The lithium compounds market is expected to grow from US$ 6.3 billion in 2021 to US$ 25.1 billion by 2031; it is estimated to grow at a CAGR of 22.0% between 2022 and 2031.
The consumer electronics and automotive industry has been flourishing rapidly over the years. The increase in demand for mobile phones, cameras, laptops, electronic toys, wireless headphones, handheld power tools, small and large appliances, electric vehicles, and electrical energy storage systems that are powered through lithium-ion batteries is propelling the need for lithium-ion batteries, which is fueling the lithium compounds market growth.
MARKET DYNAMICS
Lithium is a silver-white alkali metal generally extracted from ores and mineral springs. It is a mixture of the isotopes Li6 and Li7, which are corrosive and burn with a white flame. It has the lowest density of all the metals and forms organic and inorganic compounds like oxide, nitride, carbide, hydride, and hydroxide. These compounds are widely utilized in various industrial applications, such as the manufacturing of ceramics, nuclear materials, glass, pharmaceuticals, and batteries. Moreover, lithium compounds are versatile and find extensive applications in various end use industries, such as li-ion batteries, glass, ceramics, lubricants, metallurgy, polymers, and air treatment. All these aforementioned factors are propelling the market growth.
MARKET SCOPE
The "Global Lithium Compounds Market Forecast to 2031" report aims to provide an overview of the lithium compounds market with detailed market segmentation based on derivative and end use. The report provides key statistics based on the performance of the leading market players. It also offers key trends and opportunities in the lithium compounds market.
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Lithium Compounds Market: Strategic Insights
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Lithium Compounds Market: Strategic Insights
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MARKET SEGMENTATION
The global lithium compounds market is bifurcated on the basis of derivative and end use. Based on derivative, the market is segmented into lithium carbonate, lithium hydroxide, lithium concentrate, lithium metal, lithium chloride, butyllithium, and others. By end use, the market is segmented into li-ion batteries, glass and ceramics, medical, lubricants, metallurgy, polymers, air treatment, and others.
REGIONAL FRAMEWORK
The global lithium compounds market is segmented into five major regions—North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South America. The report covers analysis and forecast of 18 countries across the world along with trends and opportunities prevailing in the region.
From the regional perspective, Asia Pacific dominated the lithium compounds market with ~42% share in 2021. The market growth in the region is majorly attributed to the increasing demand for grid connected energy storage, new energy storage applications in vehicles, and the high demand for consumer gadgets. A few key lithium compounds manufacturers in the region include Albemarle Corporation, Livent, and Galaxy Resources Limited. These suppliers witness constant demand from various end-use markets. The below figure shows the revenue growth trend in the global lithium compounds market:
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Source: The Insight Partners Analysis
The report analyzes factors, such as drivers, restraints, opportunities, and future trends, which are impacting the lithium compounds market. The report also provides exhaustive Porter's five forces analysis of the factors influencing the market in these regions.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 outbreak disrupted the lithium compounds industry owing to the various economic and legal restrictions imposed in countries across the world. The restrictions and bans on trade, export, import, and other inter-country and inter-state activities adversely affected the lithium compounds market in terms of production, supply–chain management, and distribution. The restrictions were in effect for a major part of 2021. However, after the restrictions were eased out and the bans were lifted the lithium compounds market recovered.
MARKET PLAYERS
The reports cover key developments in the lithium compounds market. Various companies are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Acquisitions, and partnership & collaborations are among the inorganic growth strategic activities witnessed in the market. These activities have paved way for the expansion of business and customer base of market players. The market players are anticipated to experience lucrative growth opportunities in the future due to the rising demand for lithium compounds.
The report also includes the profiles of key lithium compounds market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players’ information such as company profiles, components and services offered, financial information of last three years, and key development in past five years. Below mentioned is the list of a few companies engaged in the lithium compounds market.
- Sociedad Quimica y Minera de Chile S.A. (SQM)
- Livent Corporation
- Albemarle Corporation
- Tianqi Lithium Industries Inc.
- Ganfeng Lithium Company Limited
- China Lithium Products Technology Company Limited
- Sichuan Ni&Co Guorun New Materials Company Limited
- Shanghai China Lithium Industrial Company Limited
- Nemaska Lithium Inc.
- Bacanora Lithium
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.
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Lithium Compounds Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 9.38 Billion |
| Market Size by 2031 | US$ 46.02 Billion |
| Global CAGR (2023 - 2031) | 22.00% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Derivative
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Derivative and End Use
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
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The List of Companies
1. Albemarle Corporation
2. Sociedad Quimica Y Minera De Chile S.A. (SQM)
3. Livent Corporation
4. Tianqi Lithium Industries Inc.
5. Ganfeng Lithium Co. Ltd.
6. China Lithium Products Technology Co. Ltd.
7. Sichuan NiandCo Guorun New Materials Co. Ltd.
8. Shanghai China Lithium Industrial Co. Ltd.
9. Nemaska Lithium Inc.
10. Bacanora Lithium
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