Wilmington, Delaware, United States, Oct. 26, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Lithium silicate industry revenue accounted for US$ 881.4 million in 2021. The market registered a CAGR of 3% from 2022 to 2031. The lithium silicate market is predicted to reach US$ 1.2 billion.
Cleaner and more sustainable technologies are becoming more popular as environmental issues, and greenhouse gas emissions become more widely known. The growing demand for lightweight materials such as ceramics and glass also contributes to the growth of the lithium silicate market. Many industries, including automotive, construction, and electronics, rely on these materials.
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Expanding urban areas and infrastructure development in emerging economies often lead to a greater need for energy. As a result, lithium silicate market demand will rise. The availability of raw materials required for lithium silicate production also significantly impacts the demand for lithium silicate.
As lithium-ion batteries become more prevalent, lithium silicate will be more likely to be used in products. As electric vehicles become more prevalent, portable electronics use increases, and renewable energy production increases, lithium-ion batteries and their materials will be in increasing demand.
Key Findings of the Market Report
- With the growth of the construction industry and the need for durable concrete, lithium silicate is in demand.
- Continuing research and development into lithium silicate's properties and applications may lead to scientific and industrial advancements.
- The increasing number of studies and technological advancements are expected to drive the lithium silicate market.
- Ceramics are experiencing an increase in demand, which is driving the market's growth.
- Lithium silicate is particularly common in dental ceramics to produce bridges, crowns, and other dental prosthetics. As the global population ages, dental services and products will be in greater demand, creating an opportunity for lithium silicate manufacturers.
- Agents used to treat the surface of metals are expected to boost demand during the forecast.
Lithium Silicate Market Drivers
- The growing demand for lithium-ion batteries has led to an increase in lithium silicate production. Rising demand for electric vehicles (EVs), laptops, smartphones, and renewable energy storage will increase demand for lithium silicate in the coming years.
- The demand for consumer electronics, such as smartphones, tablets, and laptops, continues to grow. Lithium-ion batteries are the standard power source for these devices, further boosting the demand for lithium silicate. The demand for lithium-ion batteries will continue to rise as new formulations based on lithium silicate are developed.
- The popularity of renewable energy sources such as solar and wind power has led to the development of energy storage solutions. Due to the fact that lithium-ion batteries store energy from renewable energy sources, lithium silicate is highly in demand.
- Clean energy regulations, incentives, and government policies that support electric vehicles and clean energy are major factors driving the lithium silicate market. Clean energy requirements and incentives for EV manufacturers can boost market growth.
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Global Market for Lithium Silicate Regional Outlook
- North America is expected to thrive over the forecast period. Government regulations favorable to the chemical industry and consumer awareness have positively impacted. Due to research and development activities, different uses and applications of materials may lead to the growth of lithium silicate demand.
- With increased investment in lithium silicate manufacturing, Asia Pacific dominates the market. A growing number of electric vehicle manufacturers in China and their adoption in the marketplace will boost demand for lithium silicate.
- A rise in disposable incomes and an increased awareness of environmental effects are expected to lead to a growth in lithium silicate demand. Asia Pacific is expected to experience strong demand for lithium silicate due to the presence of key players in developing countries such as India and China.
Key Players in the Lithium Silicate Industry
Several large vendors control most of the market share in the global market. Companies are focusing on research and development to increase the market share of lithium silicate. Partnering, collaborating, and merging & acquiring also help vendors expand.
Key players in the lithium silicate ecosystem include:
- PQ Corporation
- Eastman Chemical Company
- HELM AG
- Ganfeng Lithium Group Co., Ltd.
- Nippon Chemical Industrial Co., Ltd.
- Bisley International
- Jiangyin GUOLIAN Chemical Co. Ltd.
- Silmaco
- Noble Alchem Pvt. Ltd.
- Xetex Industries Private Limited
- Shandong Look Chemical Co. Ltd.
- NYACOL Nano Technologies Inc.
- RongXiang Industrial Co. Ltd.
Key Developments in the Global Lithium Silicate Market
- In April 2023, researchers from Hong Kong University's Faculty of Dentistry announced the development of a generative AI algorithm to produce dental crowns. By combining 3D deep learning with the morphology of individual teeth, the technology produces crowns that mimic the biomechanical properties of natural teeth with high accuracy. Using biomechanical finite element analysis, an AI-designed crown using lithium silicate can achieve the same lifespan as a natural tooth.
- In September 2023, Caprock Mining Corp. announced the discovery of zinnwaldite, a lithium-bearing mineral discovered during recent prospecting at its Ackley Lithium-Tin-Molybdenum-REE project in south-eastern Newfoundland, an interest in which it has an option to acquire.
Global Lithium Silicate Market: Segmentation
Application
- Concrete Hardeners
- Inorganic Binders
- Corrosion Inhibitors
- Adhesives
- Welding Rod Additives
- Dental Glass Ceramics
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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