The global lithiummarket size is projected to reach USD 8.24 billion by theend of 2027. The increasing investments in lithium extraction methods haveopened up a flexible applications scope. According to a report published byFortune Business Insights, titled “LithiumMarket Size, Share & Industry Analysis, By Product (Carbonate, Hydroxide,Others), By Application (Batteries, Glass & Ceramics, Lubricant, Medical,Polymers, Metallurgy, Others), and Geography Forecast, 2020-2027,” themarket was worth USD 4.09 billion in 2019 and will exhibit a CAGR of 9.2%during the forecast period, 2020-2027.
Lithium is a chemical element that ispresent in natural substances such as rocks. The material is approved for usein several industry verticals, including chemical, electrical, healthcare, andautomotive. Accounting to the exceptional properties of lithium, it has beenexcessively used in applications that require high efficiency as well asdurability. The properties such as resistance to external factors and low costof the product cater to flexible applications. The increasing applications andsubsequently rising demand for the product across the world will bode well forthe growth of the overall lithium market in the coming years. Moreover, the presenceof several large scale companies in several countries across the world willemerge in favor of the growth of the global market.
Covid-19Pandemic Proving Damaging for Lithium Manufacturing Sectors
https://www.fortunebusinessinsights.com/lithium-market-104052
The recent coronavirus outbreak hashad a damaging impact on several businesses across the world, with SMEs amongstthe categories the worst-hit sectors. As several businesses have come to acomplete halt, it is evident that the measures taken to minimize the spread ofthe disease have ultimately affected several industries across the world.
The shortage of manual labor andworkforce has been daunting to manufacturers in the lithium market in the pastfew months. Due to the lack of available laborers, production units have beenput on hold. This has resulted in severe economic losses across the world.Having said that the resumptions in business operations, although withinconstrained boundaries, will provide hope to the companies that have hugelysuffered at the hands of the pandemic.
Accountingtoo Massive Potential for Growth, Companies turn to Strategic Collaborations
The report encompasses severalfactors that have contributed to the growth of the market in recent years. Therising demand for lithium and lithium derivatives have resulted in a strongcompetition on the global stage. This makes it even more difficult for thecompanies that are essentially under the SME bracket. As a result, severalmid-scale companies are looking to collaborate with other businesses in themid-range as well as large scale sectors. In August 2020, Cornish Lithiumannounced that it will be collaborating with Geothermal Engineering (GEL) for anew lithium manufacturing plant. The companies will develop a geo-thermal Lirecovery plant in Cornwall. This unit will deal with extraction of Li for usein power storage batteries for electric vehicles. Increasing number of suchinitiatives will have a massive impact on the growth of the overall market inthe coming years.
List of companies profiled in thereport:
• FMCCorporation (India)
• AlbemarleCorporation (U.S.)
• SQMS.A. (Chile)
• TianqiLithium (Australia)
• InternationalLithium Corp. (China)
• LSCLithium Corporation (Canada)
• AmericanLithium Corp. (Canada)
• Livent(U.S.)
• AvalonAdvanced Materials (Canada)
• SayonaMining Limited (Australia)
• OtherKey Players
