Lithium Market - Outlook and Forecast Market Scope
Lithium is a chemical element with the symbol Li and atomic number 3. It is a soft, silvery-white metal that belongs to the alkali metal group in the periodic table. Lithium is the lightest metal and has the highest specific heat capacity of any solid element. Lithium is widely used in various industrial and commercial applications. For instance, it is used in the manufacture of batteries, ceramics, glass, lubricants, and aluminum alloys. Lithium is also used in medicine as a mood stabilizer for the treatment of bipolar disorder. In recent years, lithium has become increasingly important due to the growth of electric vehicles (EVs) and renewable energy storage systems, as lithium-ion batteries are commonly used in these applications. The demand for lithium is expected to continue to grow in the coming years as the transition to a low-carbon energy economy gathers pace
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|Key Companies Profiled||Grupo Mota, Felmica (Portugal), Piedmont Lithium Inc. (United States), Bacanora Lithium (United Kingdom), ALLKEM LIMITED (Australia), Pilbara Minerals (Australia), Lithium Americas Corp. (Canada), Livent (United States), Sichuan Yahua Industrial Group Co., Ltd. (China), Sociedad Química y Minera de Chile S.A. (Chile) and Mineral Resources Limited (Australia)|
Competition among existing players is due to the stiff market share occupied by leading players. The industry leader is engaged in offering innovative and superior-quality Products to cater to the ever-growing demand for Lithium. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage Research Analyst at AMA estimates that Australia Vendors will contribute to the maximum growth of Global Lithium Market - Outlook and Forecast market throughout the predicted period.
Grupo Mota, Felmica (Portugal), Piedmont Lithium Inc. (United States), Bacanora Lithium (United Kingdom), ALLKEM LIMITED (Australia), Pilbara Minerals (Australia), Lithium Americas Corp. (Canada), Livent (United States), Sichuan Yahua Industrial Group Co., Ltd. (China), Sociedad Química y Minera de Chile S.A. (Chile) and Mineral Resources Limited (Australia) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Tianqi Lithium (China), Albemarle Corporation (United States) and Jiangxi Ganfeng Lithium Co. Ltd (China).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Global Lithium Market - Outlook and Forecast market by Type , by Application (Battery, Glass and Ceramics, Medical, Polymer, Air purification and Others) and Region with country level break-up.
On the basis of geography, the market of Lithium Market - Outlook and Forecast has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2021.
Market Leaders and their expansionary development strategiesIn December 2022, Allkem Limited Completed the sale of Borax Argentina S.A. to Golden Wattle Springs Pty Ltd and has acquired the Maria Victorica Lithium Tenement from Minera Santa Rita S.R.L
In January 2023, Piedmont Lithium Inc. A leading global developer of lithium resources critical to the U.S. Electric vehicle (“EV”) supply chain, announced the launch of Piedmont Lithium Foundation- Power for life, Inc. Power For life plans to focus on important charitable and educational initiatives to support the communities and Piedmont operate in North Carolina and Tennessee
Influencing Trend:Demand for lithium is rising exponentially due to the growing adoption of electric vehicles (EVs)
Market Growth Drivers:Growing demand for battery storage
Challenges:Increasing competition from other materials such as cobalt and nickel
Restraints:Lithium-ion batteries may explode when overheated or overcharged
Opportunities:Development of new lithium-ion battery technologies
Key Target AudienceLithium Manufacturers Suppliers and Distributors, Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Government Regulatory, Research Organizations and End-Use Industries