lithium chemicals market is expected to grow at a healthy CAGR of 35.1% in the forecast period of 2019 to 2026. The years considered for study are as mentioned below:
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The lithium chemical is a highly concentrated market which includes key players and local players. The market has a prominent growth in upcoming years due to wide applicability of lithium chemicals in various industries.
The market has witness developments in terms of business expansions and acquisitions to meet the growing needs of customers across the globe. For instance, in January 2019, Pilbara Minerals have signed an agreement with POSCO, a South Korean based steel manufacturing company, in order to increase the production capacity of POSCO’s lithium capacity. Pilbara is planning to expand their mine so as to supply Lithium concentrate to POSCO. With this move, the company will gain a huge name in the market.
Albemarle Corporation is dominating in the global lithium chemicals market. The other key players existing in the market includes Livent, Galaxy Resources Limited, Orocobre Limited Pty Ltd, SICHUAN BRIVO LITHIUM MATERIALS CO., LTD., Lithium Americas Corp., Pilbara Minerals, Neometals Ltd, Millennial Lithium, Nemaska Lithium, Ganfeng Lithium Co, Ltd., Talison Lithium Pty Ltd, Mody Chemi-Pharma Limited, SOVEMA GROUP S.p.A., Altura Mining, Infinity Lithium Corporation Limited, ProChem, Inc International and Critical Elements Lithium Corporation.
Albemarle Corporation:
Albemarle Corporation is headquartered in North Carolina, U.S. was founded in 1887. The company is engaged in manufacturing specialty chemicals with leading positions in lithium, bromine and refining catalyst. They operate through five business segments which include lithium, catalysts, bromine specialties, corporate and others. Lithium segment is the market focused segment and is engaged in the production of lithium chemicals under the product category, Lithium. The products are utilized for battery and other applications.
- In January 2017, Albemarle Corporation acquired Jiangxi Jiangli New Materials Science and Technology Co. Ltd. and their business of lithium for a purchase price of USD 145 million. It includes the supporting business function which is located in China which was focused on the production of battery-grade lithium hydroxide and lithium carbonate.
It has its global networks in North America, South America, Europe, Middle East and Africa, Asia-Pacific and Australia. It operates through its subsidiaries, which are Albemarle Argentina SRL (Argentina), Albemarle Brazil Holdings LTDA. (Brazil), Albemarle Chemicals (Shanghai) Company Limited (China), Albemarle Finance Company B.V (Netherlands), Albemarle Hilfe GmbH Unterstutzungskasse (Germany) among others.
Tianqi Lithium Industry Co., Ltd.:
Tianqi Lithium Industry Co., Ltd. is headquartered in Sichuan, China. The company is engaged in the lithium concentrate extraction and the production of advanced lithium specialty compounds.. They operate through three business segments which include Chemical Raw Materials and Chemistry, Mining and Smelting Industry, Others. Chemical raw materials & chemistry and mining & smelting industry are the market focused segment and is engaged in the production of lithium chemicals for battery applications.
- In September 2019, Tianqi Lithium Industry Co., Ltd. has planned for the second expansion of their lithium hydroxide plant, at their Kwinana. The company has invested USD 205 million for this expansion. With this move, the company will be able to produce more products, thus fulfilling the demand of customers across the globe.
It has its global networks in China, Australia and Chile. It operates through its subsidiaries, which are Tianqi Lithium Holdings Pty Ltd (China), Tianqi Lithium Australia Pty Ltd (Australia ), Tianqi Lithium Kwinana Pty Ltd (Australia), Tianqi Lithium International Limited (China) among others.
SQM S.A.:
SQM S.A. is headquartered in Santiago, Chile was founded in 1968. The company is engaged in providing lithium and derivatives, specialty plant nutrition, potassium and industrial chemicals.. The company operates through six business segments, which include specialty plant nutrients, lithium and its derivatives, iodine and its derivatives, potassium, industrial chemicals and other products and services. Lithium and its derivatives is the market focused segment of the company that is engaged in the extraction of lithium chemical.
- In August 2019, SQM S.A. inaugurated 3rd version of the lithium forum in which the foreign experts and producers were joined. The focus of the show was on a 45-thousand-ton lithium hydroxide project in Australia. It will help the company to increase the production of lithium hydroxide and able to meet the increasing demand of it.
The company has their geographical presence in Asia-Pacific, Europe and Middle East and Africa. It operates through its subsidiaries which are Agroindustria (Brazil), SQM Thailand Limited (Thailand), SQM Japan Co. Ltd. (Japan), Ajay North America (U.S.), S.A. de C.V. (Mexico) among others.
