Quick Summary:
In the world of industry, the significance of lightweight, corrossive-resistant, and energy-rich lithium compounds is rapidly expanding. Lithium, a silver-white alkali metal used to make organic and inorganic compounds, lends itself to countless applications, from ceramics, nuclear materials, glass, pharmaceuticals to batteries, assisting in enhancing product lifespan and boosting mechanical strength.
With the surge in the utilization of lithium-ion batteries in consumer electronics and energy-efficient automotive industries, the dynamics of the global lithium compound market have been positively influenced. The batteries, known for their high energy density, long life cycle, and fast charging capability, are also powering the manufacture of electric vehicles and robots, thus precipitating the growth of the lithium compound market. Beyond these, the rise in technological advancements for better-performing batteries and the increased use of lithium compounds in the healthcare industry makes this market an important focus for key industry players. Given these market trends and its industrial diversity, acquiring a comprehensive review of the global lithium compound market is essential for informed decision-making.
The global lithium compound market size reached US$ 5.4 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 8.6 Billion by 2028, exhibiting a growth rate (CAGR) of 8.22% during 2023-2028.
Lithium is a silver-white alkali metal that is generally extracted from ores and mineral springs. It is a mixture of the isotopes Li6 and Li7, which are corrosive and burn with a white flame. It has the lowest density of all the metals and forms organic and inorganic compounds like oxide, nitride, carbide, hydride, and hydroxide. These compounds are widely utilized in various industrial applications, such as the manufacturing of ceramics, nuclear materials, glass, pharmaceuticals, and batteries.
2. What is the expected growth rate of the global lithium compound market during 2023-2028?
3. What has been the impact of COVID-19 on the global lithium compound market?
4. What are the key factors driving the global lithium compound market?
5. What is the breakup of the global lithium compound market based on the type?
6. What is the breakup of the global lithium compound market based on the end use?
7. What are the key regions in the global lithium compound market?
8. Who are the key players/companies in the global lithium compound market?
Lithium is a silver-white alkali metal that is generally extracted from ores and mineral springs. It is a mixture of the isotopes Li6 and Li7, which are corrosive and burn with a white flame. It has the lowest density of all the metals and forms organic and inorganic compounds like oxide, nitride, carbide, hydride, and hydroxide. These compounds are widely utilized in various industrial applications, such as the manufacturing of ceramics, nuclear materials, glass, pharmaceuticals, and batteries.
Lithium Compound Market Trends:
At present, there is an increase in the utilization of lithium-ion batteries in the automotive industry on account of their numerous benefits, including high energy density, long life cycle, low self-discharge rate and maintenance, and fast charging capability. This, coupled with the rising adoption of lithium-ion rechargeable batteries in the production of electric vehicles (EVs) and robots to save energy, represents one of the key factors strengthening the growth of the market. Besides this, an increase in the demand for consumer electronics like mobile phones, cameras, laptops, and power tools that are powered through lithium-ion batteries is contributing to the market growth. Moreover, lithium compounds assist in enhancing the lifespan of products and providing greater surface tension, resistance to thermal shock, and increasing mechanical strength. As a result, they find extensive applications in the glass and ceramics industry around the world. Furthermore, a rapid increase in technological improvements for the manufacturing of high-efficiency batteries is creating a favorable market outlook. Other factors, including the rising use of lithium compounds in the healthcare industry and significant investments in infrastructure developments, are impelling the market growth.Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global lithium compound market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on type and end use.Breakup by Type:
- Lithium Carbonate
- Lithium Hydroxide
- Lithium Concentrate
- Lithium Metal
- Lithium Chloride
- Butyllithium
- Other Lithium Compounds
Breakup by End Use:
- Batteries
- Glass and Glass Ceramics
- Automotive Parts
- Greases
- Metallurgy
- Polymer
- Air Treatment
- Others
Breakup by Key Regions:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are SQM S.A., FMC Corporation, Orocobre Limited, Lithium Americas Corp. and Neometals Ltd.Key Questions Answered in This Report
1. What was the size of the global lithium compound market in 2022?2. What is the expected growth rate of the global lithium compound market during 2023-2028?
3. What has been the impact of COVID-19 on the global lithium compound market?
4. What are the key factors driving the global lithium compound market?
5. What is the breakup of the global lithium compound market based on the type?
6. What is the breakup of the global lithium compound market based on the end use?
7. What are the key regions in the global lithium compound market?
8. Who are the key players/companies in the global lithium compound market?
Frequently Asked Questions about the Global Lithium Compound Market
What is the estimated value of the Global Lithium Compound Market?
What is the growth rate of the Global Lithium Compound Market?
What is the forecasted size of the Global Lithium Compound Market?
Who are the key companies in the Global Lithium Compound Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 140 |
| Published | June 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 5.4 Billion |
| Forecasted Market Value ( USD | $ 8.6 Billion |
| Compound Annual Growth Rate | 8.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 5 |
Table of Contents
1 Preface3 Executive Summary
2 Scope and Methodology
4 Introduction
5 Global Lithium Compound Market
6 Market Breakup by Type
7 Market Breakup by End Use
8 Market Breakup by Region
9 Lithium Compound Manufacturing Process
10 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- SQM S.A.
- FMC Corporation
- Orocobre Limited
- Lithium Americas Corp.
- Neometals Ltd.
Methodology
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