English Extended Distribution PR-Wirein Press Release Reportedtimes Research Newswire Wire

Lithium Market Size Forecast to Reach $6.3 Billion by 2027

The Lithium Market size is forecast to reach US$6.3 billion by 2027 after growing at a CAGR of 8.2% during 2022-2027. Lithium is a light, silvery metal with atomic number 3 and the symbol Li. A wide variety of lithium compounds such as lithium carbonate, lithium oxide, and lithium hydroxide are used in several high-end applications such as the production of batteries, synthetic rubber, pharmaceutical drugs, and lubricating greases. Lithium finds its extensive use in the manufacturing of large quantities of batteries for use in numerous electronic products such as laptops, tablets, electric toothbrushes, cell phones, and cameras. The demand for electronic products is increasing globally and this is expected to drive the market’s growth during the forecast period. For instance, according to the July 2021 stats by China.org.cn, exports in the consumer electronics segment recorded a growth trajectory for 12 months in a row. Furthermore, lithium is massively utilized in the production of lithium ion battery for electric vehicles in the automobile sector. The demand for electric vehicles is increasing globally with the rising concern related to vehicle emission and this is projected to influence the market’s growth during the forecast period. For instance, as per the data by European Automobile Manufacturers Association, the hybrid electric vehicles segment accounted for 11.9% of total car sales in 2020 compared to 5.7% in 2019. The harmful extraction process of lithium might hamper the market’s growth during the forecast period.

COVID-19 Impact

The lithium market was deeply impacted due to the COVID-19 pandemic. Challenges such as disruption in the supply chain and procurement of raw material slowed down the business in the market. Market players implemented quick response models to withstand the severity of the pandemic. Moreover, the market’s growth was further hindered due to the low demand for lithium ion batteries in the automobile sector owing to the drop in vehicle production amid the pandemic. As per the data by The International Organization of Motor Vehicle Manufacturers (OICA), auto production globally dropped 16% due to the COVID-19 pandemic. The business in the market grew substantially due to the high demand for electronic products during the coronavirus pandemic. Going forward, the market is projected to witness robust growth owing to the increasing demand for electric vehicles and electronic products.

Lithium Market Segment Analysis – By Application

The battery application segment dominated the lithium market in 2021 and is growing at a CAGR of 8.6% during the forecast period. Lithium compounds such as lithium carbonate and lithium oxide are used in the production of non-rechargeable lithium primary batteries and lithium ion batteries in the automobile and electronics sector. The presence of these lithium compounds in the batteries enables fast charging and long-lasting batteries. The demand for the lithium ion battery has been on the rise in the last few years owing to the increasing demand for electronic products and electric vehicles globally and this is expected to influence the growth of the market during the forecast period. For instance, in October 2019, Maruti Suzuki collaborated with Denso Corp. and Toshiba Corp. to set up the first lithium-ion battery manufacturing plant in India for electric vehicles. Such development in the battery application segment is anticipated to stimulate the higher use of lithium, in turn driving the market’s growth during the forecast period.

Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=510874
Report Price: $ 5900 (Single User License)

Lithium Market Segment Analysis – By End Use

The electronics sector dominated the lithium market in 2021 and is growing at a CAGR of 9.1% during the forecast period. A wide range of lithium such as lithium carbonate, lithium oxide, and lithium hydroxide is used in the manufacturing of non-rechargeable lithium primary batteries and lithium ion batteries for use in several electronic products. The lithium compounds are used in the manufacturing of laptops, tablets, electric toothbrushes, cell phones, and multiple other electronic products. The electronic sector globally is displaying tremendous growth with increasing production and sales of electronic products and this is projected to contribute to the market’s growth during the forecast period. For instance, as per the statistics by Ericsson, smartphone subscription globally is on the rise and is anticipated to reach US$ 7 billion in 2027. Similarly, as per the Global Electric Market Outlook 2022 report by the German Electro and Digital Industry Association, China displayed growth in the electrical and electronic products industry during the pandemic. Such massive growth in the electronic sector globally is expected to augment the higher use of lithium in the batteries of electronic products, and this in turn will drive the market’s growth during the forecast period.

Lithium Market Segment Analysis – By Geography

The Asia-Pacific region held the largest market share in the lithium market in 2021, up to 34%. The high demand for lithium is attributed to the increasing demand for electronic products in the region. Lithium compounds such as lithium carbonate and lithium oxide are used in the production of lithium ion batteries for use in several electronic products such as laptops, tablets, electric toothbrushes, and cell phones. Lithium is used massively in the electronics sector as its lightweight property helps in reducing the weight of electronic products. The electronic sector is exhibiting exceptional growth in the region and this is expected to increase the demand for lithium during the forecast period. For instance, as per the data by Global Electric Market Outlook 2022 report by the German Electro and Digital Industry Association, China’s electronic sector is on a progressive track and the market will grow by 8% in 2022. Similarly, as per the 2021 stats by India Brand Equity Foundation, Lenovo is expanding its local manufacturing capabilities in India in various product categories including laptops. Such massive demand for electronic products in the region is expected to increase the demand for lithium.

