Market Research Future (MRFR) has published a cooked research report on the “Global Lithium and Lithium Minerals Market for Non-Battery Application” that contains the information from 2019 to 2030. The Lithium and Lithium Minerals Market for Non-Battery Application market is estimated to register a CAGR of 7.22% during the forecast period of 2023 to 2030.
MRFR recognizes the following companies as the key players in the global Lithium and Lithium Minerals Market for Non-Battery Application —SQM SA (Chile), Albemarle Corporation (US), Livent (US), Nemaska Lithium (Canada), Allkem Limited (Argentina), Lithium Americas Corp (Canada), Ganfeng Lithium Co., Ltd (China), Mineral Resources (Australia), and Tianqi Lithium Corporation (China).
Lithium Minerals Market Highlights
The global Lithium and Lithium Minerals Market for Non-Battery Application is accounted for to register a CAGR of 7.22% during the forecast period and is estimated to reach USD 4,570.0 million by 2030.
The Lithium and Lithium Minerals Market for Non-Battery Application is driven by growing urbanization and industrial where the demand for lithium and lithium minerals-based products is accelerating as these materials have a wide array of applications in several sectors such as ceramic and glass, lubricants, and polymer &rubber. Furthermore, with the increasing focus on finding new lithium reserves, the market for lithium and its minerals is anticipated to experience an upwards trajectory in the coming years.
Excellent and unique properties of lithium and lithium minerals make it a suitable material for various applications across several industries. The need for adequate lubrication for enabling proper functioning of the machines along with enhancing their operational efficiency and reducing their deterioration will drive the demand for lithium-based lubricants as the addition of lithium helps in improving the oxidation resistance and performance of lubricants.
Segment Analysis
The global Lithium and Lithium Minerals Market for Non-Battery Application has been segmented based on Type, Application and Region.
The global Lithium and Lithium Minerals Market for Non-Battery Application segmentation based on Type has been segmented as Lithium Carbonate, Lithium Hydroxide and Others. Among these, the Lithium Carbonate type is projected to dominate the global Lithium and Lithium Minerals Market for Non-Battery Application revenue through the projected period as estimated by MRFR analysts.
Lithium carbonate, in addition to its prominent role in lithium-ion batteries, has significant non-battery applications that contribute to the overall lithium market. One key application is in the pharmaceutical industry, where lithium carbonate is used as a mood stabilizer in the treatment of mental health conditions such as bipolar disorder. It helps regulate mood swings, reduces mania and prevents depressive episodes. Lithium carbonate also plays a vital role in the production of special glasses and ceramics. It acts as a flux, lowers the melting point of materials and improves their workability.
Based on Application segment, the market is categorized into Ceramic and Glass, Lubricants, Polymer and Rubber and Others. The ceramic and glass segment held the maximum share in the base year market. Lithium is a versatile element and plays a key role in ceramics and glass industry by offering numerous benefits. In ceramics, lithium compounds such as lithium carbonate and lithium oxide are used as glaze additives. They improve the appearance of ceramics by creating bright and colorful glazes, while improving their thermal and chemical stability. Lithium also contributes to the production of specialized glasses such as lithium aluminosilicate glasses. These glasses feature exceptional thermal shock resistance, transparency, and a low coefficient of thermal expansion, making them ideal for use in tableware, lighting, and high-performance optics.
Regional Analysis
By Region, the study segments the Lithium and Lithium Minerals Market for Non-Battery Application into North America, Europe, Asia-Pacific, Middle East & Africa and Latin America. The Asia Pacific Lithium and Lithium Minerals Market for Non-Battery Application holds the largest market share and is also anticipated to account for the largest revenue share during the forecast period. This region's market is expanding significantly owing to its strong industrial manufacturing sector, including industries such as ceramics, glass, lubricants, polymers and rubber. These industries require lithium compounds as additives or raw materials in their manufacturing processes, contributing to the high demand for lithium in non-battery applications. In addition, the Asia Pacific region has seen significant economic growth over the years, leading to increased consumption of consumer goods, infrastructure development and automotive production. This growth is driving demand for lithium in various non-battery applications, such as lubricants for machines, polymers for plastics, and ceramics for construction and household products.
Key Findings of the Study
- The global Lithium and Lithium Minerals Market for Non-Battery Application market is expected to reach USD 4,570.0 million by 2030, at a CAGR of 7.22% during the forecast period.
- The Asia Pacific region accounted for the fastest-growing global market.
- Based on Type, the Lithium Carbonate segment was attributed to holding the largest market in 2022.
- Based on Application, the Ceramic and Glass segment was attributed to holding the largest market in 2022.
- SQM SA (Chile), Albemarle Corporation (US), Livent (US), Nemaska Lithium (Canada), Allkem Limited (Argentina), Lithium Americas Corp (Canada), Ganfeng Lithium Co., Ltd (China), Mineral Resources (Australia), and Tianqi Lithium Corporation (China) are the key market players.
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Companies Covered | 15 |
Pages | 128 |
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