Portland, OR, Sept. 06, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global lithium chloride market was estimated at $1.7 billion in 2021 and is expected to hit $3.2 billion by 2031, registering a CAGR of 6.8% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $1.7 Billion |
| Market Size in 2031 | $3.2 Billion |
| CAGR | 6.8% |
| No. of Pages in Report | 281 |
| Segments Covered | Type, Application, End-use Industry, and Region |
| Drivers | Rising use of lithium chloride across the electronics industry in smartphones, tablets, smart watch, camera, pacemakers due to its ability to store up to 150 watt-hours of electricity into 1 kilogram of battery |
| Increase in adoption of lithium chloride in the pharmaceutical industry to treat mood disorders in people with bipolar disorders | |
| Opportunities | Growing popularity of electric vehicles |
| Restraints | Several health hazards associated with lithium |
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Covid-19 Scenario-
- Lithium chloride has been reported as a potential antiviral drug for certain viruses. It can efficiently impair the replication of a variety of viruses, including infectious bronchitis coronavirus (IBV) and transmissible gastroenteritis coronavirus (TGEV). The drug demand for lithium chloride witnessed a sharp incline. Growth of the pharmaceutical industry during the pandemic also had a positive impact on the global lithium chloride market.
- On the other hand, motion sensors, contactless sensors, and contactless elevators were highly marketed during the for, which again boosted the market demand.
The global lithium chloride market is analyzed across type, application, end-use industry, and region. The report takes in an exhaustive analysis of segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
Based on type, the lithium chloride hydrate segment contributed to more than three-fifths of the global lithium chloride market in 2021, and is expected to dominate by 2031. The same segment would also showcase the fastest CAGR of 7.7% throughout the forecast period.
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Based on application, the batteries segment held more than two-thirds of the total market revenue in 2021, and is expected to dominate by 2031. The same segment would also manifest the fastest CAGR of 7.9% throughout the forecast period.
Based on end use industry, the electronics segment held more than two-fifths of the total market revenue in 2021, and is expected to dominate by 2031. The automotive segment, however, would manifest the fastest CAGR of 10.3% throughout the forecast period.
Based on region, the market across Asia-Pacific generated nearly two-fifths of the global market revenue in 2021, and is anticipated to retain the lion’s share by 2031. The same region would also manifest the fastest CAGR of 8.1% during the forecast period. The other regions studied in the report include North America, LAMEA, and Europe.
The key market players analyzed in the global lithium chloride market report include Glentham Life Sciences, Alfa Aesar, American elements, FMC Corporation, Harshil Industries, Honeywell International Inc., Albemarle Corporation, Levertonhelm Ltd, Sichuuan Brivo Lithium Materials Co. Ltd, Tokyo Chemicals, SQM S.A, Loba Chemie, Mody Pharma, Suzhou Huizhi Lithium Energy Material Co. Ltd, and Nippon Chemical Industries. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance, product portfolio, operating segments, and developments by the top players.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
