Growing Demand for Batteries
- Lithium compounds have been majorly used in lithium-ion rechargeable battery technologies to save and consume energy. Lithium-Ion batteries find their application in electronics such as mobile phones, cameras, laptops, power tools and vehicles amongst others.
- Lithium-Ion batteries play a major role in vehicles both in combustion and electric automobiles. The automotive industry prefers lithium-ion batteries because of their properties such as high energy density, low self-discharge rate, long life cycle, low maintenance, fast charging, and low weight.
- The demand for Ni-Cd batteries is also high as they are currently used in some hybrid electric vehicles. The sales and demand for hybrid vehicles in India, Southeast Asia, and South Korea have witnessed decent growth compared to previous years.
- According to consumer electronics (CE), the consumption of electronics in every region is increasing due to continuous investments in electronic technology.
- Rising number of electric vehicles, increasing usage of electronics and robots in developing countries are driving the demand for rechargeable batteries, which in turn are expected to drive the market for lithium batteries through the years to come.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the global lithium compounds market owing to the highly developed electronics, automotive, ceramics and glass sectors in China, India, Japan, and Korea, coupled with the continuous investments done in the region to advance the battery technology sector through the years.
- Moreover, the glass and ceramics industries are still major consumers of lithium compounds because these compounds increase the lifespan of products, greater surface tension, resistance to thermal shock, and increased mechanical strength to ceramics.
- According to the world ceramic and glass magazine, China leads the consumption of ceramic tiles and glass industry followed by India, in the global scenario.
- There has been increasing production of electric and hybrid vehicles in China and India in recent years because of government regulations on combustion engines and high taxes on combustion vehicles in China.
- People are being attracted to heavy capacity batteries in mobile phones for longer usage times. According to The National Bureau of Statistics of China, the production of mobile phones in China was more than one billion in 2019. The production is expected to grow further owing to the domestic and export demand.
- The growing need for high-efficiency batteries requires advanced technological improvements in lithium compounds. Continuous growth in energy-saving devices is expected to drive the market for lithium compounds through the years to come.
-Report by Research And Markets