Westford, USA, May 26, 2022 (GLOBE NEWSWIRE) -- The growing number in the demand of Electric Vehicle are driving the Lithium market growth. The demand in Lithium industry corresponds with the development of the Li-on battery. LIBs are an important part of the environmental cleaning procedure. A Tesla Model S battery has roughly 12 kilograms of lithium, whereas grid storage options will aid in the balance of renewable energy. IBM has just invented a new battery type that is free of nickel, cobalt, and other heavy metals, avoiding the humanitarian and environmental difficulties that Li-ion technologies have led up. The battery is composed of saltwater, and IBM experts believe that this concept could help minimize the need for heavy metals in battery manufacturing. Key market players are constantly reformulating products to make them more appealing for the industrial use. The growing demand for smartphones and the organised retail market, particularly in developing economies, are expected to drive market growth over the forecast period.
A lithium-ion battery is made up of many different components. The cell is the most expensive part of any lithium-ion battery, accounting for over half of the total cost; electronics, assembly, and packaging make up a good portion. However, recent developments and claims made by lithium-ion battery manufacturers and automotive manufacturers predict that the price of these batteries will drop significantly.
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Read market research report, " Global Lithium Market By Product (Carbonate, Hydroxide, Others), By Application (Batteries, Glass & Ceramics, Lubricant, Medical, Polymers, Metallurgy, Others), By Region, And Segment Forecasts, 2022-2028” by SkyQuest
The North America region accounts for a substantial market share in the Lithium market, and it is the world's largest and fastest-growing market. Due to stringent regulatory rules, the increased adoption of cleaner energy sources is boosting regional growth. The Environmental Protection Agency (EPA) has a number of schemes and funding programmes in place to encourage the use of green and sustainable energy sources such as solar, wind, geothermal, and others. The growing popularity of solar panels has created a significant demand for energy storage cells and batteries. Because of the availability of a diverse range of consumer goods under a single roof, ample parking space, and convenient operating hours, supermarkets are becoming increasingly popular. Furthermore, some supermarkets have company representatives who can help customers choose Lithium products. the use of lithium-ion batteries has dominated the global Lithium industry, accounting for approximately half of total market revenue. Li batteries come in a variety of active material combinations for the cathode, electrolyte, and anode.
The prominent market players are constantly adopting various innovation and growth strategies to capture more market share. The key market players are Albemarle, SQM, Livent Corp., Orocobre Ltd., Ganfeng Lithium Co., Ltd., and Tianqi Lithium among others.
The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about Lithium Market Revenue. The projections featured in the report have been derived using proven research methodologies and assumptions.
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Report Findings
- Drivers- The rise in demand for high-performance, low-emission, and fuel-efficient vehicles, combined with stringent government emission standards, will aid in the growth of the electric vehicle market and will directly accelerate the Lithium demand.
- Restraint- The extraction of Li inevitably harms the environment and pollutes the air this can affect the Lithium growth in the market.
What does this Report Deliver?
- Market Estimation for 20+ Countries
- Lithium Market demand by Region, Sub-Region, and Country
- Customization on Segments, Regions, and Company Profiles
- 100+ tables, 150+ Figures
- Global, Regional and Country specific Lithium Market Trends
- Comprehensive Mapping of Lithium Industry Parameters
- Attractive Investment Proposition in the Global Lithium Industry
- Competitive Strategies Adopted by Lithium Market Key Players
- Drivers, Restraints, Opportunities, Challenges and the impact on the Lithium Market Size
- Market growth rate till 2028
- Regulatory scenario, regional dynamics, and Lithium market insights of leading countries in each region
- In-depth Market insights by Region and Country
- Market Segmentation Trend Analysis, Opportunities and Growth
- Porter’s five force analysis to know the market’s condition
- Pricing Analysis and Lithium Market Sales
- Parent market analysis
- Product portfolio benchmarking
SkyQuest has segmented the Global Lithium Market based on Product Type, Application, and Region:
- Global Lithium Market by Product Type (Revenue, USD Billion, 2021 - 2028)
- Carbonate
- Hydroxide
- Others
- Global Lithium Market by Application (Revenue, USD Billion, 2021 - 2028)
- Batteries
- Glass & Ceramics
- Lubricant
- Medical
- Polymers
- Metallurgy
- Others
- Global Lithium Market By Region (Revenue, USD Billion, 2021 - 2028)
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
- Central & South America
- Brazil
- Rest of CSA
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
- North America
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Key Players in the Global Lithium Market
- FMC Corporation (India)
- SQM S.A. (CHILE)
- Tianqi Lithium (Australia)
- International Lithium Corp. (China)
- LSC Lithium Corporation (Canada)
- American Lithium Corp. (Canada)
- Livent (U.S.)
- BYD Company (China)
- LG Chem (South Korea)
- Samsung SDI (South Korea)
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