LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global lithium market to grow at a CAGR of more than 8% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global lithium storage market for 2017-2021. The market is segmented by application (batteries, greases, glass and ceramics, air treatment, pharmaceuticals, polymers, lithium alloy, and aluminum), and geography (APAC, the Americas, and EMEA).
Lithium compounds that are used in manufacturing high-performance lithium-ion batteries will drive the global lithium market. Many countries worldwide are undertaking projects to explore and develop more lithium resources due to increased global demand for lithium. The largest market share is gained by mineral-sourced lithium. In 2016, mineral-sourced lithium accounted for approximately 50% of the global lithium supply.
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Technavio chemicals and materials research analysts highlight the following factors that are contributing to the growth of the global lithium market:
- Environment-friendly nature of lithium-ion batteries
- Growing demand for Electric Vehicle (EVs) with longer range
- Demand for personal devices
Environment-friendly nature of lithium-ion batteries
Reducing carbon emissions and dependence on oil are the major factors that can be attributed to the shift from fuel or gasoline vehicles to EVs. The use of lithium-ion batteries in EVs helps in reducing global warming by curbing carbon dioxide emissions from vehicles. The vehicles are cost-effective as they reduce the consumption of gasoline and diesel. Therefore, the environmental benefits offered by lithium-ion batteries are expected to drive the market growth.
Mahitha Mallishetty, a lead metals and minerals research analyst at Technavio, says, “Lithium-ion batteries have gained popularity for use in EVs and hybrid EVs. Other types of batteries used in EVs, such as lead-acid and nickel-metal hydride batteries, are expected to continue to retain considerable market shares in the short term. Lithium-ion batteries are expected to dominate the market by 2020 owing to their advantages and cost-effectiveness.”
Growing demand for EVs with longer range
“The range of EVs can be improved, and the fuel consumption of hybrid EVs can be reduced using lithium-ion batteries. The diverse types of rechargeable batteries, distinguished by the materials used for the electrodes and electrolytes, have a short range due to lower energy density and have a short operational life when compared with that of lithium-ion batteries. Growth in vehicle fleet leads to a proportionately faster change in the acceptance of EVs, thereby providing growth prospects for the global lithium market,” says Mahitha.
Demand for personal devices
The increase in the adoption of personal devices like smartphones, tablets, and wearables, has fostered the demand for lithium in recent years, and the demand is expected to continue in the coming years.
Lithium-ion batteries in plug-in electric products or appliances have high power and energy capacities, making them appropriate for grid storage applications, such as frequency regulation and in applications requiring energy storage for a longer duration. The market is expected to grow in future as the demand for lithium-ion batteries is increasing due to the increased use of wide range of electrical products, such as smartphones, tablets, and wearable electronics, etc.
Top vendors:
- Albemarle
- FMC
- Sichuan Tianqi Lithium Industries
- Sociedad Química y Minera de Chile (SQM)
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