(MENAFN- EIN Presswire) Lithium market
The lithium market is booming, driven by demand for electric vehicle batteries, with growth projected to continue for years to come.
NEW YORK, UNITED STATES, April 18, 2023/einpresswire.com / -- By the end of 2028, the worldwide lithium market might reach a value of USD 6.62 billion with a CAGR of more than 8.1%. The continuous manufacture, production, and use of lithium is what drives the market's expansion and exhibits a steady growth rate. There have been huge amounts of lithium-ion content used in building during electrifications and other industrial processes.
The government laws put in place to prevent the broad use of ICE automakers are the main force behind the growth of the lithium market. Due to the rising carbon emissions in the atmosphere, lithium batteries must now be taken into consideration in order to completely eliminate any potential for contamination. The development of low-pollution batteries and other products has moved customer preferences toward cleaner, more energy-efficient emission techniques. There have been several programmes for EV subsidies and other market-booster technologies that have sparked the market's expansion. Many producers and manufacturers have adopted a healthier and expanded production strategy as a result of changing the battery supply hold.
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Regional Analysis
Five important regions-Asia-Pacific, North America, Latin America, Europe, and the Middle East and Africa-have all been examined for the lithium market analysis. Based on market value share, Europe is predicted to have over 30% of the worldwide lithium market share, and due to the expansion of the electric vehicle industry, it is likely to maintain its dominance during the forecast period. Furthermore, key European nations like Norway, Sweden, Belgium, and Iceland are anticipated to contribute for over one-third of the local market. Due to China's and South-East Asia's increasing demand for battery-powered vehicles, Asia-Pacific is anticipated to have the highest CAGR during the forecast period. For instance, by 2020, the Chinese government plans to deploy 20% electric cars.
Additionally, the Greenbushes spodumene mine in Australia is producing more lithium thanks to a partnership between Tianqi Lithium Corporation and Albemarle Corporation. The demand for lithium in North America is anticipated to rise due to the increased use of lithium in agricultural and medicinal compounds. The need for lithium in the Middle East and Africa is anticipated to increase during the projected period due to the use of fermentation chemicals in adhesives and grease processing as well as their use in the construction projects.
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Market Segmentation
The product type, application, and geographic segments have been used to divide the worldwide lithium market.
The worldwide lithium market study has been divided into lithium metal, lithium hydroxide, lithium carbonate, lithium chloride, butyllithium, and others based on product type.
The worldwide lithium market has been segmented by application into energy storage, adhesives, air treatment, greases, frits, glassware and ceramics, and others.
The regions included in the global lithium market study are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.
Key Players
Livent (United states of america), Altura Mining (Canada), Orocobre Limited Pty Ltd (Based in melbourne), Jiangxi Ganfeng Lithium Co. Ltd (China), Tianqi Lithium Industries Inc. (Asia), Critical Elements Corporation (Canada), Lithium Americas Corp. (U.s.a.), and Sayona Mining Limited are a few of the major companies operating in the global lithium market (Australia).
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