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Global Lithium Compounds Market Size, Trends & Analysis - Forecasts To 2026 By Derivative (Lithium Carbonate, Lithium Metal, Butyl Lithium, Lithium Concentrate, Lithium Hydroxide, Lithium and Other Derivatives), By End-Use (Polymers, Glass & Ceramics, Lubricants, Li-Ion Batteries, Metallurgy, Medical, and Others), By Region (North America, Asia Pacific, CSA, Europe, and the Middle East and Africa); End-User Landscape, Company Market Share Analysis and Competitor Analysis
Lithium is a soft, silver-white alkali metal that is commonly found in soil, plants, animals, and the human body. Lithium compounds are formed when indium is chemically treated with tin oxide. These compounds are used in nuclear reactor cooling systems, rechargeable batteries, special glasses, glass ceramics, and aircraft applications, among others. However, lithium is corrosive and burns with a white flame. This has increased the enormous demand for infrastructure development, building renovation, and new housing projects. Moreover, the increasing investment by the government and private entities in lithium compound production research activities has led the market to grow exponentially. However, high operating expenses and product safety issues, are likely to adversely obstruct market growth during the projected timeline.
The market can be categorized into six forms of derivatives namely; butyl lithium, lithium carbonate, lithium concentrate, lithium metal, lithium hydroxide, and lithium & other derivatives. The lithium carbonate sector contributed to the largest share of the demand for lithium compounds throughout 2019. Lithium carbonate is a carbonate lithium salt that is commonly used in the manufacturing of metal oxides. It is the first brine-extracted lithium compound and the first compound in the supply chain. It is often used to reduce the silica melting point that is used in glass for ovenware.
This market can be divided into six segments, according to the end-use analysis: polymers, glass & ceramics, lubricants, li-ion batteries, metallurgy, and medicine, among others. The Li-ion battery segment will hold the maximum share from 2020-2026. Li-ion batteries have a high energy capacity, longer run time, and an extended life cycle compared to traditional lead-acid batteries, helping to meet the current requirements of the worldwide energy sector. Furthermore, the replacement of petroleum-based vehicles with electronic vehicles will facilitate the industry's demand for lithium compounds.
The regional lithium compound market overview is categorized into Europe, North America, Asia Pacific, CSA, and MEA. The Asia Pacific region will emerge as a prominent leader in the market for lithium compounds. In developing countries such as China, South Korea, India, and Brazil, increasing consumer use of these devices has increased demand for Li-ion batteries. Furthermore, the rising production of hybrid and electric vehicles in India and China will propel the growth of this region.
The key players competing in the market are Albemarle Corporation, Shanghai China Lithium Industrial Co. Ltd., Bacanora Lithium, Livent Corporation, Covalent Lithium General Lithium (Haimen) Corporation, Tvel Fuel Company, New Materials Co. Ltd., Lithium Americas Orocobre Limited, China Lithium Products Technology Co. Ltd., Sichuan Ni&Co Guorun Ltd., Nemaska Lithium Inc., and Burwill Holdings Limited, among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In January 2019, Albemarle Corporation established its new factory at Kemerton with a production capacity of 60,000 metric tons of lithium hydroxide and expanded its presence.
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The Global Lithium Compounds Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Lithium Compounds Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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