Use of lithium in air treatment applications such as cooling, dehumidification, and air regeneration is on the rise. Rising use of absorption chillers in hospitals, shopping malls, and other institutional facilities is likely to drive the global lithium market in the near future, as lithium bromide is primarily used in these applications. Increasing use of lithium chloride for dehumidification is another factor driving the lithium market. Gelatin manufacturers, pharmaceutical companies, breweries, and hospitals employ typical installations wherein lithium is used for the dehumidification purpose.
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Lithium is a lightweight metal, which is an important element employed in the lithium-ion battery technology. Several manufacturers are focused on production of lithium derivatives such as lithium carbonate and lithium hydroxide. Lithium products are primarily used in energy storage systems, automobiles, household electricity applications, and consumer electronics products. Advancements in the energy storage sector are likely to boost the demand for lithium across the world in the near future. Asia Pacific is a key region of the global lithium market, owing to presence of leading manufacturers in countries such as Japan and China. Lithium-ion batteries are highly suitable for use in electric vehicles, due to their high energy efficiency and long shelf life.
Based on product, the global lithium market has been classified into lithium carbonate, lithium hydroxide, lithium chloride, and others (such as lithium bromide, lithium iodide). Lithium carbonate is the highly consumed product type of lithium, due to improved specific capacity and power density. In terms of application, the global lithium market has been categorized into energy storage, air treatment, greases & lubricants, glasses & ceramics, and others (such as medical and pharmaceutical). Energy storage applications of lithium include E-vehicles, E-bikes, consumer electronics, and grid storage.
Increase in production of electric vehicles is considered one of the key factors driving the global lithium market. Major automobile manufacturers are engaged in the production of electric vehicles such as hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and pure battery electric vehicles (BEVs). Li-ion batteries are light in weight. Extensive research efforts and investments have given rise to advanced battery technologies that are suitable for use in electric vehicles all over the world. Air treatment is another key application, wherein lithium is highly employed. Lithium is used for removal of carbon dioxide, especially in space crafts and submarines. Also, it is widely used for the dehumidification purpose.
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Application of lithium in medical and pharmaceutical industries is on the rise. Lithium is widely used in the treatment of mental disorders such as schizophrenia and cyclic depression. Lithium is used as a synthetic agent in the manufacture of drugs. Alkyl lithium is used as a synthetic agent for the manufacture of organic intermediates that can be used for drugs and agricultural chemicals. Primary lithium batteries are employed in cardiac pacemakers, drug pumps, neurostimulators, etc., while secondary lithium batteries are used in applications such as artificial hearts and implantable hearing assist devices.
A large number of raw material suppliers operate in the market. Companies engaged in the mining of lithium can integrate forward to manufacture lithium batteries for various applications such as electric vehicles, greases and lubricants, and air treatment.
The report analyzes and forecasts the market for lithium at the global and regional levels. The market has been projected in terms of volume (tons) and revenue (US$ Mn) for the period from 2018 to 2026. The study includes drivers and restraints of the global lithium market. It also covers the anticipated impact of these drivers and restraints on the demand for lithium during the forecast period. The report also highlights opportunities for growth of the lithium market at the global and regional levels.
The report comprises detailed value chain analysis, which provides a comprehensive view of the global lithium market. Porter’s five forces model for the lithium market has also been included to help understand the competition landscape of the market. The study encompasses market attractiveness analysis, wherein product and application segments have been benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global lithium market by segmenting it in terms of product, application, and region. These segments have been analyzed based on the present and future trends. Regional segmentation includes the current and forecast demand for lithium in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers individual product and application segments of the lithium market in every region.
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The study includes profiles of major companies operating in the global lithium market. Key players profiled in the report include SQM, Albermarle Corporation, FMC Corporation, and Tianqi Lithium Corporation. These players account for a major share of the total production of lithium. Moreover, they are forward integrated. Brand promotion and launch of new products are likely to raise sales of lithium in the next few years. Market leaders look for different measures such as strategic pricing and product improvement in order to increase their profit margin.
The report provides the estimated market size of the global lithium market for 2018 and forecast for the next nine years. The size of the global lithium market has been provided in terms of revenue. Market numbers have been estimated for product, application, and regional segments. Market size and forecast for each segment have been provided for the global as well as regional markets.
Global Lithium Market, by Product
Global Lithium Market, by Application
Greases & Lubricants
Glasses & Ceramics
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