The global lithium market to grow at a CAGR of 12.93% during the period 2018-2022.
Global Lithium Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is increase in R&D activities. The increase in innovations and product developments of lithium are expected to drive the market growth during the forecast period. The rise in investments from countries such as the US, Chile, Australia, China, Germany, the UK, and Canada is expected to drive the growth of the global lithium market.
According to the report, one driver in the market is 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.
Further, the report states that one challenge in the market is product safety concerns. Lithium-ion batteries are extensively used in electronic products such as phones, laptops, and digital camera. The durability and safety of lithium-ion batteries require improvement.