Lithium Market: 70% Of Market Growth Is Expected In APAC During 2022-2027
Date
2/19/2024 3:31:17 AM
(MENAFN- PR Newswire) NEW YORK, Feb. 19, 2024 /PRNewswire/ -- Technavio has been monitoring the lithium market and it is set to grow by 1066.47 thousand t between 2023 to 2027,
progressing
at a CAGR of
25% during the forecast period.
During the forecast period, APAC is poised to drive 70% of global market growth, fueled by increased demand from sectors like automotive, construction, and industry. Countries such as China, Japan, India, and Indonesia are key drivers, with China particularly emphasizing EVs to combat urban pollution, backed by plans for expanded charging infrastructure. Japan hosts leading EV manufacturers like Toyota, Honda, and Nissan. Additionally, infrastructural projects across APAC nations, including India, China, Japan, Singapore, Thailand, Indonesia, and the Philippines, are boosting lithium demand for ceramics and glass. Although the COVID-19 outbreak initially posed challenges, market recovery was supported by eased restrictions, manufacturing resumptions, and widespread vaccination drives in 2021. Post-COVID-19, rising EV demand is also increasing the need for industry-specific dehumidification systems and solutions.
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![Technavio has announced its latest market research report titled Global Lithium Market 2023-2027]( "Technavio has announced its latest market research report titled Global Lithium Market 2023-2027")
Technavio has announced its latest market research report titled Global Lithium Market 2023-2027
| Report Coverage | Details |
| Page number | 172 |
| Base year | 2022 |
| Historic period | 2017-2021 |
| Forecast period | 2023-2027 |
| Growth momentum & CAGR | Accelerate at a CAGR of 25% |
| Market growth 2023-2027 | 1,066.47 thousand t |
| Market structure | Fragmented |
| YoY growth
2022-2023(%) | 24.38 |
| Regional analysis | APAC, North America, Europe, South America, and Middle East and Africa |
| Performing market contribution | APAC at 70% |
| Key countries | US, China, Japan, South Korea, and Germany |
Frequently Asked Questions:
Based on segmentation by, which is the leading segment in the market?
What are the major trends in the market?
At what rate is the market projected to grow?
Who are the top players in the market?
What are the key drivers and challenges?
How big is the
APAC?
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Albemarle Corp., Avalon Advanced Materials Inc., Critical Elements Lithium Corp., Ganfeng Lithium Co. Ltd., IGO Ltd., Lithium Americas Corp., Lithium Australia Ltd., Livent Corp., MGX Minerals Inc., Mineral Resources Ltd., Nemaska Lithium Inc., Neometals Ltd., Orocobre Ltd., Perseus Mining Ltd., Pilbara Minerals Ltd., Pluspetrol Resources Corporation B.V., Sayona Mining Ltd., Sociedad Quimica y Minera de Chile SA, Tianqi Lithium Corp., and Shanghai Oujin Lithium Industrial Co. Ltd. are some of the major participants.
Segmentation is listed below:
Application Batteries Ceramics And Glass Grease Polymer Others
Product Carbonate Hydroxide Others
Geography APAC North America Europe South America Middle East And Africa.
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Key Highlights
CAGR during the forecast period 2023-2027 Detailed information on factors that will assist growth during the next five years Estimation of the size and its contribution to the parent market Predictions on upcoming trends and changes in consumer behavior Analysis of the competitive landscape and detailed information on vendors Comprehensive details of factors that will challenge the growth of vendors
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging trends and provides actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.
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Technavio Research
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SOURCE Technavio
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