New York, July 06, 2023 (GLOBE NEWSWIRE) -- The global Lithium Iodide Market is expected to witness significant growth at a remarkable CAGR of 5.5% during the forecast period of 2023-2030. This growth is attributed to the increasing demand for lithium iodide in various end use industries such as pharmaceutical, automotive, electronics, and chemical. In addition, the rising demand for automobiles in key regions such as Asia Pacific, Middle East, and others is accelerating the demand for lithium iodide.
According to a recent report by Consegic Business Intelligence, the lithium iodide market is poised for strong expansion and is expected to reach 183.79 Million by 2030. The market, which was valued at USD USD 120.94 Million in 2022, is predicted to grow at a compound annual growth rate of 5.5% during the period 2023-2030. The report highlights the increasing adoption of lithium iodide in the pharmaceutical industry as a primary source of iodine in the production of various drugs. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the lithium iodide market.
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Lithium iodide is an inorganic compound composed of lithium cations (Li+) and iodide anions (I-). The compound is formed by the combination of lithium which is a highly reactive metal, along with iodine which is a halogen element. Lithium iodide finds a wide range of applications in various end use industries such as automotive, electronics, pharmaceutical, and agrochemicals. In the automotive industry, the chemical is extensively used as an electrolyte in the manufacturing of lithium-ion batteries. Whereas in the pharmaceutical sector, lithium iodide is widely adopted as an electrolyte additive in the production of various drugs and the treatment of numerous psychological conditions.
The global lithium iodide market is primarily driven by the increasing demand for lithium-ion batteries from the automotive and electronics industry. This is attributed to the extensive use of lithium iodide for the production of batteries. As a result, the rising demand for automobiles and consumer electronics is fueling the lithium iodide market.
Moreover, the increasing adoption of renewable energy sources such as solar and wind is accelerating the need for efficient energy storage systems including lithium-ion batteries which is expected to propel the demand for lithium iodide. This is owing to the wide application of the compound as an electrolyte additive in dye-sensitive solar cells and lithium-ion batteries. Therefore, the above-mentioned factors are expected to offer lucrative opportunities to the lithium iodide market.
Global Lithium Iodide Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | 183.79 Million |
| CAGR (2023-2030) | 5.5% |
| By Form | Powder and Liquid |
| By Type | Lithium Iodide Anhydrous, Lithium Iodide Trihydrate, and Others |
| By Application | Electrolyte, Absorbent, Catalyst, Chemical Intermediate, Others |
| By End Use Industry | Agrochemicals, Automotive, Electronics, Pharmaceutical, Chemical, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
| Key Players | Merck KGaA, Albemarle Corporation, American Elements, Leverton Lithium, Samrat Pharmachem, Shanghai Oujin Lithium, Alfa Aesar (a subsidiary of Thermo Fisher Scientific), TCI Chemicals Pvt. Ltd., Toronto Research Chemicals, and Santa Cruz Biotechnology, Inc. |
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Global Lithium Iodide Market Segmentation Details:
Based on Form, the powder segment is expected to register the fastest CAGR over the forecast period. The rising application of lithium iodide in the pharmaceutical industry is expected to surge the demand for powdered forms of lithium iodide. Additionally, the emerging application from the agrochemical sector for the production of fungicides, herbicides, and insecticides is also driving the growth of the lithium iodide market.
Based on Type, the lithium iodide anhydrous segment accounted for the highest market share in 2022. Lithium iodide anhydrous is widely used in the production of other industrial chemicals including β-mannosides and β-rhamnoside. The wide scope of application of lithium iodide anhydrous in the chemical industry for the production of various other potential chemicals is fueling the market growth. Additionally, the deployment of the compound in the development of lithium-ion batteries is also proliferating the segment growth.
Based on Application, the catalyst segment is projected to witness the fastest CAGR over the forecast period. The wide adoption of lithium iodide as a catalyst in the refrigeration process is expected to accelerate the market growth. Moreover, the growing application of the compound in the pharmaceutical industry for the production of other drugs is also surging the demand for lithium iodide as a catalyst.
