Lithium Derivatives Market is Expected to Grow at 6% CAGR During the Forecast Period by 2030

The global lithium-derivatives market is projected to grow from USD 3.88 billion in 2021 to USD 6.65 billion at a CAGR of 6% during the 2021- 2030 cast period.

Lithium is the lightest metal present in the periodic table. It’s a soft and extensively reactive metal that’s extracted basically from two sources, including the salt lake, brines, and spodumene. Other mineral ore sources applied for the extraction of lithium are Lepidolite and Petalite. The lithium derivatives like lithium hydroxide, lithium chloride, and lithium carbonate discover wide usage for different energy storage purposes. The derivates correspondingly discover applications in batteries. So, it contributes significantly to the lithium derivatives market growth. Historically, the lithium derivatives market size has endured absolute growth and is anticipated to grow even more during the forecast year.

The rise in requisition for ceramic and glass production and the introduction of electric vehicles are some of the most revelatory driving factors for the market growth. Further, the extensive requisition for portable consumer electronic devices like as cell phones, laptops, and cameras will contribute greatly towards the increase of the lithium derivatives market share during the prediction period. The augmentation in the application of lithium derivatives in aluminum smelting will further drive the growth of the global market.

The lithium derivatives market analysis shows abundant growth chances for the key players in the industry. The boost in the preference for including lightweight lithium-ion batteries in electronic vehicles is a lucrative growth opportunity for the market players. The application of lithium batteries will result in the production of fuel-efficient vehicles and serve as a requisite solution to the ever-rising fuel price.

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Regional Analysis

Based on region, the global market of lithium derivatives is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The Asia Pacific region accounts for the largest share of the global market owing to the lightning proliferation of the electronics industry in the region. The expansion in the usage of electronic vehicles in developing countries like China will further drive the growth of the Asia- Pacific market.

The European market is expected to significantly promote during the forecast year due to the lightning growth of electronic vehicles and the growing demand for lithium batteries in the region. Russia, Germany, and France are the main nations that contribute significantly towards the growth of the market region. The market regions of the Middle East & Africa and Latin America are anticipated to endure healthy growth during the forecast year due to the hasty expansion of electronic industries. The lithium derivatives market prices are likely to rise in different regions during the forecast year.

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Market Segmentation

The global lithium-derivatives market is segmented into the following;

By Type

• Lithium Carbonate
• Lithium Hydroxide
• Lithium Metal
• Lithium Chloride
• Butyl Lithium
• Lithium Concentrated

By Application

• Batteries
• Glass & Ceramic
• Aluminum Smelting
• Lubricating Greases
• Air Treatment
• Metallurgic
• Polymer

Key players

The global lithium-derivatives market’s major key players are Albemarle Corporation (US), FMC Corporation (US), SQM SA (Chile), Tianqi Lithium (Australia), Ganfeng Lithium Co. Ltd. (China), General Lithium (Haimen) Corporation (China) and ZHONGHE Co. Ltd (China)

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