Dec 5, 2017   SOURCE: BusinessWire

Lithium Market Procurement Research – Market Trends and Spend Analysis by SpendEdge

Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Lithium Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the metals and mining industry. This report breaks down the data and analysis behind the procurement of lithium and acts as an all-inclusive guide for making smart purchasing decisions.

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Global Lithium Procurement Market Intelligence Report (Graphic: Business Wire)

Global Lithium Procurement Market Intelligence Report (Graphic: Business Wire)

“The rise in demand for lithium can be attributed to the substantial growth of end-use sectors such as automotive, construction, and power generation,” says SpendEdge procurement analyst Bhuvaneshwari Udayakumar. “Also, the growth of the electric car industry in North America has resulted in an increased demand for Li-ion batteries, this is expected to grow over the forecast period leading to the high demand for lithium in the region,” added Bhuvaneshwari.

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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Lithium Market:

  • The growth of mega factories for the production of Li-ion batteries.
  • Increasing investments in setting up new lithium production facilities.
  • The rise in adoption of smart grids for distribution of electricity.

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The growth of mega factories for the production of Li-ion batteries:

Li-ion battery manufacturers across the globe have started setting up mega factories to meet the ever-increasing demand for batteries; this helps in reducing the price of Li-ion batteries through economies of scale, reduction of wastes, and optimization of production processes. Also, setting up these plants or mega factories also help the buyers in this market space reduce their operational costs.

Increasing investments in setting up new lithium production facilities:

There is an increase in the investments by the government and private sectors for setting up new mining and brine extraction facilities owing to the high demand for lithium from the end-user segments. Such investments are being made in countries such as China, Chile, and Argentina which helps to solve the current issue of supply shortages. Moreover, the high supply volumes will lead to a reduction in prices of lithium.

The rise in adoption of smart grids for distribution of electricity:

The demand for energy storage devices has led to the adoption of smart grids especially in regions such as Europe and North America. This, in turn, has led to the growth of this market as these grids use energy storage devices to store the electricity temporarily. Also, the high adoption rate of smart grids will lead to an increase in demand for Li-ion batteries and increase revenue for buyers of lithium.

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