The Global Lithium Compounds Market accounted for US$ 3,956 Mn in 2021 and is expected to reach US$ 25,547 Mn by 2030 with a considerable CAGR of 23.4%during the forecast timeframe of 2022 to 2030.
As a metal, lithium is an element with unique physical and chemical properties. There are numerous uses for lithium and its compounds. The glass and ceramics industry and aluminum production are two of the most popular applications in the industry. In addition, lithium and its derivatives are also used in a variety of industrial applications including lithium grease petroleum products, high-temperature glass, and ceramics, and flux additives for the manufacture of steel, iron, and other metals. In addition, lithium compounds are used as catalysts in a variety of industrial processes. A catalyst compound is a substance that can speed up or slow down a chemical reaction. For example, a lithium catalyst is used to make a strong and durable synthetic rubber. Unlike natural rubber, synthetic rubber containing lithium compounds does not need to be vulcanized.
· Growing demands for Li-ion batteries in electric vehicles
· Increasing demand from a variety of end-user industries, including glass and ceramics
· The high operational cost of the production of lithium and its compounds
· Increasing use of portable devices with rechargeable batteries
· Strict government regulation toward the environmental concern
|Market||Lithium Compounds Market|
|Market Size 2021||US$ 3,956Mn|
|Market Forecast 2030||US$ 25,547Mn|
|CAGR||23.4% During 2022 - 2030|
|Analysis Period||2018 - 2030|
|Forecast Data||2021 - 2028|
|Segments Covered||By Derivative,, By Application And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Orocobre Limited, Albemarle Corporation, Tianqi Lithium Corporation, Lithium Americas Corp., SQM S.A., FMC Corporation, Neometals Ltd, Livent Corporation, Lithium Americas, Sociedad Quimica y Minera de Chile S.A., Bacanora Lithium, and Galaxy Resources Limited.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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Lithium Compounds Market Dynamics
The increasing adoption of lithium compounds from end-use industries such as Li-ion batteries, polymers, lubricants, glass, and ceramics, among others, is expected to propel the lithium compounds market. Furthermore, the rising demand for lithium and lithium-ion batteries in electric mobility due to the relatively low self-discharge rate, quick charging, extended life cycle, high power density, and lightweight will boost product demand for the market. Furthermore, strict government regulations governing environmental controls via vehicle carbon emissions, backed up by companies forming strategic partnerships to develop battery cells and electric vehicles, will drive industry growth. The increased demand for energy-saving devices with decent battery backup as a result of various factors such as a drastic shift in lifestyle, technological advancements, and others is driving the lithium compounds market. Furthermore, the high operational cost of lithium production is a major restraint to the growth of the lithium compounds market.
Market by Derivative
· Lithium Carbonate
· Lithium Hydroxide
· Lithium Chloride
Based on the derivation, lithium carbonate will account for more than half of the global lithium compound industry in 2021. Lithium carbonate is the first lithium compound material derived from a lithium chain, and it serves as a necessary component for other lithium compounds. Lithium carbonate, also known as lithium salt of carbonate, is an inorganic compound with the molecular formula Li2CO. Lithium carbonate is primarily in lithium-ion batteries and lithium Stearic acid for use in lubricants and greases. Lithium carbonate is widely used in metal oxide processing. Furthermore, in the medical field, Lithium Carbonate is indeed a prescription drug used to treat the side effects of Bipolar Disorder. Lithium Carbonate can be used alone or in combination with other treatments. In oven glasses, lithium carbonate can also be used to lower the melting temperature of silica. This is one of the primary factors driving lithium carbonate demand within the lithium compounds industry.
Market by Application
· Glass & Ceramics
Based on the application, the batteries segment will hold the largest market share in 2021. This expansion can be attributed to the increasing demand for lithium-ion batteries in electric vehicles and grid storage, as they provide high-energy density solutions while remaining small and light in weight. The resultant increase in EV registration and a decrease in the cost of the lithium-ion battery are expected to increase market size over the projected timeframe. The growing desire to keep the environment safe has fueled the growth of hydropower such as photovoltaic installations and nuclear power plants, as well as renewable power projects are fueling the growth of lithium-ion batteries. Furthermore, the rising popularity of lithium-ion battery machinery in the medical sector is fueling growth. Furthermore, with the increasing use of rechargeable batteries in material-handling machinery in industries due to automation, the demand for these batteries is increasing. Aside from that, rising demand for battery-electric and plug-in hybrid vehicles, as well as increased adoption of lithium-ion batteries in the renewable energy industry, are propelling the segment forward.
Lithium Compounds Market Regional Overview
· Rest of Europe
· Rest of Latin America
· South Korea
· Rest of Asia-Pacific
Middle East & Africa
· South Africa
· Rest of Middle East & Africa
In the year 2021, the Asia-Pacific region held the largest share of the Lithium compounds market. Increasing consumption of new and portable energy storage systems in automobiles, grid-connected battery storage, and huge demand for consumer gadgets such as smartphones, tablets, and laptops are expected to drive the market in the region. Massive economic expansion and thriving electronics and fully electric automotive industries in Asia Pacific countries like China, Japan, and India are to bear responsibility for the region's high growth rate. The rapid population growth in countries such as India and China, combined with the countries' reliance on end-use industries such as building and construction, automotive, and medical, is driving demand for lithium compounds, which are used in a wide range of applications in these end-use industries. For example, the pharmaceutical market in India is expected to be worth around US$41 billion in the fourth quarter of 2021, according to the India Brand Equity Foundation (IBEF).
Some of the prominent players in global lithium compounds market are Orocobre Limited, Albemarle Corporation, Tianqi Lithium Corporation, Lithium Americas Corp., SQM S.A., FMC Corporation, Neometals Ltd, Livent Corporation, Lithium Americas, Sociedad Quimica y Minera de Chile S.A., Bacanora Lithium, and Galaxy Resources Limited.
The estimated value of global lithium compounds market in 2021 was accounted to be US$3,956Mn.
The projected CAGR of lithium compounds during the analysis period of 2022 to 2030 is 23.4%.
The prominent players of the global lithium compounds market involve Orocobre Limited, Albemarle Corporation, Tianqi Lithium Corporation, Lithium Americas Corp., SQM S.A., FMC Corporation, Neometals Ltd, Livent Corporation, Lithium Americas, Sociedad Quimica y Minera de Chile S.A., Bacanora Lithium, and Galaxy Resources Limited.
Asia-Pacific held the dominating share for lithium compounds during the analysis period of 2022 to 2030
North America region exhibited fastest growing CAGR for lithium compounds during the analysis period of 2022 to 2030
Growing demands for Li-ion batteries in electric vehicles and increasing demand from a variety of end-user industries, including glass and ceramics are the prominent factors that fuel the growth of global lithium compounds market
Based on derivative, lithium carbonate held the maximum share for lithium compounds market in 2021