The global lithium market was estimated at more than 400 LCE kilotons in 2021. The market is estimated to increase to a CAGR of more than 19% during the forecast period (2022 to 2027). In the foreseeable future, lithium-ion will be the leading technology in the electric car industry (EV).
New York, March 18, 2022 (GLOBE NEWSWIRE) – Reportlinker.com announces the release of the report “Lithium Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” – https://www.reportlinker.com/p06246211/?utm_source=GNW
With rising fuel prices worldwide and rising levels of pollution in the environment, many countries around the globe have begun to invest in lithium-ion technology, which is used as a replacement for conventional fuel vehicles in the market. With lower production costs and high performance delivery, lithium batteries are considered to be the best choice in modern electric vehicles. With growing uses of lithium batteries in aerospace and military operations, the market is considered to grow in the expected period.
The main factors driving the market studied are the accelerating demand for electric vehicles? and increasing use and demand of portable consumer electronics?.?
On the other hand, growing concern about the demand-supply gap in the lithium market may hamper market growth. ?
Whereas the growing prevalence of smart grid electricity is likely to be a major opportunity in the global lithium market during the forecast period.?
Important market trends
Electric vehicles to drive market growth
The automotive industry is evolving rapidly, forcing companies to tackle new problems on a regular basis. The demand for electric vehicles is growing worldwide, while buyers also want cars with greater customization options.
Sales of electric cars have exploded with increases in all three major car markets: China, the US and Europe.
Despite the disruption created by Covid-19, the electricity market has been able to thrive and show its resilience. This has been helped by political incentives. In the United States, for example, President Joe Biden announced an investment of $ 174 million to encourage the introduction of electric cars, from charging infrastructure to increase the federal tax deduction, as well as his proposed new target of 50% electrification by 2030.
While total UK car production fell by over 7% to 859,575 cars in 2021, the lowest level since 1956, the number of electric vehicles produced increased by over 30% compared to the previous year, according to the Society of Motor Manufacturers and Traders (SMMT). ) ultimorapport.
By 2030, the UK government intends to ban the sale of new internal combustion engine (ICE) cars, with the exception of hybrid versions that use both electricity and gas power by 2035. According to SMMT, if the UK car manufacturing sector is to remain internationally competitive, it will require at least 60 GWh of gigafactory battery capacity by 2035.
All of the above factors are expected to increase the demand for lithium in the electric car segment.
The Asia-Pacific region must dominate the market
In recent years, the electric-car sector in the Asia-Pacific region has experienced tremendous growth. This is evident from the fact that the area accounts for the largest percentage of global battery sales of electric cars.
In the first half of 2021, China’s production and newly installed capacity for power batteries increased year over year due to a significant expansion in the country’s new energy vehicle industry (NEV).
According to the China Automotive Manufacturers Association (CAAM), total production of power batteries increased by 217.5 percent year-on-year to 74.7 GWh in January-June 2021. In the first half of 2021, the installed volume increased by 200.3 percent to 52.5 GWh.
The three best companies for installed quantities during January-June 2021 were China’s largest battery manufacturer CATL, second largest battery and NEV manufacturer BYD, and the South Korean battery manufacturer LG Chem with 25.76 GWh, 7.65 GWh and 4, respectively. , 72 GWh. for 49.1%, 14.6% and 9% of the total.
Demand in the consumer electronics industry was strong, but it was also mature and stable. Manufacturers of storage solutions for homes, industries and hospitals as well as 5G mobile stations place high demands on battery manufacturers and, as a result, machine providers.
All these factors are expected to see an increase in the demand for the lithium ion market in the expected years
The global lithium market is consolidated in nature with the five largest players accounting for more than 80% of global production output. Some of the major players in the market include (not in any particular order) Albemarle Corporation, SQM SA, Tianqi Lithium, Livent and Allkem Limited, among others.
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