The lithium compound market comprises compounds containing lithium such as lithium carbonate, lithium hydroxide, lithium chloride, lithium fluoride, lithium bromide, and lithium iodide that find extensive applications in various end-use industries. Lithium carbonate and lithium hydroxide primarily serve as raw materials for the manufacturing of lithium-ion batteries.
The global lithium compound market is estimated to be valued at US$ 7.73 BN in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031.
Lithium compounds are used across various applications like batteries, glass & ceramics, medical, lubricants, air treatment, continuous casting, aluminum production, and polymers. However, lithium-ion batteries remain the key end-use sector, accounting for over 50% of the global Lithium Compound Market Analysis consumption. Rising demand for consumer electronics and electric vehicles is propelling the demand for lithium-ion batteries, thereby driving the lithium compound market. Lithium-ion batteries provide high energy density and are rechargeable multiple times, making them suitable for various applications. Additionally, lithium carbonate is used in air treatment, medical, and other industrial applications.
Key Takeaways
Key players operating in the lithium compound market are Lithium Americas Corp, Albemarle Corporation, Neometals Ltd, FMC Corporation, Sociedad Química y Minera de Chile, Livent Corporation, Tianqi Lithium Industries Inc., Nemaska Lithium Inc., Neo Lithium Corporation, Millennial Lithium Corporation, Galaxy Resources Limited, PACIFIC ORGANOS PVT LTD. , Satyam Pharma-Chem Pvt. Ltd. , Otto Chemie Pvt. Ltd., Sontara Organo Industries, Mody Chemi Pharma Ltd, Vizag chemical, Ennore India Chemicals, and Zama chemical.
The lithium compound market offers growth opportunities owing to rising investments and expansion projects of key players to meet the increasing demand for lithium compounds. For instance, in 2022, Albemarle Corp commenced the commissioning activities of its 50,000 MT lithium carbonate expansion project in Nevada, USA. Argentinian miner Livent also announced plans to invest $215 million to boost lithium production capacity by 50% by 2025.
Key players are focused on enhancing their production capacities through expansions, acquisitions, and new projects across regions, especially South America, North America, and Australia, to cater to the growing global demand for lithium compounds. The Asia Pacific region dominated the lithium compound market in 2021 and is projected to continue its lead over the forecast period, backed by increasing lithium-ion battery demand from the electric vehicle and consumer electronics industries in China, Japan, and South Korea.
Market drivers
Rising demand for lithium-ion batteries from the automotive industry: Growth in the electric vehicle market is driving lithium-ion battery demand. According to the International Energy Agency (IEA), global EV sales are expected to increase to 50% of new car sales by 2040, thereby boosting lithium compound consumption over the next two decades.
Emerging lithium applications: Apart from batteries, lithium compounds find usage in various applications like glass & ceramics, lubricants, medical, air treatment, and continuous casting, providing opportunities for market growth.
Market restrain
Volatility in lithium prices: Uncertain supply, rising raw material costs, and demand fluctuations result in price volatility of lithium compounds in the global market, restricting widespread adoption.
Segment Analysis
The lithium compound market is dominated by lithium carbonate sub-segment owing to increasing use of lithium carbonate in batteries, as it is considered a primary raw material in cathodes for lithium-ion batteries. Lithium carbonate accounts for over 45% of the total lithium compound consumption. It finds widespread application in energy storage systems and rechargeable batteries. Rising adoption of electric vehicles and increasing penetration of consumer electronics has amplified the demand for lithium carbonate over the years.
Global Analysis
North America holds the largest share in the lithium compound market due to high demand from end-use industries and presence of leading players in countries like the US. The regional market is expected to witness a CAGR of 16.5% during the forecast period. Asia Pacific displays the fastest growth rate owing to rapid industrialization, growing electronics industry, and rising electric vehicle sales in China, South Korea, India. China dominates Asia Pacific lithium compound consumption on account of large lithium reserves and massive investments in EV batteries manufacturing. Initiatives to promote clean mobility solutions are augmenting the usage of lithium compounds in batteries across Europe.
Get more insights on Lithium Compound Market
Lithium is chemical element which is silvery, soft and is highly reactive and flammable in nature.
The density of the lithium is very less.
They usually have same chemical and physical properties like alkali earth metals.
