LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global lithium market to grow at a CAGR of close to 13% during the period 2018-2022, according to their latest market research report.
The increase in R&D activities is one of the major trends being witnessed in the global lithium market. The increase in innovations and product developments of lithium are expected to drive the market growth during the forecast period. The increase in investments from countries such as the US, Chile, Australia, China, Germany, the UK, and Canada are expected to drive the growth of the global market.
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In this report, Technavio analysts highlight the surge in demand from diversified applications as a key factor contributing to the growth of the global lithium market:
Global lithium market: surge in demand from diversified applications
The surge in demand for lithium from applications such as glass and ceramics, lubricants, and power grid storage is expected to drive the market growth. The addition of lithium compounds in the production of enamels and glazes reduces the thermal expansion and firing temperatures and increases strength. Lithium carbonate is generally used for ceramic applications. The rapid growth of the residential and non-residential building sector in APAC countries such as China, India, Indonesia, and the Philippines is expected to fuel the demand for lithium.
According to a senior analyst at Technavio for metals and minerals, “The increase in demand for lithium-ion batteries from various consumer electronic products contributes to the market growth. The high energy-to-weight ratios, slow loss of charge, lightweight, and lack of memory effect of lithium-ion batteries allow their use for electronics applications such as mobile phones, PCs, power banks, digital cameras, and notebook PCs.”
Global lithium market - segmentation by application and region
This market research report segments the global lithium market into the following applications (batteries, ceramics and glass, grease, and polymer) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the four major applications, the batteries segment held the largest market share in 2017, accounting for nearly 47% of the market. The market share occupied by this segment is expected to increase by almost 5% during the forecast period.
APAC dominated the global lithium market in 2017, accounting for a market share of around 64%. This region is anticipated to grow steadily during the forecast period.
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