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The growth of the end use sectors including glass, ceramics, and nuclear power generation is leading to the expansion of the lithium fluoride industry. The rapid technological advancements are expected to contribute to the industry growth in the coming years. The companies are developing cutting-edge technologies and offering a comprehensive suite of products to effectively address the unique and diverse needs of customers, thus, fulfilling a broad range of requirements and specifications. Moreover, the growing focus to enhance lithium battery production and recycling technology will create new opportunities for the market growth. Some of the major companies in the industry include Albemarle Corporation (NYSE: ALB), and Ganfeng Lithium Co.,Ltd (OTCMKTS: GNENF).
The development of core technology in the production of lithium is significantly aiding the industry growth. The new technology of extracting lithium from lithium-mica by Ganfeng Lithium Corporation has reached the leading level in China. The company is the world’s third largest and China’s largest lithium compounds producer as of December 2017. Moreover, the growing collaborations and mergers and acquisitions (M&G) among the key market players to enhance their capacity and expand their global reach are boosting the industry growth. In December 2018, Albemarle Corporation signed a definitive agreement with Mineral Resources Limited to develop a lithium joint venture in Western Australia, aiming to own and operate the Wodgina hard rock lithium project to produce battery grade lithium hydroxide, along with spodumene concentrate. Such developments are expected to positively impact the global lithium fluoride industry over the forecast period.
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The major players in the global lithium fluoride market are Crystran Ltd., Ganfeng Lithium Co.,Ltd, Albemarle Corporation, and Axiom Chemicals Pvt. Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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