The lithium compound market is slated to have a valuation of USD 11.8 billion in 2024. The market’s progress is anticipated to be extraordinary from 2024 to 2034, with a CAGR of 21.3%. The market is forecasted to attain a valuation of USD 81.5 billion by 2034.
Li-ion or lithium batteries are one of the most prominent sources of value for the lithium compound market. With batteries in various fields, including cars and aircraft, their sale is propping up the lithium compound market. Greases and lubricants, other essentials in the automobile industries, are also helping the market’s growth.
Other industries also contribute to the upward trajectory of the lithium compound market. Ceramics is one prominent industry where lithium compounds are pushing the market forward. Glass manufacturing is another avenue where lithium compound demand is getting propagated. Lithium compound is making waves in the medical field on a rapid basis. Medications use lithium compounds to increase their effectiveness.
Lithium Compound Market Trends
The lithium compound market is witnessing significant growth driven by various industrial applications:
- Lithium Hydroxide in Air Purification: Increasing demand for lithium hydroxide in air purification systems is boosting its market presence.
- Lubricant Production: A surge in industrial production is leading to greater use of lithium compounds in lubricants, enhancing machine adaptability.
- Automotive Greases: The automotive industry’s rapid expansion has led to an increased integration of lithium compounds in greases, improving their performance.
- Research and Development: Ongoing research in the chemical sector is opening new avenues for the use of lithium compounds, leading to innovative applications.
- Lithium Chloride as a Desiccant: The dry properties of lithium chloride are increasingly utilized as a desiccant in food and beverage processing as well as in various industrial applications.
- Agricultural Applications: Lithium compounds are finding their way into the agricultural sector through fertilizers, contributing to farming productivity.
Key Takeaways from the Lithium Compound Market
- The lithium compound market is expected to be US$ 8 billion in size in 2024.
- Lithium chloride is the predominant type of compound in the market. Lithium chloride is expected to progress at a CAGR of 21.0% from 2024 to 2034.
- Li-ion batteries are the most common mode of application for lithium compounds. For the forecast period, li ion batteries are anticipated to progress at a CAGR of 20.9%.
- South Korea is expected to be one of the leading countries in terms of progress in the market. The country is forecasted to have a CAGR of 23.4% in the market from 2024 to 2034.
- Japan is another Asian country with potential for the market. For the forecast period, the CAGR for Japan is predicted to be 22.9%.
- The market is expected to progress at a CAGR of 21.7% in the United States.
“Air quality has become a prominent concern, with the rise in pollution leading to adverse effects on individuals. Air purification systems, which use lithium compound to clean the air, are emerging as a significant home and office accessory. Thus, the demand for air purification systems represents an opportunity to grow for lithium compounds,” says an analyst at FMI.
Competition Analysis of the Lithium Compound Market
The lithium compound market is experiencing significant growth due to the increasing demand for lithium-ion batteries in various applications such as electric vehicles, consumer electronics, and energy storage systems. As the market expands, competition among key players intensifies, driving companies to innovate, expand their product offerings, and enhance their market presence. Some prominent companies in the market include Sigma Lithium, Albemarle Corporation., Bacanora Lithium, and Neometals Ltd.
Recent Developments in the Lithium Compound Market
- In December 2022, with funding from Synergy Capital, Sigma Lithium got on the way to expand its lithium mine in Brazil.
- In September 2022, Lithium Americas agreed on a partnership deal with Green Technology Metals.
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Key Segments
By Type:
- Lithium Chloride
- Butyllithium
- Lithium Carbonate
- Lithium Hydroxide
- Lithium Concentrate
- Lithium Metal
- Others
By Application:
- Li-ion Batteries
- Glass and Glass Ceramics
- Automotive Parts
- Greases
- Metallurgy
- Polymer
- Air Treatment
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
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