Global Lithium Derivatives Market - Overview
Recognizing the potential of the market to grow further in the years to come, Market Research Future (MRFR) has published a detailed study report giving out the market forecast for the period 2021 – 2030. In its analysis, Owing to the increase in demand for lithium derivative, the Lithium Derivatives Market is expected to record a CAGR of 6% during the forecast year. Lithium Derivatives market is surging exponentially mainly due to one of its type Lithium ions.
Great capacity to store energy makes Lithium ions an ideal component for making rechargeable batteries and grid connected storage. Emergence of electric vehicles that run on Lithium batteries, consumer preference towards rechargeable batteries due to its high drain application coupled with the increased environmental and economic benefits these batteries provide are some of the driving forces increasing the uptake of Lithium batteries that eventually drive growth of Lithium Derivatives market. Simultaneously, other properties of Lithium Derivatives such as viscosity glass modifiers in the glass melts, high coefficient of thermal expansion, and higher electrochemical potential as compared to other catalytic metal; these derivatives find extensive application in manufacturing of lubricants, Glass & Ceramic items, Polymers and Aluminium Smelting & various alloys. Attributing to the wide uptake & range of application industries; the market of Lithium Derivatives enjoys a great market traction on the global platform. Furthermore, contribution from the burgeoning consumer electronics industry owing to the consumer preference & adoption of portable devices coupled with the expanding uptake of electric vehicles. Factors as such are expected to provide impetus to the market growth during the review period.
On the other hand, factors such as high initial investment cost & lack of expertise in the lithium extraction activities are expected to restrict the market growth during the assessment period.
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As per the lithium derivatives market forecast report, the key players of the industry are Albemarle Corporation (US), FMC Corporation (US), SQM SA (Chile), Tianqi Lithium (Australia), Ganfeng Lithium Co., Ltd. (China), General Lithium (Haimen) Corporation (China), and ZHONGHE Co., Ltd (China).
Albemarle Corporation (US) is a prominent player in the industry that operates in various business segments such as Bromine specialties, Lithium, and Catalysts. The company also deals in lithium and lithium derivatives.
Moreover, demand for electric vehicles, flourishing automotive industry, increasing consumer electronic manufacturing, growing industrialization and, proximity to cheap labors are the major growth driving factors in this region. Asia Pacific represents high growth in the automotive industry by producing largest commercial and consumer vehicles. This in turn has generated vast demand for electric vehicles as well as lithium ion-batteries, and considered major driver. Moreover, consumer electronics manufacturing in this region is on the rise which includes portables devices and it is anticipated to grow significantly by complementing regional growth. Apart from this, economic development in emerging economies, including India, Japan, and South Korea coupled with growing industrialization substantially contributed in the regional growth.
Following Asia Pacific, North America is the second largest market for lithium derivatives growing significantly over the years. The region is witnessing additional demand for these derivatives by having major players such as Albemarle Corporation and FMC Corporation. Consequently, the region will progress in the regional shares in the years to come. U.S. and Mexico collectively drives the North American lithium derivative market on account of increasing lithium mining projects. Europe is a developing region, including emerging markets such as Germany, Spain, UK, and Netherland. Wherein, glass and ceramic industries have historically been the biggest consumers of lithium in Europe, thereby driving robust demand for its derivatives. The region is comprised of numerous car manufacturers, which are further launching models that integrate lithium ion battery technology, which is expected to surge demand for lithium derivatives. Driven by increasing mining projects in Argentina led Latina America to show progressive growth over the past few years. This trend is expected to continue over the forecast period and drive regional growth.
On the other hand, aging sewerage management infrastructure and outdated Lithium Derivatives techniques are the major factors affecting the growth of the market negatively. Also, high investments required for establishing liquid waste treatment plant challenge the growth of the market to an extent. Nevertheless, stringent environmental regulations against liquid waste characteristics like ignitability, corrosion, reactivity, and toxicity would support market growth throughout the forecast period.
On the contrary, bio-based chemicals are considered an expensive procedure which is energy and capital intensive. This is likely to impede the market growth in the coming years as petroleum-based chemicals are very cheap to produce. On a brighter note, with technological advancements, cost of production is likely to reduce in the long run.
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Lithium Derivatives Market - Segments:
Global Lithium Derivatives Market is segmented in to 3 Key dynamics for an easy grasp and enhanced understanding;
By Derivative Types: Comprises - Lithium Carbonate, Lithium Concentrate, Lithium Hydroxide, Lithium Metal, Lithium Chloride, Butyl Lithium, and others.
By Applications: Lubricants, Batteries, Medicals, Glass & Ceramic, Metallurgic, Alloys, Polymers and Aluminium Smelting and others.
By Regions: North America, Europe, APAC and Rest of the World.
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Global Lithium Derivatives Market -Regional Analysis
Asia Pacific accounted for the largest market for Lithium Derivatives which in 2016, occupied 53% of the global market shares. China, among other APAC countries, being the largest producer for the lithium-ion batteries for the electric vehicle. Other factors adding up to the china market growth include; economic growth, availability of low cost man power, presence of several small scale lithium derivative producers coupled with the presence of huge automotive manufacturing base.
On the other hand, North America is another lucrative market for lithium derivatives, owing to the presence of major markets players in US & Canada.
Europe market for lithium derivatives growing steadily, is likely to perceiver relatively a faster growth in the next 7 years attributing to the greater adoption of electric vehicles.
Albemarle Corporation (U.S.), FMC Corporation (US), SQM (Chile), Jiangxi Ganfeng Lithium Co.Ltd. (China), Sichuan Tianqi Lithium Industries Inc. (China) and General Lithium are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Lithium Derivatives Market.
Industry/ Innovation/ Related News:
March 9, 2018 - Albemarle Corporation (US), a leading global producer of leader in the production of lithium and its derivatives, announced receiving of approval from CORFO (Chile's Economic Development Agency) for increasing the company's lithium quota consequently increasing its lithium production in Chile. According to the approval, Albemarle can increase its lithium production as much as 145,000 metric tons annually through 2043.
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