PUNE, India --- Global lithium market is set to get a boost as EV market in China is forecast to grow at 27% CAGR, which translates into demand for lithium batteries. Additionally, lithium-ion batteries for use in grid-connected storage are expected to boost the lithium market growth across the world for the coming few years. The demand for lithium-ion batteries in grid-connected storage has increased because of the growing demand-supply gap in the electricity sector. Lithium-ion batteries store a considerable amount of power and usually supply this stored power during peak hours. The analysts forecast global lithium market to grow at a CAGR of 7.84% during the period 2016-2020.
According to the 2016 report, a key growth driver for the lithium market is the demand for EV from China. In 2015, China became the largest market for EV vehicles (plug-in light) with a sale of 214,282 vehicles, followed by Western Europe (184,501 vehicles) and the US (115,263 vehicles). The golden period for EV in China was 2015. Beijing accounted for the largest share in this market in 2015 with a share of 28%, followed by Shanghai with 23% and Shenzhen with 10%.
The global lithium market will grow at a steady pace during the forecast period driven by the use of lithium compounds in manufacturing high-performance lithium-ion batteries. The increased global demand for lithium has resulted in inflation, and many countries worldwide are undertaking projects to explore and develop more lithium resources. The report also presents the vendor landscape and a corresponding detailed analysis of the top four vendors operating in the market. In addition, the report discusses the major drivers influencing market growth and examines the key emerging trends and their influence on current and future market scenarios.
The Americas has the world's largest lithium reserves, primarily in Chile and Argentina. Due to environmental concerns and volatile petroleum prices, consumers are shifting toward EVs. Lithium is used to make lithium-ion batteries that are used in EVs. Battery manufacturers are looking for new lithium sources that can provide a long-term supply of high-quality lithium carbonate and are scalable to keep pace with the growing demand. APAC, with a share of 90%, accounted for the largest share of the global lithium battery market. Japan was the largest market for lithium batteries and accounted for 65% of the total market share in 2015. The electric vehicle (EVs), hybrid EVs, and consumer electronics sectors were the major revenue contributors to the lithium battery market in APAC in 2015. EMEA region is experiencing a lot of demand for lithium-ion batteries from the automotive sector due to the growing adoption of EVs and plug-in hybrid EVs in the region. Western Europe became the second largest market for EV in 2015 after China. Germany and Switzerland were the major contributors in this region.
Further, lithium market report states that one challenge that could restrict market growth is the gap in demand and supply of lithium. The following companies are the key players in the global lithium market: Albermarle, SQM, Sichuan Tianqi Lithium Industries, and FMC. Other Prominent Vendors in the market are: Galaxy Resources, Jiangxi Ganfeng, Neometals, and Orocobre.
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