Lithium Iodide Market Trends

Growth Drivers

• Rising Demand for Electric Vehicles – In China, the EU, and the United States, the average share in total sales of electric vehicles is anticipated to be nearly 60% by 2030. Lithium-ion batteries are the preferred choice for electric vehicles due to their high energy density, long cycle life, and lightweight nature.
• Increasing Popularity of Lithium Battery – The global demand for lithium-ion batteries is expected to climb elevenfold between 2020 and 2030, accounting for more than 2 terawatt-hours by the end of year 2030. Lithium iodide can be used as an electrolyte additive in lithium-sulfur batteries.  Moreover, the addition of lithium iodide to the electrolyte improves the overall performance, stability, and cycling life of batteries, enabling their commercial viability.
• Growing Demand for Nuclear Energy–By 2030, the global nuclear capacity must increase by approximately 10 GW per year. Moreover, nuclear energy might provide approximately 14% of global electricity by 2050, up from 10% currently. In nuclear reactors, specifically designs of molten salt reactors (MSRs), lithium, is used as a component in the coolant or fuel salt. The lithium component helps in regulating the reactivity and temperature within the reactor.

Challenges

• Safety Concerns Associated with Lithium Iodide - While lithium iodide itself is not highly hazardous, safety concerns may arise when handling and working with chemicals in battery manufacturing processes. Proper safety protocols and handling procedures need to be in place to ensure worker safety and compliance with safety regulations. Thus, addressing safety concerns and ensuring safe handling practices can be a challenge for the lithium iodide market.
• Cost and Supply Chain Considerations
• Limited Scalability of Emerging Battery Technology