The lithium compounds market is projected to grow from USD 5.3 billion in 2020 to USD 13.5 billion by 2025, at a CAGR of 20.6% from 2020 to 2025. The increasing demand for lithium compounds from end uses such as Li-ion batteries, glass & ceramics, polymers, and lubricants, among others, is expected to drive the lithium compounds market.
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Sociedad Quimica y Minera de Chile S.A. (SQM) (Chile), Livent Corporation (US), Albemarle Corporation (US), Tianqi Lithium Industries Inc. (China), and Ganfeng Lithium Company Limited (China) are the key players in this market. Other noteworthy public and private players in this market are China Lithium Products Technology Company Limited (China), Sichuan Ni&Co Guorun New Materials Company Limited (China), Shanghai China Lithium Industrial Company Limited (China), Nemaska Lithium Inc. (Canada), Bacanora Lithium (United Kingdom), Lithium Americas (Canada), Galaxy Resources Limited (Australia), Orocobre Limited (Australia), Shandong Ruifu Lithium Industry Company Limited (China), Neo Lithium Corporation (Canada), and Millennial Lithium Corporation (Canada) These players have adopted strategies such as acquisitions, agreements, expansions, joint ventures, and divestments to enhance their position in the market.
In line with the rising demand for lithium, in January 2019, Albemarle Corporation received approval from the Australian government to set up its Kemerton Plant, which would have a production capacity of 60,000 metric tons of lithium hydroxide. This capacity can also be enhanced to 100,000 metric tons if required. The commissioning of the plant is expected to commence in 2021.
SQM, in May 2018, planned a three-phase lithium carbonate plant expansion in Chile, to ramp up production to 180,000 metric tons by 2021, to increase its sales volume and meet the quality standards demanded by customers.
Tianqi Lithium Industries, in May 2018, acquired a 24% stake in Sociedad Quimica y Minera de Chile (SQM), the world’s largest producer of lithium derivatives. This acquisition is a vital step toward obtaining market leadership and boosts the credibility of Tianqi Lithium as a global player in the lithium industry.
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Ganfeng Lithium Co. Ltd., in August 2019, increased its stake to 50% in Minera Exar, the holding company of the Cauchari-Olaroz project. This project is expected to produce 25,000 metric tons of battery-grade lithium per annum in the first phase, beginning in 2021. Post further expansion, its capacity will be increased to 40,000 metric tons per annum for a period of 40 years. This acquisition will boost Ganfeng’s lithium raw material supply to meet the future demand for lithium compounds.
In June 2019, Bacanora Lithium and Ganfeng Lithium entered into an investment and offtake agreement, with Ganfeng investing USD 17 million to acquire 29.99% and 22.5% of Bacanora and Sonora Lithium, respectively. Bacanora Lithium is also liable to supply 50% of stage 1 production of lithium at the Sonora Lithium project to Ganfeng. By this agreement, Bacanora aims to leverage the expertise of Ganfeng for the completion of the project, which will help it lower the cost of manufacturing of lithium compounds for supply in the global market.
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