Synopsis of Lithium Derivatives Market
Lithium (CAS NO. 7439-93-2) is the lightest metal in the periodic table which is extracted from two sources, including spodumene and salt lake brines and then process manufactured into its derivatives. Lithium Derivatives are highly reactive and broadly classified into lithium carbonate, lithium hydroxide, lithium concentrated, lithium chloride, lithium metal, butyl lithium, and others. Lithium ions have massive capacity to store energy which makes them favorable for use in the rechargeable batteries and grid connected storage. Other than that, they exhibit properties such as viscosity glass modifiers in the glass melts, high coefficient of thermal expansion, and higher electrochemical potential as compared to other catalytic metal.
According to the MRFR analysis, Global Lithium Derivatives Market is projected to reach USD 2,074.2 million by 2023, growing at healthy CAGR of 5.80%. Factors such as the emergence of the electric vehicles, growing demand for portable devices, and increasing glass and ceramic production considered as major growth drivers. China, especially emerged as a key market, thereby generating robust demand for electric vehicles in which lithium ion batteries are largely preferred. Furthermore, consumer electronics industry is on the rise on account of high adoption of portable devices and significantly driving demand for lithium derivatives. On the other hand, growth in this market is hampered by high initial investment cost. Additionally, lack of lithium expertise manpower in the lithium extraction activities led to failure of the lithium startup by having a negative impact on the global growth. Nevertheless, this market will be having several growth prospects in the years to come due to emerging applications of Lithium Derivative in grid connected storage as well as aluminum smelting.
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As per the MRFR analysis, Global Lithium Derivative Market is dominated by Asia Pacific followed by North America and Europe. Asia Pacific is the largest region in terms of value and volume and has occupied 53% of the global market shares as of 2016. China drive Asia Pacific lithium Derivatives Market by producing majority of lithium-ion batteries due to emergence of electric vehicle. Moreover, the country has huge automotive manufacturing base which has contributed driving demand for Lithium Derivative substantially. Other than that, economic growth, proximity to cheap labors and presence of numerous small scale Lithium Derivative producers in this region are the important growth factors. North America is another attractive region for Lithium Derivatives, including major market U.S. and Canada. Presence of few leading players in this region such as Albemarle Corporation (U.S.) and FMC Corporation (U.S.) stimulated demand for Lithium Derivatives. Europe is a steady market for Lithium Derivatives and likely to grow relatively faster in the years to come due to greater adoption of electric vehicles.
The Global Lithium Derivatives Market is majorly segmented on the basis derivative types, applications and by regions. Based on derivative types global market has been segmented into lithium carbonate, lithium hydroxide, lithium concentrate, lithium metal, butyl lithium, lithium chloride, and others. Market segmentation based on the application includes batteries, lubricants, medicals, metallurgic, glass & ceramic, aluminum smelting & alloys, polymers, and others. Geographically global market has been segmented into North America, APAC, Europe, Latin America, and Middle East & Africa.
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