Lithium Compounds Market Size

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.

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 Size