Press release
Lithium Market Size is projected to reach USD 134.02 billion by 2032, growing at A CAGR of 22.1%
Lithium Market
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐ ๐ ๐ซ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ - https://www.fortunebusinessinsights.com/enquiry/sample/lithium-market-104052
๐๐ข๐ฌ๐ญ ๐จ๐ ๐๐๐ฒ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐๐ซ๐จ๐๐ข๐ฅ๐๐ ๐ข๐ง ๐ญ๐ก๐ ๐๐๐ฉ๐จ๐ซ๐ญ
โถ Albemarle Corporation (U.S.)
โถ SQM S.A. (Chile)
โถ Tianqi Lithium (Australia)
โถ Jiangsu Ronghui General Lithium Industry Co., Ltd. (China)
โถ Ganfeng Lithium Co., Ltd. (China)
โถ Sigma Lithium (Canada)
โถ American Lithium Corp. (Canada)
โถ Livent (U.S.)
โถ Avalon Advanced Materials (Canada)
โถ Sayona Mining Limited (Australia)
๐๐๐ ๐ฆ๐๐ง๐ญ๐ฌ
Lithium Carbonate (Li2CO3) Led as it is Widely Used in the Pharmaceutical Industry
On the basis of product, the market is segmented into carbonate, hydroxide, chloride, metal, and others. Lithium carbonate (Li2CO3) held the majority part in 2022 as carbonate is extracted from brines and is the first compound in the production chain. It is widely used in pharmaceutical industry in making medicines for cluster headaches.
Batteries Led as it is Used in Numerous Combinations of Active Materials
Based on application, the market is segmented into batteries, glass & ceramics, lubricant, polymers, metallurgy, medical, air treatment, and others. Batteries segment accounted for the dominating market share in 2020 and is set to dominate in the future as LIBs are used in numerous combinations of active materials for cathode, electrolyte, and anode.
Automobile Industry to Lead Due to High Usage
Based on end-user, the market is segmented into automotive, consumer electronics, industrial, energy storage, and others. The automobile industry is dominating as lithium-ion battery technology is being used as an alternative source of energy.
The consumer electronics segment is also set to grow as LIBs are used under rechargeable gadgets to store proper energy-to-weight ratios and high open-circuit voltage.
Geographically, the market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
๐๐๐ญ ๐ ๐๐ฎ๐จ๐ญ๐- https://www.fortunebusinessinsights.com/enquiry/get-a-quote/lithium-market-104052
๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฏ๐๐ซ๐๐ ๐
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
๐๐ซ๐ข๐ฏ๐๐ซ๐ฌ ๐๐ง๐ ๐๐๐ฌ๐ญ๐ซ๐๐ข๐ง๐ญ๐ฌ
Increasing Adoption of Electric Vehicles to Drive Market Trajectory
Increasing adoption of electric vehicles is expected to drive the lithium market growth. The evolution of the automobile industry has massive impact on EVs. They are designed to replace to replace the traditional methods of travelling with technological advancements, low carbon emission, low maintenance, smoother drive, convenience of charging at home, reduced engine sound, and high fuel economy. Batteries play a very important role for Hybrid Electric Vehicles (HEVS), all-Electric Vehicles (EVS), and Plug-in Hybrid Electric Vehicles (PHEVs).
However, environmental concerns and recycling are anticipated to hinder market development.
๐๐๐ ๐ข๐จ๐ง๐๐ฅ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ
Asia Pacific Led the Market Due to Wide Usage of the Product in the Industrial and Commercial Sectors
Asia Pacific dominated the lithium market share due to wide usage of the product in the industrial and commercial sectors. The sectors include power, consumer electronics, chemical, industrial, general manufacturing, and others. Easy availability of the raw materials is considered one of the driving factors supporting the market growth.
North America is also expected to have considerate market growth due to the adoption of clean energy sources due to stringent regulatory rules.
๐๐๐๐ ๐๐จ๐ซ๐ ๐๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง- https://www.fortunebusinessinsights.com/lithium-market-104052
๐๐จ๐ฆ๐ฉ๐๐ญ๐ข๐ญ๐ข๐ฏ๐ ๐๐๐ง๐๐ฌ๐๐๐ฉ๐
Albemarle Corporation has a Strong Presence in North America which is Driving the Competition in the Market
Key market players are Albemarle, SQM S.A., Tianqi Lithium, Jiangsu Ronghui General Lithium Industry Co., Ltd., and others. Market players are involved in capacity expansion, new product launches, joint ventures, acquisitions, and partnerships to have a competitive edge. Albemarle Corporation has a strong presence in North America, which is driving the competition in the market.
๐๐๐ฒ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐๐๐ฏ๐๐ฅ๐จ๐ฉ๐ฆ๐๐ง๐ญ
โถ January 2023- Ganfeng Lithium Co., Ltd. invested USD 2.14 billion for the development of two new battery factories. The two new factories are set to increase its production capacities by 34 GWh. This facility will add to manufacturing, which is expected to grow to around 100 GWh annually.
๐๐๐ฅ๐๐ญ๐๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ-
Lithium Ion Battery Recycling Market- https://www.fortunebusinessinsights.com/industry-reports/lithium-ion-battery-recycling-market-100244
Lithium-ion Battery Market- https://www.fortunebusinessinsights.com/industry-reports/lithium-ion-battery-market-100123
Lithium Solid-State Battery Market- https://www.fortunebusinessinsights.com/industry-reports/lithium-solid-state-battery-market-101359 ๏ปฟ
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