texture, and is
significantly used in jewelry due to its vibrant colors and
appearance. Lepidolite is also known as a healing crystal; it is
believed to reduce stress and bring prosperity. Therefore, demand for
this mineral is high. Lepidolite is also employed as heat insulator
in the industrial sector. The mineral is largely found in Brazil, the
U.S., Russia, and several countries in Africa.
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Lepidolite
is significantly used in the production of lithium metal. Lithium is
the lightest metal, which is employed in the manufacture of
ultra-lightweight lithium ion and lithium polymer batteries for
hybrid cars, mobile phones, laptops, and other portable devices. Rise
in disposable income coupled with expansion of the middle class is
expected to propel the demand for consumer goods. This, in turn, is
anticipated to drive the lepidolite market during the forecast
period. Increase in demand for high efficiency and lightweight
storage batteries in several applications such as electronics,
automotive, and aerospace is estimated to fuel the demand for
lepidolite. Lepidolite is largely used in the industrial sector due
to its beneficial thermal insulation properties.
The
stone also has substantial use for mineralogy and geological
research. Thus, development in geological research is estimated to
propel the lepidolite market during the forecast period. However, the
composition of lepidolite varies significantly from one region to
another. An ore with low amount of lithium is not feasible for
lithium extraction. This is projected to hamper the lepidolite market
in the near future.
Based
on end-use, the lepidolite market can be segmented into
manufacturing, jewelry, and research. Manufacturing is the key
end-use segment of the lepidolite market due to the high demand for
lithium in automotive, electronics, and aerospace battery
applications. The jewelry segment also holds substantial share of the
lepidolite market, as the mineral is attractive, lustrous, and
vibrantly colored. Based on application, the lepidolite market can be
divided into specimen, thermal & electric insulator, ornamental
use, lithium production, and others. Lithium production is the
prominent application segment of the mineral, due to significant
importance of lithium metal in batteries. Specimen is also a major
application segment of the lepidolite market.
In
terms of geography, the market for lepidolite can be segregated into
Asia Pacific, Europe, North America, Latin America, and Middle East &
Africa. Developed regions such as North America and Europe are the
key consumers of lepidolite due to the large disposable income of
consumers and strong growth in industries. Asia Pacific is also a
sizeable market for lepidolite, led by the rapid industrialization,
urbanization, increase in population, and presence of fast-growing
economies. High demand for lithium ion and lithium polymer batteries
in Asia Pacific, North America, and Europe is projected to offer
immense opportunities for the lepidolite market in these regions.
High demand for jewelry and ornaments in GCC is also a major factor
likely to boost the lepidolite market in Middle East & Africa
during the forecast period.
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Key
players operating in the global lepidolite market are Lithium
Australia NL, Hallgarten & Company, Hangzhou J&H Chemical Co.
Ltd, SVS Chemical Corporation, Cristian Grup Srl, Mc Chemical Co.,
Ltd, and Univar.
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