The global lithium iodide industry is projected to reach a value of USD 97.6 million in 2023 and is expected to grow to USD 151.5 million by 2033, marking a Compound Annual Growth Rate (CAGR) of 4.5% during the forecast period. Historically, the market experienced a CAGR of 2.4% from 2018 to 2022. Increased demand in the chemical industry is anticipated to drive this growth.
According to Future Market Insights, a provider of market research and competitive intelligence, the lithium iodide market has flourished, particularly due to its applications in the pharmaceutical industry. It serves as a vital iodine source in the production of various drugs, including iodinated contrast media used in radiographic imaging techniques such as CT scans and MRI scans. The growing demand for these imaging technologies is expected to fuel market growth.
The expansion of the global agrochemical industry is also set to boost the demand for lithium iodide, primarily as an iodine source for agrochemical production, including herbicides, fungicides, and insecticides. Additionally, lithium iodide serves as a solid-state electrolyte in the manufacturing of solid-state batteries, which are utilized in electronic devices like smartphones, laptops, and electric vehicles. This surge in demand for electronic devices is another driver for market growth.
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Furthermore, the rising demand for nuclear energy as a clean energy source contributes to the market’s growth, as lithium iodide is used as a coolant in nuclear reactors. Additionally, it serves as an electrolyte in lithium-ion batteries, a market that is expanding rapidly. These factors collectively propel the demand for lithium iodide across various sectors.
Market Dynamics
- How has the high cost of lithium iodide impacted the market?
While lithium finds extensive applications across various sectors, it’s essential to acknowledge its drawbacks. One significant disadvantage lies in the high cost of iodide.
The elevated prices of iodide may deter potential consumers from utilizing it unless absolutely essential, potentially dampening demand for the product. Consequently, this could impede the growth of the lithium iodide market over the forecast period. - Lithium Batteries to Present Robust Growth Opportunities for Lithium Iodide Manufacturers
The remarkable energy density of lithium-ion batteries enables prolonged power supply for electronic devices, serving as a primary driver for the lithium-ion battery pack market. Compared to other battery types, lithium-ion batteries offer reduced maintenance needs and a lower self-discharge rate, providing a competitive edge.
Moreover, advancements in lithium-ion battery technology allow for the development of new variants tailored to meet diverse market demands, ranging from powering smartphones to plug-in hybrid vehicles. The affordability, high energy efficiency, and eco-friendliness of lithium-ion batteries further fuel market growth.
In light of statistics from the World Health Organization revealing heart attacks as the leading global cause of death, claiming approximately 18 million lives annually, the demand for lithium-ion batteries is poised to escalate. This trend is anticipated to continue as the prevalence of heart-related ailments increases due to unhealthy lifestyles, driving the need for cardiac pacemakers and associated batteries. - What are the trends in the global Lithium Iodide market?
Significant investments in lithium-ion battery research and development, both from public and commercial sectors, are expected to drive market expansion in the coming years. A breakthrough in battery technology has led to the development of a fully self-forming battery, minimizing self-discharge and extending the shelf life of inactive batteries. Recent studies have introduced a secondary (rechargeable) battery by incorporating lithium iodide (3-hydroxypropionitrile)2 into the lithium layer. This innovation enables the creation of a self-forming battery during the initial charging process, reducing the risk of self-discharge and allowing for prolonged storage of inactive batteries. Efforts to reduce total impedance have also been spurred by the introduction of a liquid electrolyte phase resulting from the interaction of PVP with lithium and iodine, particularly addressing interfacial effects. Research focusing on the application of this battery pack under demanding conditions, such as those required by implanted medical devices, addresses critical issues relevant to various applications.
Top Key Players
- Albemarle Corporation
- Iofina
- Leverton-Clarke Speciality Chemicals.
- Shanghai China Lithium
- Triveni Chemicals
- Suzhou Huizhi Lithium Energy Material Co., Ltd i
- Samrat pharmachem ltd
- Nanjing Taiye Chemical Industry Co., Ltd.
- GODO SHIGEN Co., Ltd.
- American Elements
- Nanjing Taiye
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Lithium Iodide Market Segmentation
By Application:
- Solvent
- Electrolyte
- Others
By End-user:
- Electronic
- Automotive
- Pharmaceutical
- Chemical
- Others
By Product Type:
- Capacitors
- Semiconductors
- Engine Turbine Blades
- Chemical Processing Equipment
- Medical Equipment
- Others
By End-Use:
- Lithium iodide trihydrate
- Lithium iodide anhydrous
By Region:
- North America
- Latin America
- East Asia
- South Asia and Pacific
- Western Europe
- Eastern Europe
- Central Asia
- Russia and Belarus
- Balkan and Baltic Countries
- Middle East and Africa
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