The new report by Expert Market Research titled, ‘Global Lithium Compound Market Growth, Share, Price, Trends, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global lithium compound market, assessing the market based on its segments like type, end use, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): 34,6271.48 tons
- Forecast CAGR (2023-2028): 7.5%
- Forecast Market Size (2028): 53,4401.45 tons
Portable electronic devices such as electric vehicles, cameras, pacemakers, smartphones, and watches use lithium-ion batteries. In emerging countries such as China, South Korea, India, and Brazil, rising market demand for these devices has boosted demand for li-ion batteries. Since lithium compounds are used in the manufacture of li-ion batteries, this is a significant growth-inducing factor.
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Moreover, major building upgrades, and new housing developments are pushing up demand for glasses and ceramics, impacting the market for lithium compounds. Over the forecast period, the industry’s appetite for lithium compounds is expected to be aided by a shift towards electronic vehicles rather than petroleum-based vehicles, which in turn will drive the growth of the lithium compounds market.
Industry Definition and Major Segments
Lithium compounds are used in the manufacturing of lubricants and greases, the synthesis of vitamin A, the synthesis of organic compounds, silver solders, underwater buoyancy devices, and batteries, as well as in the primary aluminium production industry, rocket propellants industry, nuclear industry, and pharmaceutical industry.
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The market is divided on the basis of type into:
- Lithium Carbonate
- Lithium Hydroxide
- Lithium Concentrate
- Lithium Metal
- Lithium Chloride
On the basis of end use, the industry is segmented into:
- Glass and Glass Ceramics
- Automotive Parts
- Air Treatment
Regionally, the market can be classified into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Lithium Compound Market Trends
A favourable market outlook is being created by a rapid growth in technological improvements for the manufacturing of high-efficiency batteries. Other factors driving market growth include the increasing usage of lithium compounds in the healthcare industry and major investments in infrastructure development. The market is growing due to an increase in demand for consumer gadgets powered by lithium-ion batteries, such as mobile phones, cameras, computers, and power tools.
Lithium compounds can extend the life of items by increasing surface tension, resisting thermal shock, and boosting mechanical strength. The growing international pressure to switch to clean energy and avoid dangerous environmental changes is expected to push developed and developing countries to adopt electric vehicles, which will produce large demand for lithium-ion batteries throughout the forecasted period.
Key Market Players
The major players in the market are Albemarle Corporation, SQM SA, and FMC Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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