LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Lithium Market - Procurement Intelligence Report.
The automotive industry is experiencing a major surge in the sales of electronic vehicles which will act as one of the prominent growth drivers in the lithium market. Li-ion battery constitutes an integral part of the architecture of electronic vehicles which will create a substantial demand for lithium on a global scale. The growing preference for renewable sources of energy will create an exponential demand for Li-ion batteries that are extensively used in energy storage systems. This will drive the spend momentum in the lithium market at a CAGR of over 10% through 2024.
In terms of regional spend growth, Europe will make a major contribution towards the spend growth owing to the financial initiatives taken by the governments in countries such as France and Germany to boost the local production of batteries. This boost in production is being motivated by the increase in the frequency of manufacturing of electronic vehicles. Meanwhile, in the US, the launch of a series of electric cars will promote the demand for li-ion batteries which will have a positive impact on the spend growth in the lithium market.
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Key Findings in the Lithium Market:
- While suppliers are ramping up their production capacities of lithium in response to the exponential demand for Li-ion batteries, this is eventually resulting in an oversupply. During the forecast period, this oversupply will bring down the lithium market price.
- Buyers are advised to expect minimal transparency in pricing from lithium suppliers as most of the lithium products are traded using long-term contracts owing to the presence of a very few leading players.
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- Maintaining an effective supplier relationship will be the key to survive in the lithium market that has no internationally recognized pricing mechanism which will create instabilities in pricing strategies. On this note, buyers are advised to collaborate with lithium suppliers to establish a mutually beneficial pricing mechanism. This will help both the buyers and the suppliers to set up contract prices at which lithium will be procured during the contract period and threshold price which refers to the price after which any increment in cost is passed on to the buyer.
Other key topics covered in this report are:
- Lithium market spend segmentation by region
- Total cost of ownership analysis in the lithium market
- Regional spend opportunity for lithium suppliers
- Lithium suppliers cost structure
- Lithium suppliers selection criteria
- Lithium suppliers under coverage
- Procurement best practices
- Category management objectives
- Cost saving opportunities in the lithium market
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