Date: October 13, 2023
Dublin, Oct. 13, 2023 (GLOBE NEWSWIRE) — The “Lithium Compound Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global lithium compound market, which attained a market size of US$ 5.4 billion in 2022, is on the trajectory of significant growth in the coming years. Industry analysts anticipate the market to surge to US$ 8.6 billion by 2028, demonstrating a noteworthy compound annual growth rate (CAGR) of 8.22% during the period from 2023 to 2028.
Lithium, a silver-white alkali metal extracted from ores and mineral springs, is a versatile element. It exists in various forms such as lithium carbonate, lithium hydroxide, lithium concentrate, lithium metal, lithium chloride, butyllithium, and other lithium compounds. These compounds are integral to a wide range of industrial applications, including ceramics, nuclear materials, glass production, pharmaceuticals, and most notably, batteries.
Key Market Trends Driving Growth
- Rise of Lithium-Ion Batteries: The increasing adoption of lithium-ion batteries in the automotive industry is a key driver. Lithium-ion batteries offer numerous advantages, including high energy density, long life cycle, low self-discharge rate, and rapid charging capability. They are extensively used in electric vehicles (EVs) and robots, contributing to market growth.
- Consumer Electronics Demand: The demand for consumer electronics like mobile phones, cameras, laptops, and power tools, powered by lithium-ion batteries, is fueling market expansion.
- Glass and Ceramics Industry: Lithium compounds enhance product lifespan, increase surface tension, improve resistance to thermal shock, and enhance mechanical strength. Consequently, they find significant use in the glass and ceramics industry worldwide.
- Technological Advancements: Rapid technological advancements in high-efficiency battery manufacturing are driving market prospects.
- Healthcare and Infrastructure: Increasing utilization of lithium compounds in the healthcare sector and substantial investments in infrastructure development further contribute to market growth.
The global lithium compound market is segmented based on types, end uses, and regions:
- Lithium Carbonate
- Lithium Hydroxide
- Lithium Concentrate
- Lithium Metal
- Lithium Chloride
- Other Lithium Compounds
Currently, lithium carbonate holds the largest market share due to its extensive use in ceramics and glass production.
- Glass and Glass Ceramics
- Automotive Parts
- Air Treatment
Lithium compounds are increasingly applied in batteries, particularly in the automotive sector.
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
The Asia Pacific region dominates the market, driven by the rising production of electric and hybrid vehicles.
The competitive landscape of the market is detailed in the report, along with profiles of key players in the industry. Leading companies include SQM S.A., FMC Corporation, Orocobre Limited, Lithium Americas Corp., and Neometals Ltd.
Key Questions Addressed in the Report
- What was the global lithium compound market size in 2022?
- What growth rate is expected in the global lithium compound market from 2023 to 2028?
- What impact has COVID-19 had on the global lithium compound market?
- What are the key drivers of the global lithium compound market?
- How is the global lithium compound market segmented by type?
- How is the global lithium compound market segmented by end use?
- Which regions are key in the global lithium compound market?
- Who are the major players in the global lithium compound market?
|No. of Pages||140|
|Forecast Period||2022 – 2028|
|Estimated Market Value (USD) in 2022||$5.4 Billion|
|Forecasted Market Value (USD) by 2028||$8.6 Billion|
|Compound Annual Growth Rate||8.1%|
For more information about this report visit https://www.researchandmarkets.com/r/hr1oxa
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