World Markets for Lithium Compounds, 2020-2025 – Leading Players are Sociedad Quimica y Minera de Chile, Livent, Albemarle, Tianqi Lithium Industries, and Ganfeng Lithium Company
March 18, 2020 - 10:48 AM EDT
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World Markets for Lithium Compounds, 2020-2025 - Leading Players are Sociedad Quimica y Minera de Chile, Livent, Albemarle, Tianqi Lithium Industries, and Ganfeng Lithium Company
The global lithium compounds market is projected to grow from US$ 5.3 billion in 2020 to US$ 13.5 billion by 2025, at a CAGR of 20.6% from 2020 to 2025. In terms of volume, the market is projected to reach 985 kilotons by 2025, at a CAGR of 20.4% between 2020 and 2025.
The increasing demand for lithium compounds from end uses such as Li-ion batteries, glass & ceramics, polymers, and lubricants, among others, is expected to drive the lithium compounds market. The high operational cost of the production of lithium acts as a restraint for the growth of this market.
The lithium hydroxide derivative segment is projected to grow at the highest CAGR during the forecast period.
Based on the derivative, the lithium hydroxide segment is projected to grow at the highest CAGR during the forecast period. This growth is attributed to the increase in its applications and the economic extraction and processing of lithium hydroxide from brines, sedimentary rocks, and pegmatites.
Also, there is potential for an increase in the demand for lithium hydroxide in cathodes with higher nickel content, namely NCM 811 cathodes, which include eight parts nickel, one part cobalt, and one part manganese. These cathodes have a higher density, a longer lifespan, and provide a better driving range when used in EVs. Lithium hydroxide is used in Li-ion batteries, lubricants, air treatment, and mining. It is also used to remove carbon dioxide from the atmosphere of spacecraft.
The Li-ion batteries segment is projected to grow at the highest CAGR during the forecast period.
Based on end-use, the Li-ion batteries segment is projected to grow at the highest CAGR during the forecast period. The use and easy accessibility of electrical energy has been possible due to the use of energy storage devices, which act as an important complement to fluctuating energy sources. These storage devices act as the missing link between energy production and utilization, thus balancing the supply and demand equation. Li-ion batteries, as energy storage devices, have transformed the power sector and enabled the mobile revolution.
In accordance with the Paris Climate Agreement, many governments across the world are encouraging the use of electric vehicles to reduce their carbon footprint. These electric vehicles use Li-ion batteries as their sole energy source and hence, result in zero-emission through their exhausts. Governments of countries like Norway, Iceland, China, and the UK provide heavy subsidies and tax omissions to buyers of electric vehicles, which has propelled the growth of this segment. With the world set to move towards the ion-age for power generation, considerable growth is expected from this segment in the coming years.
Asia-Pacific is projected to grow at the highest CAGR in the lithium compounds market during the forecast period.
Asia-Pacific is projected to grow at the highest CAGR in the lithium compounds market from 2020 to 2025. The market here has witnessed growth in the last few years, owing to the growing economies of countries and the increasing consumption of lithium for lithium-ion battery manufacturing in countries such as China, Japan, and South Korea. Apart from lithium-ion batteries, lithium compounds are also used in glass & ceramics, lubricants, polymers, and medical end-uses, among others.
Furthermore, as a part of the qualitative analysis of the lithium compounds market, the research study provides a comprehensive review of drivers, restraints, opportunities, and challenges influencing the growth of the market across the globe. It also discusses competitive strategies adopted by the leading market players such as Sociedad Quimica y Minera de Chile S.A. (SQM) (Chile), Livent Corporation (US), Albemarle Corporation (US), Tianqi Lithium Industries Inc. (China), and Ganfeng Lithium Company Limited (China).
