Lithium Foil Market Trends
The growing demand for lithium foil in sectors like medical implants, automotive, and electronics & electric components is propelling market growth.
WILMINGTON, DELAWARE, UNITED STATES, April 24, 2024 /EINPresswire.com/ -- Allied Market Research recently released a report titled "Lithium Foil Market by Purity Level, End Use Industry, Thickness: Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global lithium foil industry reached an estimated value of $7.1 billion in 2021 and is projected to reach $40.9 billion by 2031, with a compound annual growth rate (CAGR) of 19.2% from 2022 to 2031.
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Key Growth Drivers:
The growing demand for lithium foil in sectors like medical implants, automotive, and electronics & electric components is propelling market growth.
However, the presence of alternatives such as copper foil and aluminum foil poses some constraints. Despite this, increasing acceptance of electric vehicles and lithium batteries presents lucrative opportunities in the industry.
Impact of COVID-19:
- The pandemic caused disruptions in the Li-ion battery supply chain, affecting the stationary energy storage and electric vehicle markets, thereby hampering the growth of the lithium foil market.
- Nevertheless, with the rising implementation of lithium foils in batteries used in various end-use products such as electric vehicles, smart wearables, IoT devices, and RFID tags, the market has shown signs of recovery.
Segment Analysis:
- The segment with a purity level of 99.5% and above dominated the market in 2021, generating over four-fifths of the revenue and is expected to maintain its lead through 2031.
- The electrical and electronics segment accounted for nearly three-fifths of the market share in 2021 and is projected to continue dominating, driven by the widespread use of Li-ion batteries in small electronics and electric vehicles.
- The segment of lithium foil with a thickness of less than 0.02 mm held the largest share in 2021 and is anticipated to maintain its dominance through 2031 due to its ability to withstand high temperatures and excellent electrical properties.
Regional Analysis:
Asia-Pacific held the major share of the market in 2021, contributing around two-fifths of the global lithium foil market. The region is expected to exhibit the fastest CAGR by 2031, driven by the increasing deployment of lithium in electric vehicles.
Key Players:
Key players in the industry include Albemarle Corporation, BASF SE, China Energy Lithium Co., Ltd., American Elements, Ltd., Nanoshel LLC, Merck KGaA, The Honjo Chemical Corporation, Ganfeng Lithium Co., Thermo Fisher Scientific, and UACJ Foil Corporation. These players have adopted various strategies such as expansion, new product launches, and partnerships to strengthen their market position.
Want to Access the Statistical Data and Graphs, Key Players' Strategies:
https://www.alliedmarketresearch.com/lithium-foil-market/purchase-options
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