Lithium Compounds Market Analysis

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:

By Application	Glass & Ceramics Li-Ion Batteries Lubricants Medical Metallurgy Polymers Others
By Compound	Lithium Hydroxide Lithium Carbonate Lithium Nitride Lithium Metal Butyllithium Lithium Chloride Others

Frequently Asked Questions (FAQ)

The major growth drivers for market are increasing usage of li-ion batteries worldwide and growing demand for energy saving devices around the world.

The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2021 â€“ 2029.

High operational cost of extracting lithium is estimated to hamper the market growth.

Asia Pacific region will provide more business growth opportunities on the back of large number of lithium reserves and high manufacturing capacity of the region.

The major players in the market are Albemarle Corporation, Sociedad Quimica y Minera de Chile S.A., Tianqi Lithium Industries Inc., Livent Corporation, Ganfeng Lithium Company Limited, and others.

Lithium Compounds Market Analysis