Lithium Compounds Market is expected to reach US$ 25.1 Billion by 2028

Rise in Demand for Lithium Compounds from Various End-Use Industries Drives Lithium Compounds Market

According to our latest study on "Lithium Compounds Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Derivative and End Use," the market is expected to grow from US$ 6.3 billion in 2021 to US$ 25.1 billion by 2028; it is estimated to grow at a CAGR of 22.0% from 2022 to 2028.

The lithium compounds market is growing due to the increasing utilization of lithium-ion batteries in the automotive industry owing to their numerous benefits, such as high energy density, long life cycle, low self-discharge rate and maintenance, and fast charging capability. Further, the rising adoption of lithium-ion rechargeable batteries in the production of electric vehicles (EVs) and robots to save energy is one of the key factors propelling the growth of the market.

The increase in demand for consumer electronics such as mobile phones, camera, laptops, electronic toys, wireless headphones, handheld power tools, small and large appliances, and electrical energy storage systems that are powered through lithium-ion batteries is contributing to the lithium compounds market growth. Moreover, lithium compounds assist in enhancing the lifespan of products, providing greater surface tension and resistance to thermal shock, and increasing mechanical strength. As a result, they find extensive applications in the glass & ceramics industry across the world. Furthermore, a rapid increase in technological developments for the manufacturing of high-efficiency batteries is creating lucrative opportunities for the market growth. In the medical industry, lithium is a type of medicine known as a mood stabilizer. It is used to treat mood disorders such as mania (feeling highly excited, overactive, or distracted) and hypomania (similar to mania, but less severe). Thus, the increasing demand for lithium compounds for various end uses, including Li-ion batteries, glass and ceramics, polymers, lubricants, and medical bolsters the lithium compounds market growth.

In January 2021, Albemarle Corporation expanded its capacity at the company’s lithium production facility in Silver Peak, Nevada, US. In June 2021, Schlumberger New Energy collaborated with Panasonic Energy of North America, a division of Panasonic Corporation for the optimization and validation of the sustainable and innovative lithium extraction and production process to be used by Schlumberger New Energy at its Neolith Energy pilot plant in Nevada. This collaborative agreement improved lithium production solutions that helped to meet the expected surge in product demand. Therefore, increasing R&D activities and growing merger and acquisition activities are also providing lucrative growth opportunities to the lithium compounds market.

Based on derivative, the lithium carbonate segment is the most popular segment. Lithium carbonate is a lithium salt of carbonate used widely in the processing of metal oxides. It is the first lithium compound extracted from the brines and the first compound in the production chain. It is a building block for other lithium derivatives. Lithium carbonate is used in various applications including glass and ceramics, aluminum production, pharmaceuticals, and Li-ion batteries. It is also used to reduce the melting point of silica that is used in ovenware glass. In ceramics, lithium carbonate is used to render color and shine. The rising demand for lithium carbonate from the Li-ion battery industry is driving the market growth for the lithium carbonate segment.

Sociedad Quimica y Minera de Chile S.A. (SQM), Livent Corporation, and Albemarle Corporation are among the key lithium compounds market players profiled during the study. Several other major companies were studied and analyzed during this research study to get a holistic view of the market and its ecosystem.

Contact Us
 
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com