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The global lithium market is expected to register a CAGR of 9.33% during the forecast period, 2018 to 2023. Asia-Pacific region is estimated to lead the market, owing to its rapid increase in production of electrical vehicles and consumer electronics. Battery segment is expected to be the fastest growing by application.
Accelerating Demand for Electric Vehicles
Lithium-ion batteries comprise of a family of battery chemistries, which combine a variety of anode and cathode combinations, to offer distinctive performance, cost, and other parameters. The growing adoption of electric vehicles (EVs) is driven by the rising concerns for the environment, as these vehicles help reduce carbon emission levels. Governments across the globe are implementing stringent emission norms, to control and reduce carbon emissions. Lithium is used in high-energy density rechargeable lithium-ion batteries, employed to power the batteries in full-electric, plug-in hybrid, and hybrid vehicles (EVs, PHEVs, and HEVs). Due to developments in EV technology, concerns over growing CO2 pollution, and increasing fuel costs from combustion engines, lithium has been put into extensive use in EV batteries. Lithium’s combination of low mass and high electrochemical potential makes it perfect for EV battery usage. Registrations of electric cars hit a new record in 2016, with sales of over 750,000 units worldwide. China was the largest electric car market in 2016, with a share of 45%. Around 336,000 new electric cars were registered in China. Electric car sales in China were more than double the sales in the United States in 2016.
Battery - The Fastest Growing End-user Industry
The battery application segment of the global lithium market was the largest application segment, in terms of both volume and revenue, having surpassed the glass-ceramic segment (the largest application segment till 2014), over the past two years. Lithium batteries can be categorized into two segments, namely, disposable, and rechargeable. Disposable lithium batteries use lithium in the metallic form, as an anode. These batteries have long life (high charge density) compared to other standard batteries. These batteries find application in critical devices with long life, such as pacemakers and other electronic medical devices, which are implanted for many years. Lithium-ion batteries are employed in several applications, including telecommunication devices and consumer electronics. The lightweight characteristics of lithium-ion batteries, along with high energy density and rechargeability, makes them a good fit for portable electronics. Because of its energy density and lack of ‘memory effect,’ lithium-ion and lithium polymer rechargeable batteries are the most efficient power source for mobile telephones, laptops, and other electronic portable devices. The growing usage of batteries can be attributed to the demand from markets, such as electric vehicles (EVs), cell phones, laptops, tablets, power tools, video games, toys, e-bikes, and other electronic devices.
Asia-Pacific Region to Lead the Market
China constitutes of around 26% of the global lithium reserves, estimated at a value of 26.52 Mt in 2015. China accounts for 10% of the global lithium production capacity accounting for 18 kt, in 2015. Abundant availability of resources such as brine, spodumene, and other lithium deposits, accounting for around 11% of the global resources has 30.03 Mt LCE. The Mt. Marion project and the Mt. Cattlin project are both located in Western Australia, and have design capacity of 27ktpa and 13ktpa, respectively. These two projects are set to lead to a 67% increase in spodumene concentrate imports into China lifting the average utilization rate of Chinese conversion plants to over 90%. Japan is one of the prominent regions for the lithium battery market, along with China and Korea; they occupy a 96% market share in terms of battery capacity shipments. Australia accounts for almost 33% of the global lithium supply and is the main point of growth on regional basis in this market. However, Australia only constitutes 5% of the global lithium reserves.
Notable Developments in the Market
July 2017: SQM announced that the JV between SQM and Kidman Resources, will consolidate the three complementary lithium production plants worldwide - the Salar de Atacama in Chile, the Salar de Caucharí in Argentina, and the Mount Holland Spodumene deposit in Australia
Major Players: Albemarle, SQM, FMC Corporation, Sichuan Tianqi Lithium Industries Inc. and Jiangxi Ganfeng Lithium Co. Ltd, amongst others.
