Dublin, Aug. 13, 2020 (GLOBE NEWSWIRE) -- The "Lithium Compounds Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The market for Lithium Compounds is expected to grow at a CAGR of greater than 8% globally during the forecast period.
Rising demand for lithium compounds for ceramics and glass in production to increase the strength of the ceramics and growing need for energy-saving devices are driving the market growth.
The high cost of compounds and replacement by other substitutes are expected to hinder the market growth.
Key Market Trends
Growing Demand for Batteries
- Lithium compounds have been majorly used in lithium-ion rechargeable battery technologies to save and consume energy. Lithium-Ion batteries find their application in electronics such as mobile phones, cameras, laptops, power tools and vehicles amongst others.
- Lithium-Ion batteries play a major role in vehicles both in combustion and electric automobiles. The automotive industry prefers lithium-ion batteries because of their properties such as high energy density, low self-discharge rate, long life cycle, low maintenance, fast charging, and low weight.
- The demand for Ni-Cd batteries is also high as they are currently used in some hybrid electric vehicles. The sales and demand for hybrid vehicles in India, Southeast Asia, and South Korea have witnessed decent growth compared to previous years.
- According to consumer electronics (CE), the consumption of electronics in every region is increasing due to continuous investments in electronic technology.
- Rising number of electric vehicles, increasing usage of electronics and robots in developing countries are driving the demand for rechargeable batteries, which in turn are expected to drive the market for lithium batteries through the years to come.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the global lithium compounds market owing to the highly developed electronics, automotive, ceramics and glass sectors in China, India, Japan, and Korea, coupled with the continuous investments done in the region to advance the battery technology sector through the years.
- Moreover, the glass and ceramics industries are still major consumers of lithium compounds because these compounds increase the lifespan of products, greater surface tension, resistance to thermal shock, and increased mechanical strength to ceramics.
- According to the world ceramic and glass magazine, China leads the consumption of ceramic tiles and glass industry followed by India, in the global scenario.
- There has been increasing production of electric and hybrid vehicles in China and India in recent years because of government regulations on combustion engines and high taxes on combustion vehicles in China.
- People are being attracted to heavy capacity batteries in mobile phones for longer usage times. According to The National Bureau of Statistics of China, the production of mobile phones in China was more than one billion in 2019. The production is expected to grow further owing to the domestic and export demand.
- The growing need for high-efficiency batteries requires advanced technological improvements in lithium compounds. Continuous growth in energy-saving devices is expected to drive the market for lithium compounds through the years to come.
Competitive Landscape
The global lithium compounds market is partially consolidated in nature with a few major players dominating a significant portion of the market. Some of the major companies are FMC Corporation, Sociedad Qumica y Minera (Sociedad Qumica y Minera de Chile), Lithium Americas Corp, Albemarle Corporation and Neometals Ltd, amongst others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
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Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand for Ceramics and Glass Industry
4.1.2 Growing Applications for Batteries
4.2 Restraints
4.2.1 Entry of New Substitutes
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porters Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
5.1 Compounds
5.1.1 Lithium Nitride
5.1.2 Lithium Metal
5.1.3 Lithium Carbonate
5.1.4 Lithium Hydroxide
5.1.5 Lithium Chloride
5.1.6 Butyllithium
5.1.7 Others
5.2 Application
5.2.1 Ceramics and Glass
5.2.2 Lubricants
5.2.3 Pharmaceuticals
5.2.4 Batteries
5.2.5 Chemicals
5.2.6 Metallurgy
5.2.7 Other Applications
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 France
5.3.3.4 Italy
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)/Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Albemarle Corporation
6.4.2 China Lithium Products Technology
6.4.3 FMC Corporation
6.4.4 Lithium Americas Corp
6.4.5 Neometals Ltd
6.4.6 Orocobre Limited
6.4.7 Shanghai China Lithium Industrial Co.Ltd
6.4.8 Sichuan Tianqui Lithium Chemicals Inc
6.4.9 Sociedad Quimica y Minera (Sociedad Quimica y Minera de Chile)
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Demand for Electric Vehicles
7.2 Other Opportunities
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