Lithium Market Drivers

Expanding electronic sector will drive the growth of the market

The electronic sector is one of the largest markets for lithium where this soft metal is used in the manufacturing of non-rechargeable lithium primary batteries and lithium ion batteries which are later utilized in several electronic products such as cell phones, laptops, electric toothbrushes, and tablets. The demand for electronic products is increasing globally and this is expected to drive the market’s growth during the forecast period. For instance, as per the Global Electric Market Outlook 2022 report by the German Electro and Digital Industry Association, the South Korean electronics sector touched a volume of USD 218.01 billion in 2020, picking up by 4%. Similarly, as per the October 2020 data by Consumer Technology Association, smartphones sales will rise in 2022 with over 76% of all smartphones will have 5G capabilities. This massive expansion in the electronics sector is expected to bolster the demand for lithium, in turn driving the growth of the market during the forecast period.

Increasing demand for electric vehicles will drive the market’s growth

Lithium is used in large quantities in the manufacturing of lithium ion batteries for electric vehicles. The lithium ion battery is well equipped for applications requiring high energy density solutions like hybrid and electric vehicles. The demand for electric vehicles is increasing globally owing to their ability to reduce emissions and this is expected to drive the market’s growth during the forecast period. For instance, as per the 2020 statistics by European Automobile Manufacturers Association, electrically-chargeable vehicles accounted for 10.5% of total car sales which was 3% in 2019. Similarly, as per the data by India Brand Equity Foundation, the EV market in India is projected to touch 6.34 million units of annual sales by 2027, expanding at a CAGR of 44% between 2020 and 2027. Such growth in the demand for electric vehicles is projected to stimulate the high use of lithium, driving the growth of the market during the forecast period.

Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=510874

Lithium Market Challenges

The harmful extraction process of lithium might hamper the market’s growth

The extraction of lithium is associated with a significant adverse effect on the environment owing to which the extraction process has always been under the scanner and this might impact the market’s growth. As per the data by instituteforenergyresearch.org, mining and processing of lithium are highly harmful to the environment. The extraction of lithium sometimes leads to the release of toxic chemicals. The extraction process harms the soil and makes the air contaminated. The adverse impact of lithium extraction forces government bodies and research organizations to look out for efficient ways of mining and processing lithium. For instance, as per the July 2020 report by German Energy Solutions, Scientists from the Karlsruhe Institute of Technology patented an environmentally-friendly lithium extraction technique. This challenge with the extraction of lithium is expected to slow down the growth of the market during the forecast period.

Lithium Market Industry Outlook

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in this market. Global Lithium Market top 10 companies include:

SQM S.A
Albemarle Corporation
Tianqi Lithium
American Lithium Corp.
International Lithium Corp
LSC Lithium Corporation
Livent
Allkem Limited
Avalon Advanced Materials
FMC Corporation

Recent Developments

In June 2021, Albemarle Corporation announced the opening Battery Materials Innovation Center in North Carolina for expanding its lithium hydroxide and lithium carbonate materials growth.

In May 2021, American Lithium Corp. announced the acquisition of Plateau Energy Metals Inc which deals with the production of battery-grade lithium.

In December 2020, SQM signed an agreement to supply 55 thousand metric tons of battery-grade lithium hydroxide and lithium carbonate to LG.

Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=510874

Key Takeaways:

The Asia-Pacific region is expected to witness the highest demand for lithium owing to the increasing demand for electronic products in the region. According to the stats by India Brand Equity Foundation, the smartphones segment will witness robust growth in 2022, and the shipment of smartphones will reach 190-200 million units by 2022.

Various market players are taking initiatives to expand their production facility which is further driving the market’s growth. For instance, in October 2021, Chinese battery manufacturer Contemporary Amperex Technology Co. Limited announced the opening of its new lithium ion battery production base in China.

The electronics sector is dominating the lithium market, owing to the growing electronics sector. For instance, according to the September 2020 stats by the American Customer Satisfaction Index (ACSI), demand for PC in the US surged in the second quarter of 2020.

Related Reports:

A. Lithium Compounds Market 

https://www.industryarc.com/Report/15221/lithium-compounds-market.html

B. Lithium Ion Battery Market

https://www.industryarc.com/Report/15433/lithium-ion-battery-market.html

For more Chemicals and Materials related reports, please click here

About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.

Tags: Lithium Market report, Lithium Market, Lithium Market Share, Lithium Market Size, Lithium Industry, Lithium top 10 companies, Lithium industry outlook

See Campaign: https://www.industryarc.com/Research/Lithium-Market-Research-510874

Contact Information:

Venkat Reddy Sales Director Email: venkat@industryarc.com Website: https://www.industryarc.com Phone: (+1) 970-236-3677

Tags:
Reportedtimes, PR-Wirein, Wire, Extended Distribution, Research Newswire, English

Contact Information:

Venkat Reddy
Sales Director
Email: venkat@industryarc.com
Website: https://www.industryarc.com
Phone: (+1) 970-236-3677

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *