Marketresearchreports.biz: Electric Vehicles to Lead Increased Demands for Lithium Carbonate
Albany, NY (PRWEB) January 14, 2015 -- The report states that the market will grow at an AAGR of nearly 10% during the report’s forecast, leading to demand growth from 144,400 tons in 2013 to 200,000 tons in 2017.
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For most of its revenues, the global and China lithium carbonate industry primarily relies upon global demands for use in lithium batteries. It was this application area that resulted in a nearly 29% share of market value in 2014. In the past few years, developments in the field of electric vehicles (EV) across the globe have resulted in a new category of requirements. In 2014, approximately 16,000 tons of lithium carbonate was consumed by the electric vehicles industry, nearly 10% of the global consumption of the year. Market shares of this industry are projected to increase at a CAGR of nearly 27% by 2017. In addition to the EV industry, expansion of UPS, consumer electronics, mobile base stations, and grid energy storage industries will also lead to a substantial rise in global consumption of lithium carbonate across the globe.
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Although China has the world’s second largest reserves of lithium, nearly 26.92%, the country heavily relies upon imported lithium products due to limited production capacities of manufacturers in the country. In 2013, nearly 50,500 tons lithium carbonate was consumed by the Chinese market for a variety of applications and nearly 27% of it was imported. By the end of 2014 consumption of lithium carbonate in the Chinese market is projected to rise to 53,000 tons, with market’s dependence on imported lithium carbonate products expected to reduce to 24%.
Specifically for the segment EV industry, the consumption of lithium carbonate is expected to be worth 2,000 tons in 2014, contributing nearly 3.9% to demands from all applications in the Chinese market. With expanding market demands, the share of demands from the EV industry is projected to rise to 13.6% of the overall demands in the Chinese market in 2017.
Major suppliers of lithium carbonate in the Chinese market can be broadly divided into two segments: companies producing lithium from ores and companies extracting lithium from brine. The segment of companies extracting lithium from ores feature businesses such as Sichuan Tianqi Lithium Industries, Luxiang Co., Ltd, Ganfeng Lithium, and Galaxy Lithium. The category of companies extracting lithium from brine includes Tibet Mineral Development, Tibet Urban Development and Investment, Qinghai Salt Lake Industry, and Qinghai CITIC Guoan Technology.
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