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities In Lithium Compounds Market 4.2 Lithium Compounds Market Growth, By Region 4.3 Lithium Compounds Market Share, By Derivative 4.4 Lithium Compounds Market, By Major Country
5 Market Overview 5.1 Market Dynamics 5.1.1 Drivers 5.1.1.1 Growth of the Market for Portable Electronic Devices That Use Li-Ion Batteries 5.1.1.2 Switch From Traditional Fuel Cars to Electric Vehicles 5.1.2 Restraints 5.1.2.1 High Operational Costs 5.1.2.2 Lack of Recharging Infrastructure 5.1.2.3 Socio-Environmental Impact of Lithium Extraction 5.1.3 Opportunities 5.1.3.1 Developing Energy Storage Within the Power Sector 5.1.3.2 Growing Need for Battery-Operated Industrial and Construction Equipment 5.1.4 Challenges 5.1.4.1 Lithium Concentration In Politically Unstable Regions 5.1.4.2 Product Safety Concerns 5.2 Porter's Five Forces Analysis 5.2.1 Bargaining Power of Suppliers 5.2.2 Bargaining Power of Buyers 5.2.3 Threat of Substitutes 5.2.4 Threat of New Entrants 5.2.5 Intensity of Competitive Rivalry
6 Lithium Compounds Market, By Derivative 6.1 Introduction 6.2 Processing of Lithium 6.3 Lithium Carbonate 6.3.1 Lithium Carbonate Market Size, By End Use 6.3.1.1 Li-Ion Batteries 6.3.1.2 Glass & Ceramics 6.3.1.3 Medical 6.3.1.4 Lubricants 6.3.1.5 Metallurgy 6.3.1.6 Polymers 6.3.1.7 Others 6.3.2 Lithium Carbonate Market, By Region 6.3.2.1 Asia Pacific 6.3.2.1.1 China 6.3.2.1.2 South Korea 6.3.2.1.3 Japan 6.3.2.1.4 Rest of Asia Pacific 6.3.2.2 North America 6.3.2.2.1 US 6.3.2.2.2 Canada 6.3.2.2.3 Mexico 6.3.2.3 Europe 6.3.2.3.1 Germany 6.3.2.3.2 France 6.3.2.3.3 UK 6.3.2.3.4 Rest of Europe 6.3.2.4 RoW 6.4 Lithium Hydroxide 6.5 Lithium Metal 6.6 Lithium Concentrate 6.7 Butyl Lithium 6.8 Lithium Chloride & Other Derivatives
8 Regional Analysis 8.1 Introduction 8.2 Asia Pacific 8.2.1 China 8.2.1.1 China Accounted for the Largest Share of Lithium Carbonate Consumption In the Asia Pacific Market 8.2.2 Japan 8.2.2.1 Growing Demand for Electric Mobility and Energy Storage During Power Failure to Drive Demand for Lithium Compounds 8.2.3 South Korea 8.2.3.1 Increasing Use of Portable Electronic Devices and Energy Storage Systems to Drive the Demand for Lithium Compounds 8.2.4 Rest of Asia Pacific 8.2.4.1 Use In Manufacturing of Polymers, Glass & Ceramics, and Cement Contributes to Growth of Lithium Compounds Market In Rest of Asia Pacific 8.3 North America 8.3.1 US 8.3.1.1 Growing Demand From Renewable Energy Sector and Electric Vehicle Mobility Drive Growth of Lithium Compounds Market In the US 8.3.2 Canada 8.3.2.1 Government Initiatives Like Charging the Future to Increase Lithium Compounds Consumption In Canada 8.3.3 Mexico 8.3.3.1 Rise In Li-Ion Battery Manufacturing to Increase the Demand for Lithium Compounds In Mexico 8.4 Europe 8.4.1 Germany 8.4.1.1 Increasing Use of Li-Ion Batteries In Electric Vehicles and Energy Storage Systems to Drive the Demand for Lithium Compounds In Germany 8.4.2 France 8.4.2.1 Consumption In Glass, Li-Ion Batteries, and Lubricant Industries Fuel Growth of Lithium Compounds Market In France 8.4.3 UK 8.4.3.1 Use In Glass & Ceramic Manufacturing and Energy Storage Devices to Grow the Lithium Compounds Market In the UK 8.4.4 Rest of Europe 8.4.4.1 Rising Adoption of Electric Mobility and Increased Tire Manufacturing to Contribute to Growth of Lithium Compounds Market In the Rest of Europe 8.5 Rest of the World 8.5.1 Middle East 8.5.1.1 Glass & Lubricant Industries to Fuel Growth of Lithium Compounds Market In the Middle East 8.5.2 Africa 8.5.2.1 Increased Use of Energy Storage Devices to Boost Lithium Compounds Market In Africa 8.5.3 South America 8.5.3.1 Abundant Reserves of Lithium and Investments In the Manufacturing Sector Contribute to Growth of Lithium Compounds Market In South America
