Technavio, a tech-focused market research firm, has published a new report on the global lithium market, which is expected to grow at a CAGR of more than 8% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global lithium market into the following key regions: the Americas, APAC, and EMEA.
Source: Technavio
Click here to request a free sample of this report
Top three contributors for the global lithium market are elaborated below:
Lithium market in APAC: The market for lithium in APAC is driven primarily by the growing demand for EVs in the region. During 2016, EVs, hybrid EVs, and consumer electronics devices segments were the major revenue contributors to the lithium battery market in APAC. The contribution from the renewable power sector is projected to increase during the forecast period owing to the increased focus on reducing carbon footprint and power shortage in the region. In terms of consumption, Japan, China, South Korea, and Taiwan are the major markets for lithium in APAC.
According to Ajay Adikari, a lead analyst at Technavio, specializing in research on metals and minerals, “The presence of large manufacturers that provide lithium batteries at a relatively lower cost will provide prospects for the market growth. The availability of cheap labor and economies of scale are the major factors that can be attributed to the lower price of the products in the region.”
Lithium market in EMEA: The demand from the automotive sector is one of the key driving forces behind growth of the lithium market in APAC. This trend is anticipated to continue over the forecast period due to the growth in the acceptance of EVs in the region. Increasing focus on renewable power generation during the forecast period is expected to translate to a rise in demand for lithium in EMEA over the next four years. Germany, Italy, Spain, Russia, and France are the key revenue contributing countries in this region.
Lithium market in Americas:The world’s largest lithium reserves are in the Americas, especially in Chile and Argentina. Growing renewable power generation and increased grid reliability are some of the factors facilitating growth of the lithium market in the Americas. The US is the largest revenue contributor in this region because of the increased renewable power generation and growing adoption of EVs. The demand for lithium-ion batteries from the consumer electronics and industrial segments during the forecast period is expected to further drive the growth of the lithium market in the Americas.
The leading vendors operating in the global lithium market are:
- Albemarle
- FMC
- Sichuan Tianqi Lithium Industries
- SQM
Other prominent vendors in the market include Galaxy Resources, Jiangxi Ganfeng Lithium, Neometals, and Orocobre.
A more detailed analysis is available in the Technavio report titled, ‘Global Lithium Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Stainless Steel Wire Rods Market 2017-2021
- Global Aluminum Welding Wires Market 2017-2021
- Global Activated Carbon Market 2017-2021
To read more press releases – click here
