Lithium Iodide Market Size

Lithium Iodide Market size was over USD 102.14 Million in 2023 and is projected to exceed USD 199.88 Million by 2036, witnessing over 5.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of lithium iodide is assessed at USD 107.28 Million. The growing use of lithium iodide in the chemical industry is driving market growth, as lithium iodide can act as a catalyst or a co-catalyst in various chemical reactions. It is particularly used in certain organic synthesis reactions, such as the coupling of organometallic compounds and halogenation reactions.

The rising demand for renewable energy is also expected to boost the lithium iodide market growth.  According to the analysis, renewables will be responsible for more than 90% of global electricity expansion over the next five years. Wind and solar will account for more than 90% of new renewable electricity capacity installed over the next five years. Lithium iodide has potential applications in certain types of solar cells, specifically perovskite solar cells. It aids the crystallization and formation of the perovskite layer and improves the efficiency of power generation from solar cells.