Reasons to Purchase this Report
To understand the impact of end-user applications on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating technology in the market
Countries expected to witness the fastest growth during the forecast period
Identifying the latest developments, market shares and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
Accelerating Demand for Electric Vehicles
Lithium-ion batteries comprise of a family of battery chemistries, which combine a variety of anode and cathode combinations, to offer distinctive performance, cost, and other parameters. The growing adoption of electric vehicles (EVs) is driven by the rising concerns for the environment, as these vehicles help reduce carbon emission levels. Governments across the globe are implementing stringent emission norms, to control and reduce carbon emissions. Lithium is used in high-energy density rechargeable lithium-ion batteries, employed to power the batteries in full-electric, plug-in hybrid, and hybrid vehicles (EVs, PHEVs, and HEVs). Due to developments in EV technology, concerns over growing CO2 pollution, and increasing fuel costs from combustion engines, lithium has been put into extensive use in EV batteries. Lithium’s combination of low mass and high electrochemical potential makes it perfect for EV battery usage. Registrations of electric cars hit a new record in 2016, with sales of over 750,000 units worldwide. China was the largest electric car market in 2016, with a share of 45%. Around 336,000 new electric cars were registered in China. Electric car sales in China were more than double the sales in the United States in 2016.
Battery - The Fastest Growing End-user Industry
The battery application segment of the global lithium market was the largest application segment, in terms of both volume and revenue, having surpassed the glass-ceramic segment (the largest application segment till 2014), over the past two years. Lithium batteries can be categorized into two segments, namely, disposable, and rechargeable. Disposable lithium batteries use lithium in the metallic form, as an anode. These batteries have long life (high charge density) compared to other standard batteries. These batteries find application in critical devices with long life, such as pacemakers and other electronic medical devices, which are implanted for many years. Lithium-ion batteries are employed in several applications, including telecommunication devices and consumer electronics. The lightweight characteristics of lithium-ion batteries, along with high energy density and rechargeability, makes them a good fit for portable electronics. Because of its energy density and lack of ‘memory effect,’ lithium-ion and lithium polymer rechargeable batteries are the most efficient power source for mobile telephones, laptops, and other electronic portable devices. The growing usage of batteries can be attributed to the demand from markets, such as electric vehicles (EVs), cell phones, laptops, tablets, power tools, video games, toys, e-bikes, and other electronic devices.
Asia-Pacific Region to Lead the Market
China constitutes of around 26% of the global lithium reserves, estimated at a value of 26.52 Mt in 2015. China accounts for 10% of the global lithium production capacity accounting for 18 kt, in 2015. Abundant availability of resources such as brine, spodumene, and other lithium deposits, accounting for around 11% of the global resources has 30.03 Mt LCE. The Mt. Marion project and the Mt. Cattlin project are both located in Western Australia, and have design capacity of 27ktpa and 13ktpa, respectively. These two projects are set to lead to a 67% increase in spodumene concentrate imports into China lifting the average utilization rate of Chinese conversion plants to over 90%. Japan is one of the prominent regions for the lithium battery market, along with China and Korea; they occupy a 96% market share in terms of battery capacity shipments. Australia accounts for almost 33% of the global lithium supply and is the main point of growth on regional basis in this market. However, Australia only constitutes 5% of the global lithium reserves.
Notable Developments in the Market
July 2017: SQM announced that the JV between SQM and Kidman Resources, will consolidate the three complementary lithium production plants worldwide - the Salar de Atacama in Chile, the Salar de Caucharí in Argentina, and the Mount Holland Spodumene deposit in Australia
Major Players: Albemarle, SQM, FMC Corporation, Sichuan Tianqi Lithium Industries Inc. and Jiangxi Ganfeng Lithium Co. Ltd, amongst others.
Reasons to Purchase this Report
To understand the impact of end-user applications on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating technology in the market
Countries expected to witness the fastest growth during the forecast period
Identifying the latest developments, market shares and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
Frequently Asked Questions
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