They are used in industries such as electric vehicle, industrial, energy storage and others.
Increasing usage of lithium- ion battery in electric vehicle is the factor fuelling the growth of this market.Market Analysis: Global Lithium Chemical MarketGlobal lithium chemical market is set to witness a healthy CAGR of 10.31% in the forecast period of 2019- 2026.
Rising demand of lithium chemical from energy sector and growing prevalence for rechargeable batteries are the factor for the growth of this market.Top Market Competitors:Few of the major competitors currently working in the global lithium chemical market are Albemarle Corporation., Altura Mining, Livent, Galaxy Resources Limited, Galaxy Resources Limited, Ganfeng Lithium Co.,Ltd., Lithium Americas Corp., Millennial Lithium, Nemaska Lithium, Orocobre Limited Pty Ltd, Neometals Ltd, Pilbara Minerals, Tianqi Lithium Industry Co., Ltd., SQM S.A., Talison Lithium Pty Ltd., FMC Corporation, Mody Chemi-Pharma Pvt.
Lithium chloride is a solid substance that has an immense capacity to grasp water and thus it become useful for air-conditioning purposes and as an anti-freezing agent.
Lithium is hugely reactive because of its electron configuration.
It has a single valence electron in the second shell which is easily released to create new compounds and bonds.
Middle East & Africa lithium chemical market is projected to register a healthy CAGR in the forecast period of 2019 to 2026.
Get Sample PDF (including COVID19 Impact Analysis) of Market Report @https://www.databridgemarketresearch.com/request-a-sample/?dbmr=middle-east-and-africa-lithium-chemical-marketMarket Drivers and Restraints:On the basis of type, the market is segmented into lithium carbonate, lithium chloride, lithium hydroxide, lithium fluoride, lithium bromide and othersOn the basis of grade, the market is segmented into industrial grade, battery grade and othersOn the basis of application, the market is segmented into battery, lubricant, aluminium smelting & alloy, air treatment, medical, glass & ceramics, metallurgy, polymer, greases and othersOn the basis of end-user, the market is segmented into industrial, electronics and electricals, transportation, medical, power plants and others The major players covered in the Lithium Chemical Market Some of the major players operating in this market are Albemarle Corporation, Livent, Galaxy Resources Limited, SQM S.A., Orocobre Limited Pty Ltd, SICHUAN BRIVO LITHIUM MATERIALS CO., LTD., Lithium Americas Corp., Pilbara Minerals, Neometals Ltd, Millennial Lithium, Tianqi Lithium Industry Co., Ltd., 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.MAJOR TOC OF THE REPORTChapter One: Lithium Chemical Market OverviewChapter Two: Manufacturers ProfilesChapter Three: Global Lithium Chemical Market Competition, by PlayersChapter Four: Global Lithium Chemical Market Size by RegionsChapter Five: North America Lithium Chemical Market Revenue by CountriesChapter Six: Europe Lithium Chemical Market Revenue by CountriesChapter Seven: Asia-Pacific Lithium Chemical Market Revenue by CountriesChapter Eight: South America Lithium Chemical Market Revenue by CountriesGet Detail TOChttps://www.databridgemarketresearch.com/toc/?dbmr=middle-east-and-africa-lithium-chemical-marketKey Report HighlightsComprehensive pricing analysis based on different product types and regional segmentsMarket size data in terms of revenue and sales volumeDeep insights about regulatory and investment scenarios of the global Lithium Chemical MarketAnalysis of market effect factors and their impact on the forecast and outlook of the global Lithium Chemical MarketThe detailed assessment of the vendor landscape and leading companies to help understand the level of competition in the Lithium Chemical MarketA roadmap of growth opportunities available in the global Lithium Chemical Market with the identification of key factorsThe exhaustive analysis of various trends of the global Lithium Chemical Market to help identify market developmentsKey Questions Answered in Report:What is the key to the Lithium Chemical Market ?What will the Lithium Chemical Market Demand and what will be Growth?What are the latest opportunities for Lithium Chemical Market in the future?What are the strengths of the key players?Access Full Report @ https://www.databridgemarketresearch.com/reports/middle-east-and-africa-lithium-chemical-market About Us:Data Bridge Market Research set forth itself as an unconventional and neoteric Market research and consulting firm with unparalleled level of resilience and integrated approaches.
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