The demand for lithium metal throughout the world is anticipated to grow 8.9% every year to 49,350 metric tons. When it comes to LCE (lithium carbonate equivalent) terms, the estimation of the worldwide lithium market is anticipated to touch $1.7 billion.
Lithium: The Current Market Structure
- The faster growth of the lithium-ion or Li-Ion battery is helping to advance the global rechargeable battery market. Other driving factors in this regard include energy storage systems, the increasing global demand for hybrid & electric vehicles (H/EVs), etc.
- Furthermore, the manufacturing of primary lithium batteries has also escalated, which further acts as the driving force of the global lithium market. These aspects are also boosting economic conditions and improving the performance of primary batteries.
- Other key markets for lithium include metallurgy, lubricating grease, and glass & ceramics. These markets are anticipated to help in the moderate market growth of lithium.
- Out of all of these markets, the lubricating grease sector shows the best performance. It has been possible due to the heavy utilization of lithium-based greases in transportation and industrial tools.
- Moreover, lithium has been heavily used in the smaller aluminum alloy market, as lithium helps to alleviate weight and boost alloy strength. It is further helping to escalate the global lithium market.
Lithium: Regional Analysis
- Asia/Pacific region experiences heavy growth in the lithium market. China acquires the first position in the global lithium market. It has been possible because of the heavy applications of lithium in grease, batteries, AC equipment, synthetic rubber, and glass.
- Other key suppliers of lithium-ion batteries in the Asia/Pacific region include Japan and South Korea. The demand for lithium is anticipated to expand in the coming years.
- Furthermore, North America is also anticipated to experience the fastest gains when it comes to lithium demand. The credit goes to the strong expansion in the Li-Ion battery production in the US. The production of Li-Ion battery is expected to grow in Western Europe, and it especially goes for Germany.
More about Lithium Market Status
- The Li-Ion battery market for the automotive sector is anticipated to acquire the biggest market share throughout the forecast period.
- Furthermore, escalated awareness and usage of EVs (electric vehicles), different initiatives, and measures encouraging the usage of EVs throughout the globe are driving factors of the growth of the global Li-Ion battery market.
- The EV market is anticipated to escalate in upcoming years. The credit partially goes to the adherence to different environmental regulations and emission guidelines. These aspects have enhanced the requirements for Lithium-ion batteries.
- Maximum manufacturers opt for more than 36V Li-Ion batteries because they can power and fuel heavy-current applications while having high longevity. Besides, 36V lithium-ion batteries hold the maximum demand in the market.
- Such batteries also experience high applications because they comprise high capacity and incredible applications. The 36V lithium-ion batteries are utilized in electric vehicles, power, military, power, telecom, and so on.
- Moreover, 36V lithium-ion batteries exhibit longer life, excellent power, and high-standard safety than lead-acid batteries. It has increased the popularity and demand for these batteries in the market.
