ALBANY, New York, November 20, 2018
ALBANY, New York, November 20, 2018 /PRNewswire/ --
Some of the noteworthy players in the global lithium market are Albermarle Corporation, SQM, Talison Lithium, FMC Corporation, and Tianqi Lithium Corporation. A popular strategy among nimble players in the global lithium market is expanding their footprints in the under tapped developing economies. They are seen strengthening their operations in those regions and also cranking up production in response to the rising demand from various application areas.
Another noticeable trend in the global lithium market is the focus of players, particularly the deep-pocketed ones, on strategic acquisitions. In fact, the bigger, deep-pocketed players are the ones reaping maximum profit because of their integrated facilities that help to bring down production costs. They are also investing substantially on research and development of more effective products.
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A research study by Transparency Market Research on the global lithium market finds that it would rise at a healthy 10.7% CAGR during the forecast duration beginning in 2018 and ending in 2026. The report valued the market at US$2.98 bn in 2017.
Lithium has become a household name thanks to the emergence and subsequent popularity of electric vehicles. Lithium-ion battery packs are mostly used in those for storing energy. No wonder then, energy storage is the largest application segment of lithium. As per the TMR report, among the various applications of lithium in glasses and ceramics, greases, and air purifiers, the energy storage application segment creates maximum demand. Its market share came to a substantial 42.5% in 2017. With respect to geography, Asia Pacific leads the global lithium market. The region not just produces but also consumes a lot of lithium.
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Electric Vehicle Craze Spells Opportunity for Global Lithium Market
Majorly fuelling the global lithium market is the surging sales of electric vehicles such as plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), and pure battery electric vehicles (BEVs). Explains the lead analyst of the TMR report, "Light weight and high density of lithium makes it an ideal constituent of batteries." The only challenge for the market is the proper disposal of lithium ion batteries used in cars, since those can pollute the soil and even enter the food chain.
Another factor having a positive impact on the global lithium market is the continued thrust on research and development on energy storage applications. Developed nation governments in the U.S. and European nations are at the forefront of such initiatives. This is mainly because of their emphasis on pollution control by rolling out effective electric vehicles that offer good mileage.
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Electronic Goods Sales Buoys Global Lithium Market
Soaring sales of electronic goods is having a positive impact on the global lithium market too. Adds our in-house analyst, "Lithium finds usage in making mobile phones, laptops, cordless power tools, high tech devices, and laptops." Other end use sectors driving up demand in the market are the medical and pharmaceutical and agricultural chemicals industry. Alkyl lithium finds usage in the manufacture of drugs and agricultural chemicals. Lithium serves to lessen mental disorders, namely cyclic major depression and schizoaffective disorder.
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The review is based on the findings of a TMR report, titled, "Lithium Market (Product- Lithium Carbonate, Lithium Hydroxide, Lithium Chloride; Application - Energy Storage (E-vehicles, E-bikes, Consumer Electronics, Grid Storage), Air Treatment, Greases and Lubricants, Glasses and Ceramics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018-2026."
The report segments the Global Lithium Market into the following:
Global Lithium Market, by Product
Global Lithium Market, by Application
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