Increasing demand of lithium foils for energy storage and batteries is the major factor influencing market growth.
Lithium Foil Market Size – USD 92.70 Billion in 2020, Growth - CAGR of 9.0%, Trends – Increasing demand in pharmaceutical sector.
The Global Lithium Foil Market is expected to reach USD 184.37 Billion by 2028, according to a new report by Reports and Data. Lithium is a soft, silver metal, and is the lightest of all the metals on the earth. Lithium is kept under oil to check corrosion as the metal reacts gradually in water and in air where it ultimately forms a black coating of oxide. Lithium finds application as an alloying agent with aluminum and magnesium. Lithium is used in the manufacturing of batteries. Lithium and its compounds also find applications in the production of glass and ceramics.
An increase in the implementation of lithium foils in batteries used in various end-use products like electric vehicles, smart wearable, IoT devices and RFID tags among others is estimated to stimulate the market demand.
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Top Companies: American Elements, Central Electronics Ltd., FMC, Novosibirsk, Chemetall, CNNC Jianzhong, Ganfeng Lithium, Tianqi Lithium, Hongwei Litium and Albemarle among Others.
Further Key Finding from the Report Suggestion:
- 3N product type is expected to contribute to the largest market share with a growth rate of CAGR 9.1% throughout the forecast period.
- Rolled lithium foils are expected to dominate the in terms of volume in the forecast period because of its widespread application in end-use products.
- Based on application, the energy storage and Battery segment is projected to occupy the largest market share due to the extensive use of lithium foils in batteries which find huge application consumer electronics, automotive and grid storage.
- Asia Pacific market is project to contribute to the largest market share with a CAGR of 9.1% in the forecast period owing to a rapid growth in consumer electronics sector and energy sector. The recent growth in the deployment in electric vehicles is further fuelling the growth of the market in this region.
Demand For Lithium Foil Market:
Lithium foil is a thin sheet of lithium metal that is used in various applications such as batteries, aerospace, and nuclear reactors. The demand for lithium foil is expected to increase in the coming years due to the following reasons:
- Lithium-ion batteries: Lithium-ion batteries are widely used in electric vehicles, smartphones, and other portable electronic devices. Lithium foil is an essential component in the manufacture of these batteries, and as the demand for electric vehicles and portable devices increases, the demand for lithium foil is also expected to increase.
- Aerospace industry: Lithium foil is used in aerospace applications due to its lightweight and high energy density. With the growth of the aerospace industry, the demand for lithium foil is also expected to increase.
- Nuclear reactors: Lithium is used in the production of tritium, which is an essential component in nuclear reactors. As the demand for nuclear power increases, the demand for lithium foil is also expected to increase.
- Research and development: Lithium foil is also used in research and development activities in the fields of energy storage, electronics, and materials science. As research in these areas continues to grow, the demand for lithium foil is also expected to increase.
Overall, the increasing demand for lithium-ion batteries, aerospace applications, nuclear reactors, and research and development activities is expected to drive the demand for lithium foil in the coming years.
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The global Lithium Foil market is segmented into:
Product Type (Volume, Kilo Tons; and Revenue, USD Million; 2018-2028)
- 2N
- 3N
- 4N
- 5N
Application Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2018-2028)
- Energy Storage Batteries
- Research Laboratory
- Nuclear Energy
- Pharmaceuticals Intermediate
- Lubricants Greases
- Ceramics Glass
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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