Global Lithium Compound Market By Types, Region, Growth and Forecast (2017-2022)
Global Lithium Compound Market Driven by Increased Demand for Lithium-Ion Batteries
United States, 3 January 2018 -- The global lithium compound market has witnessed a positive growth in the past several years. This can be accredited to the augmented demand for lithium-ion batteries on account of increased use for portable electronic devices. Some of the other factors include huge investments for infrastructural developments and growth of end-use industries.
According to IMARC Group’s latest report, titled “Lithium Compound Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, the global lithium compound market reached a volume of 260,500 Tons in 2016. Lithium is a soft, silvery-white alkali metal, generally extracted from ores and mineral springs where it is found in small amounts. It is a highly reactive and flammable metal and burns with a brilliant white flame. It reacts with oxygen to form monoxide and peroxide and its reaction with water is known to be extremely vigorous. Lithium and its compounds find several industrial applications in the cooling systems for nuclear reactors, rechargeable batteries, special glasses, glass ceramics, aircrafts, armour plating, bicycle frames, etc.
Increasing use of portable electronic devices such as electric vehicles, camera, pacemakers, smartphones and watches represents the key growth inducing factor.
Lithium carbonate represents the most popular type of lithium compound.
Asia Pacific dominates the market, accounting for the majority of the global share.
The increasing demand-supply gap in the electricity sector has resulted in an augmented demand for lithium-ion batteries. The market is also driven by the increased popularity of portable electronic devices such as electric vehicles, camera, pacemakers, smartphones and watches. Moreover, huge investments in infrastructure developments, renovation of buildings and new housing projects are increasing the demand for glasses and ceramics, thereby providing a thrust to the global lithium compound market. Additionally, increased focus on reducing carbon footprint and the increasing number of power outages particularly in the Asia Pacific region has facilitated the market growth. Owing to the aforementioned factors, the market is expected to reach a volume of 399,800 Tons by 2022, exhibiting a CAGR of more than 7% during 2017-2022.
The market has been segmented on the basis of type, wherein lithium carbonate represents the most popular type of lithium compound. It is followed by lithium hydroxide, lithium concentrate, lithium metal, lithium chloride and butyllithium. The market is also segregated on the basis of end-use into batteries, glass and glass ceramics, automotive parts, greases, metallurgy, polymer and air treatment. Amongst these, batteries account for the majority of the total share. Region-wise, Asia Pacific dominates the market, accounting for the majority of the global share. Other major regions include North America, Europe, Middle East and Africa, and Latin America. On analyzing the competitive landscape, it is found that SQM, FMC Corporation, Orocobre Limited, Lithium Americas Corp. and Neometals Ltd. are some of the key players operative in the market.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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