NEWARK, Del, Feb. 26, 2024 (GLOBE NEWSWIRE) -- The lithium compound market is slated to have a valuation of US$ 11.8 billion in 2024. The market's progress is anticipated to be extraordinary from 2024 to 2034, with a CAGR of 21.3%. The market is forecasted to attain a valuation of US$ 81.5 billion by 2034.
Li-ion or lithium batteries are one of the most prominent sources of value for the lithium compound market. With batteries in various fields, including cars and aircraft, their sale is propping up the lithium compound market. Greases and lubricants, other essentials in the automobile industries, are also helping the market’s growth.
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Other industries also contribute to the upward trajectory of the lithium compound market. Ceramics is one prominent industry where lithium compounds are pushing the market forward. Glass manufacturing is another avenue where lithium compound demand is getting propagated. Lithium compound is making waves in the medical field on a rapid basis. Medications use lithium compounds to increase their effectiveness.
“Air quality has become a prominent concern, with the rise in pollution leading to adverse effects on individuals. Air purification systems, which use lithium compound to clean the air, are emerging as a significant home and office accessory. Thus, the demand for air purification systems represents an opportunity to grow for lithium compounds,” - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Lithium Compound Market
- The lithium compound market is expected to be US$ 11.8 billion in size in 2024.
- Lithium chloride is the predominant type of compound in the market. Lithium chloride is expected to progress at a CAGR of 21.0% from 2024 to 2034.
- Li-ion batteries are the most common mode of application for lithium compounds. For the forecast period, li ion batteries are anticipated to progress at a CAGR of 20.9%.
- South Korea is expected to be one of the leading countries in terms of progress in the market. The country is forecasted to have a CAGR of 23.4% in the market from 2024 to 2034.
- Japan is another Asian country with potential for the market. For the forecast period, the CAGR for Japan is predicted to be 22.9%.
- The market is expected to progress at a CAGR of 21.7% in the United States.
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Competition Analysis of the Lithium Compound Market
The lithium compound market is experiencing significant growth due to the increasing demand for lithium-ion batteries in various applications such as electric vehicles, consumer electronics, and energy storage systems. As the market expands, competition among key players intensifies, driving companies to innovate, expand their product offerings, and enhance their market presence.
Key Companies in the Lithium Compound Market
- Sigma Lithium
- Albemarle Corporation.
- Bacanora Lithium
- Neometals Ltd
- Livent
Recent Developments in the Lithium Compound Market
- In December 2022, with funding from Synergy Capital, Sigma Lithium got on the way to expand its lithium mine in Brazil.
- In September 2022, Lithium Americas agreed on a partnership deal with Green Technology Metals.
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Key Segments
By Type:
- Lithium Chloride
- Butyllithium
- Lithium Carbonate
- Lithium Hydroxide
- Lithium Concentrate
- Lithium Metal
- Others
By Application:
- Li-ion Batteries
- Glass and Glass Ceramics
- Automotive Parts
- Greases
- Metallurgy
- Polymer
- Air Treatment
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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