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The global lithium compound market reached a value of US$ 4.22 Billion in 2020. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Lithium is a silver-white alkali metal that is generally extracted from ores and mineral springs. It is a mixture of the isotopes Li6 and Li7, which are corrosive and burn with a white flame. It has the lowest density of all the metals and forms organic and inorganic compounds like oxide, nitride, carbide, hydride, and hydroxide. These compounds are widely utilized in various industrial applications, such as the manufacturing of ceramics, nuclear materials, glass, pharmaceuticals, and batteries.
At present, there is an increase in the utilization of lithium-ion batteries in the automotive industry on account of their numerous benefits, including high energy density, long life cycle, low self-discharge rate and maintenance, and fast charging capability. This, coupled with the rising adoption of lithium-ion rechargeable batteries in the production of electric vehicles (EVs) and robots to save energy, represents one of the key factors strengthening the growth of the market. Besides this, an increase in the demand for consumer electronics like mobile phones, cameras, laptops, and power tools that are powered through lithium-ion batteries is contributing to the market growth. Moreover, lithium compounds assist in enhancing the lifespan of products and providing greater surface tension, resistance to thermal shock, and increasing mechanical strength. As a result, they find extensive applications in the glass and ceramics industry around the world. Furthermore, a rapid increase in technological improvements for the manufacturing of high-efficiency batteries is creating a favorable market outlook. Other factors, including the rising use of lithium compounds in the healthcare industry and significant investments in infrastructure developments, are impelling the market growth.
IMARC Group provides an analysis of the key trends in each sub-segment of the global lithium compound market, along with forecasts at the global and regional level from 2021-2026. Our report has categorized the market based on type and end use.
Breakup by Type:
At present, lithium carbonate holds the largest market share due to its rising utilization in the production of ceramics and glasses.
Breakup by End Use:
Presently, the application of lithium compounds is increasing in batteries as they find extensive applications in the automotive industry.
Breakup by Key Regions:
The Asia Pacific enjoys the leading position in the market on account of the increasing production of electric and hybrid vehicles in the region.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are SQM S.A., FMC Corporation, Orocobre Limited, Lithium Americas Corp. and Neometals Ltd.
|Base Year of the Analysis||2020|
|Units||‘000 Metric Tons, US$ Billion|
|Segment Coverage||Type, End Use, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Companies Covered||SQM S.A., FMC Corporation, Orocobre Limited, Lithium Americas Corp. and Neometals Ltd.|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2299
Five User License: US$ 3399
Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
Key Questions Answered in This Report:
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