According to Acumen Research & Consulting, the Global Lithium Compounds Market size is estimated to grow a CAGR above 23.4% over the forecast timeframe and reach a market value of USD 25,547 million by 2030.
Lithium is a silvery-white alkaline earth metal with the atomic number 3 and the symbol Li.It is also the least populated metal and the least dangerous solid element under standard conditions. Even though lithium, like all alkali metals, is highly reactive and flammable, it must be preserved in a low-pressure, ambient condition, or inert liquid, such as purified gasoline or mineral oil. Lithium and its compounds are used in a wide range of industrial application fields, including lithium grease and lubricants, heat-resistant glass and ceramics, flux additives for metal production, and lithium-ion batteries. Lithium compounds are most commonly used in lithium-ion batteries for mobile phones, recording devices, and e-mobility. Additionally, its compounds can be found in non-rechargeable batteries, which are used in devices such as heart implantable devices, electronics, and alarm clocks.
Lithium is a naturally occurring metal extracted from mineral springs and ores which has low density. It is used in heat resistant glass in aircrafts, high strength/low weight alloy, and ceramics. Growth in construction and renovation activities has led to a rise in demand for ceramic tiles and glass and ceramic wares which is likely to favor industry size.
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Global Lithium Compounds Market Growth Aspects
One of the major factors driving demand for the lithium compound market is an increase in the production of glass and ceramics, as well as associated products. Additionally, lithium-ion batteries are increasingly being used in the automotive sector due to their numerous advantages, including long lifetime, low self-discharge frequency and maintenance, and turbo charging capability. This, together with the increasing use of lithium-ion batteries in the adoption of electric vehicles and automatons to save energy, is one of the key factors driving the market growth. Aside from that, an increase in the production of consumer electronic devices powered by lithium-ion batteries, such as cellular telephones, cameras, tablets, and power tools, is contributing to market growth. Moreover, a sudden growth in technological advancements for the production of high-efficiency energy storage devices is creating a positive market outlook. Other factors driving market growth include the increasing use of lithium compounds in the medical industry and massive investment in building infrastructure.
Increasing demand for Lithium-ion Batteries, driving the market
The lithium-ion battery market is expanding rapidly as technology advances, resulting in increased development in electrical plug-in vehicles. Furthermore, the imposition of stringent federal guidelines to monitor rapidly rising pollution phases compels industries to use lithium-ion batteries. The energy industry is working hard to produce renewable energy and stockpile it for future use. Furthermore, low cost, low self-discharge rate, and small installation space are some of the key factors driving the use of lithium-ion batteries in smart grid and energy storage systems. Similarly, raising the production of electric and plug-in hybrid vehicles are increase the demand for lithium-ion batteries during the forecasting years.
Lithium Compounds Market Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global lithium compounds market.The North American lithium compound market is expected to expand significantly in the coming years. The increasing adoption of lithium batteries for devices such as computers, cellular telephones, and tablets is driving the region's lithium compound market. As a result, they upgrade these devices on a regular basis, thereby promoting the development of the lithium compound industry. Aside from that, the rising construction sector has increased the consumption of different kinds of glass and ceramics, boosting the industry's growth. Furthermore, expanding the use of lithium-ion batteries in the medical and automobile industries is propelling market growth in the region. In addition to this, the region's rapid growth in renewable energy production, particularly wind and solar energy, has increased the demand for grid energy storage. As a result, demand for lithium compounds in North America is expected to rise over the forecasting period.
Lithium Compounds Market Segmentation
The global lithium compoundsmarket has been segmented by Acumen Research and Consultancy based onderivative and application. Based on the derivative, the market is divided into lithium carbonate, lithium hydroxide, lithium chloride, spodumene, and others. Based on application, the market is classified into batteries, metallurgical, glass & ceramics, lubricants, and others.
Lithium Compounds Market Players
Somekey players covered global in the lithium compounds market are Livent Corporation, Albemarle Corporation, Lithium Americas Corp., SQM S.A., Orocobre Limited, FMC Corporation, Neometals Ltd, Sociedad Quimica y Minera de Chile S.A., Tianqi Lithium Corporation, Bacanora Lithium, Lithium Americas, and Galaxy Resources Limited.
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