Lithium is being used in the batteries that are being used heavily in the automobile as well as the electronic sector. With the shift of petrol and diesel vehicles to electronic vehicles, the lithium market is expected to see a surge with an annual growth rate of almost 2% globally, in the next 10 to 15 years.
It is estimated that the global lithium market value will reach 5 billion US dollars in 2021, and is expected to grow at a compound annual growth rate of 2% between 2022 and 2030. Ion automotive industry. limit. Lithium-ion batteries are usually stored in vehicles, consumer goods, and power grids. As of 2019, with more than 3 million electric vehicles (EVs), 8 billion smartphones and more storage capacity, it will grow rapidly year by year and eventually drive the demand for batteries before the peak season. The country is expected to support government initiatives in the country’s automobile and battery manufacturing industries by increasing the demand for the product in the global lithium market.
KORE Power announced in October 2019 that it will start a lithium-ion battery factory in the United States to produce the Mark1 energy storage system. Growth in battery manufacturing in the United States and around the world is expected to drive market growth next year. Batteries are an important use of lithium and are also used in various end-user industries. Compared with similar products, lithium’s lighter weight and higher electrochemical capacity have enabled global manufacturers to increase their global lithium-ion battery production capacity. It is estimated that by the end of 2020, the production capacity of major lithium-ion battery manufacturers such as Tesla, CATL, Panasonic, BYD and LG Chem will reach 465GWh. In addition, the expected production capacity of lithium-ion batteries will be exhausted. 2023. At 1000 GWh, the pipeline will last for 21 years.
Major market players:
Albemarle FMC Corporation, SQM Tianqi Lithium, Ganfeng Lithium Co., Ltd. Lithium Corp. Jaquimos de Letio Bolivia
Automobile is the largest market segment, with a sales share of 42% in 2020. Due to the rapid growth of electric vehicle production, it is expected to maintain its leading position during the forecast period. According to Albamar, the world’s largest lithium producer, the demand for lithium in the electric vehicle market is expected to increase by 599% from 2019 to 2025. In 2018 and 2019, it was 93 thousand tons, an increase of 57% over the previous year. Taking into account the rapid growth of electric vehicle production at a rate of 599%, it is estimated that by 2025, LCE consumption will reach 650 kilotons.
Network storage is expected to record a faster compound annual growth rate (CAGR) during the 1.8% forecast period. As people’s interest in clean energy increases, investment in energy storage is also increasing, and it is expected to grow rapidly to 158 GW by 2024. However, the field of energy storage requires a large amount of investment and the use of batteries, and lithium leads to rising costs. Carbonate content will be the highest in 2021, reaching 62%. Due to its high reactivity, lithium naturally exists in the form of salts and components, forming many lithium compounds such as carbonates, hydroxides and chlorides. Lithium carbonate (Li2CO3) is the most stable compound and can form other compounds such as lithium hydroxide (LiOH) and pure lithium.
Main market regions:
The study on Lithium market was global in nature and conducted in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa). In addition, areas like Market size, Y-O-Y growth & Opportunity Analysis, market players competitive study, investment opportunities, demand for future outlook etc. have been covered and displayed in the Global lithium market research report to ensure it dives deep to achieve strategic competitive intelligence in the segment.