Lithium Compounds Market

Lithium Compounds Market Size (2022-2027):

The lithium compounds market is supposed to expand in a remarkable way over the evaluated period. It is estimated that the target market is likely to be valued at around USD 15.5 billion by 2028, increasing from USD 7.3 billion in 2022, registering a CAGR of 23% over the forecast period from 2023-2028

Lithium is an alkali metal that was colored silver-white. It is also present in the human body, animals, plants, and soil. This lithium is extracted from the ores and mineral springs where it is present in very fewer quantities. It will get reacted with water and is also corrosive in nature. Oxide, hydride, carbide, hydroxide, nitride, etc., are the forms that lithium is made in several inorganic and organic compounds.

Lithium compounds are mostly their applications in rechargeable and non-rechargeable batteries owing to their light in weight nature when compared to all the other metals and consisting of less density among all the solids. These compounds are utilized in various products including ceramics, low-weight alloys, high-strength alloys, and heat-resistant glass that are majorly employed in aircraft. Moreover, these lithium compounds are also used in the healthcare sector for treating bipolar disorder, owing to their physical benefits. The constitution of glass & ceramics, and Li-ion batteries, which include others too, by different consumer industries, is the major driver for the growth of the target market globally.

Also, these Lithium compounds, like Lithium Chloride, are in the list of high hygroscopic constituents that are employed for air conditioning systems, whereas Lithium Stearate is used in the production of lubricants that is for high temperatures. Further, Lithium Carbonate is applied in the drugs that are for healing manic depression. And Lithium hydride is used for hydrogen storing methods that are used as fuel. The numerous applications of these lithium compounds are a significant booster for the expansion of the Global Lithium Compounds Market.

Drivers of the Lithium Compounds Market:

Rising demand for these lithium compounds from end-use industries for applications in emerging economies and the advancements in grades that are application-specific by the companies in the major driver of the growth of the Global Lithium Compounds Market.

Moreover, growing developments of these compounds in terms of application-specific grade coupled with strategic investments in developing countries from the players of the market to strengthen their competitive position in the global market is another factor that was fuelling the growth of the target market and will continue during the outlook period.

Opportunities in the Lithium Compounds Market:

Furthermore, the scenario of regulations, environmental constraints, exchange rates, and so on are estimated to create growth opportunities for the growth of players in the Global Lithium Compounds Market.

LITHIUM COMPOUNDS MARKET REPORT COVERAGE:

The lithium Compounds Market is segmented into the following categories as per the research report until 2028.

Lithium Compounds Market – By Derivative:

• Lithium Carbonate

• Lithium Hydroxide

• Lithium Concentrate

• Lithium Metal Polymer

• Butyl Lithium

• Lithium Chloride

• lithium bromide

• lithium iodide

• lithium oxide

• lithium chromate

Lithium Compounds Market – By End-user:

• Li-Ion Batteries

• Glass & Ceramics

• Medical

• Lubricants

• Metallurgy

• Polymers

• Grid Storage

• Cement & Concrete

• Dyestuff

• Industrial Bleaching

• Pool Chemicals

• Specialty Inorganics

Lithium Compounds Market – By Vertical:

• Aerospace & Defense

• Automobile

• Energy

• Chemicals

• Pharmaceuticals

Lithium Compounds Market - By Region:

• North America

• Europe

• Asia-Pacific

• Latin America 

• Middle East & Africa

In the regional analysis of the Global Lithium Compounds Market, North America held the major share of the global market's revenue. The growth of the target market in North America is attributed to the presence of developed countries such as the US and Canada. The regional lithium compounds market is expected to witness significant growth in the demand of these products over the projection period recovering from the recent slowdowns. In this region, the US is dominating the market share in the revenue aspect, which is followed by Canada, and Mexico. The major factor that was driving the growth of the lithium compounds market is the growing industrial sector being a major contributor to the US and Canadian economies. Also, the regional market of the Western Europe region is also a major contributor to the global lithium compounds market with the help of the presence of major economies such as the UK, Germany, Italy, France, and Spain. Also, the major factor that was driving the growth of the target market in this region is the countries in this region having a strong influence on the industrial sector.

And the Asia Pacific's regional market is expected to witness growth registering the highest CAGR by region aspect over the forecast period. The major driver for the growth of the target market in this region is the presence of emerging economies like China and India. Additionally, growing strategic investments in the development of these lithium compound-based products by major companies for increasing their market presence in various sectors is another factor that was propelling the growth of the Asia-Pacific regional lithium compounds market.

The key players in the Lithium Compounds Market include:

1. Livent Corporation (US)

2. Albemarle Corporation (US)

3. Tianqi Lithium Industries Inc. (China)

4. Ganfeng Lithium Company Limited (China)

5. China Lithium Products Technology Company Limited (China)

6. Sichuan Ni&Co Guorun New Materials Company Limited (China)

7. Shanghai China Lithium Industrial Company Limited (China)

8. Nemaska Lithium Inc. (Canada)

9. Bacanora Lithium (United Kingdom)