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Energize Exponential growth in lithium compounds predicted
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Exponential growth in lithium compounds predicted

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A new report [1] by MarketsandMarkets says that the lithium compounds market is projected to grow from $5,3-billion in 2020 to $13,5-billion by 2025, representing a CAGR of 20,6%. This market growth is driven by the increasing demand for lithium compounds for applications such as Li-ion batteries, glass and ceramics, polymers and lubricants, among others.

By derivative, the lithium carbonate segment accounted for the largest share of the lithium compounds market in 2019. Lithium carbonate is a lithium salt of carbonate that is used widely in the processing of metal oxides. It becomes an essential industrial chemical, due to its low melting fluxes, with silica and other materials. Lithium carbonate is used in applications such as glass and ceramics, aluminium production, pharmaceuticals and Li-ion batteries. The rising demand for lithium carbonate from the Li-ion battery industry is expected to drive its market during the forecast period.

By end use, the Li-ion batteries segment accounted for the largest share of the lithium compounds market in 2019. Li-ion batteries have become the gold standard for electric vehicles because they store more power per unit of weight than do alternatives such as nickel-cadmium. They have also become an integral part of the consumer electronics segment since the commercialisation of the battery by Sony Corporation in the early 1990s. These batteries are used in smartphones, laptops, power banks, and wearable devices due to their high energy density, long run cycle, and ease of recharging. With the world set to move towards the “ion-age” for power generation, considerable growth is expected from this segment in the coming years.

Asia Pacific is the dominant market for lithium compounds, as this region includes countries with a high population, emerging economies, and increasing urbanisation. China, India, Japan and South Korea have a high population density and intense traffic congestion in their metro cities. This has aggravated the problem of air pollution in cities like Shanghai, Delhi and Seoul and has necessitated comprehensive measures to curb emissions by promoting electric, hybrid, and plug-in vehicles. These vehicles use Li-ion batteries as their primary power source and as a result, produce zero or near-zero CO2 emissions.

Also, major Li-ion battery manufacturing companies such as LG Chem, Panasonic Corporation, Toshiba Corporation, Amperex Technology and Automotive Energy Supply Corporation are located in the Asia Pacific region.

Reference

[1] “Lithium Compounds Market by Derivative (Lithium Carbonate, Lithium Hydroxide, Lithium Concentrate, Lithium Metal, Butyl Lithium, Lithium Chloride), End Use (Li-Ion Batteries. Glass & Ceramics, Medical, Lubricants), and Region – Global Forecast to 2025”

Contact Sanjay Gupta, MarketsandMarkets, sales@marketsandmarkets.com

 

 

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