BANGALORE, India, Dec. 16, 2021
BANGALORE, India, Dec. 16, 2021 /PRNewswire/ -- Lithium Market is Segmented By Type - Anhydrous Lithium Hydroxide, Lithium Niobate, Lithium Tantalate, By Application - Industrial, Manufacturing. Global Opportunity Analysis and Industry Forecast 2021 - 2027. It is published in Valuates Reports under the Chemicals Industry Category.
The global Lithium market size is projected to reach USD 6187.8 million by 2027, from USD 3483.5 million in 2020, at a CAGR of 8.1% during 2021-2027.
The Major Factor Driving The Growth Of The Lithium Market Are
The global lithium market is predicted to expand in the future as lithium-ion battery costs decline, energy storage systems expand, and the electric vehicle market expands.
The market for lithium-ion batteries is expected to be driven by the electrification of automobiles, which is expected to attract a considerable volume of lithium-ion batteries over the forecast period. This in turn is expected to drive the growth of the lithium market. Lithium has become widely used in EV batteries as a result of the advancement of EV technology, as well as worries about increased CO2 pollution from combustion engines and rising fuel costs.
Increasing demand for lithium-ion batteries from portable consumer electronics, as well as increased demand for lithium from the glass-making industry to improve glass melt rate and lower viscosity, are likely to fuel the lithium market growth throughout the forecast period.
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TRENDS INFLUENCING THE GROWTH OF LITHIUM MARKET
Lithium-ion battery demand is increasing at a rapid pace, owing in part to rising global demand for electric vehicles, mobile devices, and grid storage. These are significant markets to us because they aim to improve our quality of life by reducing air pollution, encouraging electronic mobility, enabling portable medical equipment, and advancing renewable energy. Lithium is at the center of it all. This has switched automakers' focus to producing electric vehicles, which is expected to boost demand for lithium and related components. Government incentives for electric vehicles, as well as investments in the sector, are projected to accelerate the market's growth. This shift in trend towards electrification of vehicles is expected to drive the lithium market.
The deployment of energy storage systems based on lithium-ion batteries is expanding in industrialized countries around the world, fuelling the lithium market expansion. Lithium has distinct properties that are difficult to duplicate using other battery materials. Lithium-ion batteries, for example, have a higher energy density (the amount of energy stored per unit volume or mass) and specific power (the ability to deliver a burst of power) than rival battery technologies. In other words, lithium is a light metal that can store a lot of energy. As a result, it has become the preferred battery technology for powering our future.
The Lithium-ion market is predicted to rise due to increased application in various end-user industries. Many of the things we use on a daily basis contain lithium compounds. Lithium carbonate and lithium hydroxide are required for the lithium-ion batteries used in our smartphones, tablets, and notebook computers, as well as in electric vehicles. Lithium niobate is widely utilized in the telecommunications industry, including in mobile phones and optical modulators, for example. It is the preferred material for making surface acoustic wave devices. Lithium Tantalate is a material with unique features that can be used in electro-optical and acoustic-optical applications. Surface acoustic wave devices, bulk acoustic wave devices, piezoelectric transducers, and verify piezoelectric sensors are examples of these devices.
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LITHIUM MARKET SHARE ANALYSIS
Asia-Pacific is expected to be the most lucrative region during the forecast period. This is owing to China's, Japan's, South Korea's, and India's fast-developing automobile, glass, and consumer goods industries. Over the projected period, the market is expected to be driven by ongoing expenditures in the region to enhance the battery technology industry.
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Lithium Market By Application
This section of the report provides key insights regarding various regions and the key players operating in each region. Economic, social, environmental, technological, and political factors have been taken into consideration while assessing the growth of the particular region/country. The readers will also get their hands on the revenue and production data of each region and country for the period 2016-2027. This information derived through comprehensive research will help the reader to get familiar with the potential value of the investment in a particular region. North America, Europe, China and Japan are the major regions studied in the research report.
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