Lithium Chemicals Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2959
Lithium Chemicals Market size is predicted to rise significantly in the forecast timeframe owing to rising demand for rechargeable batteries from the electric vehicle segment comprising battery-powered vehicles, hybrid and plug-in vehicles. These products also have vast application potential in cellphones, digital cameras, laptops and calculators where they are replacing alkaline batteries pertaining to their light weight and low cost.
Lithium is a silvery white, soft substance which represents the first alkaline substance in the periodic table. These products are compounds of metals including chloride, carbonate, hydroxide, butyl and bromide. Lithium chemicals exhibit optimal fluxing & catalytic properties, high thermal expansion coefficient & electrochemical potential. Moreover, these products offer various benefits such as high thermal conductivity, specific heat, and low density & viscosity which may accelerate growth of lithium chemicals market size.
Rising environmental awareness among consumers & regulatory bodies, switching preferences from fuel-powered to electrical vehicles, and growing demand for portable equipment powered by li-ion batteries is likely to boost lithium chemicals market size. Lithium’s light weight and density, which is lower than all other solids increase product suitability for heat-resistant, ceramics & glass manufacture and low-weight high-strength aluminum alloys used in aerospace industry. Global ceramic market size is predicted to surpass USD 10 billion by 2024, on account of rising demand from the booming construction segment in China and India which represents ample growth opportunities for lithium chemicals market size.
These products cater to diverse industries such as lubricant, aluminum production, air treatment, rubber & thermoplastic manufacturing, aerospace and pharmaceutical industries which may spur lithium chemicals market growth. Stearates find use in the lubricant industry as a constituent of grease to impart thickening properties. In aluminum smelting, these products help reduce fluorine emissions and lower power consumption. Chlorides act as absorbents & desiccants in air treatment by regulating humidity. Moreover, carbonates are a vital ingredient in pharmaceutical products for treating manic depression and bipolar disorder which may promote lithium chemicals market growth.
North America lithium chemicals market size led by the U.S., Canada and Mexico is poised to rise substantially by 2024 on account of rising efforts by mining companies to tap new ore deposits to increase self-sufficiency. Sales of plugin electric vehicles in the U.S. surpassed 70,000 units in 2016 pertaining to lower GHG emissions as compared to fuel power vehicles and low cost compared to battery-powered vehicles which may boost product demand.
Europe led by Germany, UK, France, and Spain lithium chemicals market size may witness rapid gains in the forecasted timeframe owing to increased aircraft manufacture driven by the booming tourism industry and rising passenger preference for chartered flights. UK aerospace market surpassed USD 40 billion in 2017 pertaining to increased spending by manufacturers and rising exports which is poised to stimulate product demand.
Asia Pacific lithium chemicals market led by China, India, Japan and South Korea may experience significant growth by 2024 pertaining to rising disposable income in the region which has led to increased demand for mobile devices. China smartphone market size surpassed USD 130 billion in 2016 owing to the presence of a rich manufacturing industry in the country, increasing product popularity and increasing competition with foreign manufacturers which has led to improvements in product offering and may boost lithium chemicals market growth.
Global lithium chemicals market share is significantly competitive and fragmented among various manufacturers such as Chengdu Tianqi, Talison, Abermarle, Sichuan Brivo, and Mody Chemi Pharma Ltd. Several prominent manufacturers are engaging in strategic acquisitions of foreign firms to complement their product portfolio and ensure market expansion.
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