Based on End Use Industry, the electronics segment held the highest share of the lithium iodide market over the forecast period. The increasing inclination among consumers toward smart gadgets and devices is fueling the growth of the electronics industry. As a result, the wide adoption of lithium iodide in lithium-ion batteries to be deployed in electronic products such as smartphones, digital cameras, and laptops, among others is fueling the market growth.
Based on Region, in 2022, North America is expected to witness the fastest CAGR of 6.3% in the market during the forecast period. Lithium iodide is widely utilized in the production of medication for bipolar disorder. The expanding pharmaceutical industry attributed to the growing prevalence of psychological disorders including bipolar disorder is contributing to the growth of the market. In addition, the rising demand for automobiles in the region owing to the increasing advancements in technology such as the growing electrification of automobiles and the introduction of low-emission vehicles is accelerating the lithium iodide market growth.
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Competitive Landscape
According to research, Merck KGaA, Albemarle Corporation, American Elements, and Leverton Lithium are major market players that comprise the latest market circumstances. These companies are continuously leveraging new technologies including the development of cost-effective lithium iodide. Further, the lithium iodide market is expected to grow steadily due to rising demand of lithium-ion batteries from the automotive and electronics, especially in the Asia Pacific, North America, and Europe regions are estimated to boost the market statistics in the coming years. Additionally, the trend towards increasing adoption of lithium iodide in the pharmaceutical industry is also estimated to drive demand for such compounds which is anticipated to increase the competition in the market.
Recent Developments
- In October 2022, Albemarle Corporation announced that Albemarle Lithium UK Limited, a subsidiary of the company acquired Guangxi Tianyuan New Energy Materials Co., Ltd for about USD 200 million.
- In September 2021, Merck KGaA, a science and technology company announced the plans to invest over USD 3.25 billion in the innovation and capacities of their electronics business by grade
Key Market Takeaways
- The global lithium iodide market size is estimated to exceed USD 183.79 million by 2030 with a CAGR of 5.5% during the forecast period (2023-2030).
- Based on form, the liquid segment accounted for the highest market share in the lithium iodide market in 2022.
- Based on type, lithium iodide anhydrous held the highest market share in the lithium iodide market in 2022.
- Based on application, the electrolyte segment accounted for the highest market share in the lithium iodide market.
- By end user, the automotive segment is expected to register the fastest CAGR over the forecast period.
- North America is expected to witness the fastest CAGR of 6.3% due to rising technological advancements in the automotive industry.
List of Major Global Lithium Iodide Market:
- Merck KGaA
- Albemarle Corporation
- American Elements
- Leverton Lithium
- Samrat Pharmachem
- Shanghai Oujin Lithium
- Alfa Aesar (a subsidiary of Thermo Fisher Scientific)
- TCI Chemicals Pvt. Ltd.
- Toronto Research Chemicals
- Santa Cruz Biotechnology, Inc
Global Lithium Iodide Market Segmentation:
- By Form
- Powder
- Liquid
- By Type
- Lithium Iodide Anhydrous
- Lithium Iodide Trihydrate
- Others
- By Application
- Electrolyte
- Absorbent
- Catalyst
- Chemical Intermediate
- Others
- By End Use Industry
- Agrochemicals
- Automotive
- Electronics
- Pharmaceutical
- Chemical
- Others
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Frequently Asked Questions in the Lithium Iodide Market Report
- What was the market size of the lithium iodide industry in 2022?
- In 2022, the market size of lithium iodide was USD 120.94 million
- What will be the potential market valuation for the lithium iodide industry by 2030?
- In 2030, the market size of lithium iodide is expected to reach USD 183.79 million.
- What are the key restraints of the lithium iodide market?
- The stringent regulation related to the use of lithium iodide is likely to serve as the key restraint of the market.
- What is the dominating segment in the lithium iodide market by application?
- In 2022, the electrolyte segment accounted for the highest market share of 38.05% in the overall lithium iodide market.
- Based on current market trends and future predictions, which geographical region will have the fastest impact on the Lithium Iodide market's growth in the coming years?
- North America is expected to be the fastest-growing region in the market during the forecast period.
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