Lithium Compounds Market size was valued at USD 8.19 billion in 2023 and is likely to exceed USD 66.65 billion by the end of 2036, registering over 17.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of lithium compounds is evaluated at USD 9.34 billion.
The growth of the market can be attributed to the increasing demand for energy saving devices, growing usage of devices with Li-ion batteries and rising environmental consciousness of government agencies and consumers worldwide. Furthermore, exceptional properties of lithium such as more usable capacity, safety, fast charging and superior temperature endurance are expected to further the demand of lithium based products in the near future. In addition, growing use of electric vehicles is also projected to offer lucrative opportunities to the market during the forecast period. The total number of electric vehicles sold globally from 2018 to 2019 noticed a major hike. The quantity was more than 5 million in 2018, growing up to 7 million in 2019.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
17.5% |
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Base Year Market Size (2023) |
USD 8.19 billion |
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Forecast Year Market Size (2036) |
USD 66.65 billion |
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Regional Scope |
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The market is segmented by application into glass & ceramics, Li-ion batteries, lubricants, medical, metallurgy, polymers, and others, out of which, the segment for Li-ion batteries is anticipated to hold the largest share in the market as they are capable of storing more power per unit of weight as compared to other conventionally used alternatives such as nickel cadmium and nickel hydride batteries. Along with these, the increasing use of lithium batteries in laptops and electric vehicles is also assessed to drive market growth in the future. Additionally, based on compound, the lithium carbonate segment is evaluated to gather large market share owing to the high stability of this compound, and growing usage in pharmaceuticals and aluminum productions. However, the segment for lithium hydroxide is expected to grow with the highest CAGR during the forecast period in view of its ease of processing in several battery-based applications.
Our in-depth analysis of the global market includes the following segments:
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By Application |
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By Compound |
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On the basis of geographical analysis, the lithium compounds market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific industry is expected to hold largest revenue share by 2036, led by large number of lithium reserves in Australia, and high manufacturing volume of China. Along with these, China is also one of the biggest manufacturers of batteries in the world, which in turn is anticipated to drive market growth in the APAC. The lithium ion batteries market in China is calculated to hold a revenue of more than USD 23 billion by the end of 2025. Moreover, Europe is also predicted to hold a large market share during the forecast period, which can be credited to the large production of electric vehicles in the region, especially in Germany.
· February 26, 2021: Livent Corporation will supply lithium to BMW for production of electric car batteries.
· September 2, 2020: Albermale was selected by U.S. Department of Energy for conducting research projects on lithium
Author Credits: Rajrani Baghel
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