(MENAFN- America News Hour) Research Nester published a report titled“Lithium Compounds Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global lithium compounds market in terms of market segmentation by application, compound, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The lithium compounds market is projected to grow at a robust CAGR during the forecast period, i.e., 2021 – 2029. The growth of the market is primarily driven by the staggering use of Li-ion batteries, growing demand for energy saving appliances and rising environmental awareness of the government worldwide. Furthermore, increasing purchase of electric vehicles is also estimated to boost market growth in the near future.
The market is segmented by application and compound. On the basis of application, the segment for li-ion batteries is anticipated to hold the largest market share over the forecast period as a result of growing adoption of these batteries in laptops and electric vehicles, and exceptional storage properties of lithium batteries. Additionally, by compound, the lithium carbonate segment is projected to hold the largest market share owing to the high stability of this compound.
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the lithium compounds market in Asia-Pacific is expected to hold the largest market share during the forecast period attributing to the big number of lithium reserves in Australia and large manufacturing volume of China. Moreover, the market in Europe is predicted to witness highest CAGR in the coming years on the back of large production of electric vehicle in Germany.
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Growing Use of Lithium Batteries to Expand Market
For the last few years, lithium compounds have been widely used in development of rechargeable battery technologies for conservation of energy. Lithium-ion batteries find application in a variety of appliances such as cameras, mobile phones, laptops and automobiles owing to their high energy density, long life cycle and low self-discharge rate. This is the major factor expected to drive market growth in the coming years.
However, high operational cost of lithium extraction is expected to operate as key restraint to the growth of the lithium compounds market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global lithium compounds market which includes company profiling of Albemarle Corporation (NYSE: ALB), Sociedad Quimica y Minera de Chile S.A. (NYSE: SQM), Tianqi Lithium Industries Inc. (SHE: 002466), Livent Corporation (NYSE: LTHM), Ganfeng Lithium Company Limited (SHE: 002460), Galaxy Resources Limited (ASX: GXY), China Lithium Products Technology Company Limited, Shandong Ruifu Lithium Industry Company Limited, Nemaska Lithium Inc., Bacanora Lithium plc (OTCMKTS: BCLMF) and others, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the lithium compounds market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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