Expert Market Research’s new report titled ‘Global Lithium Compounds Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global lithium compounds market, assessing the market based on its segments such as type, end use and major Regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2016-2026)
- Historical market size (2020): 299,640 tonnes
- Forecast CAGR (2021-2026): 7.5%
- Forecast market size (2026): 462,435 tonnes
Portable electronic devices such as electric vehicles, cameras, pacemakers, smartphones and watches use lithium-ion batteries. In emerging countries such as China, South Korea, India and Brazil, the growing market demand for these devices has boosted the demand for Li-ion batteries. Since lithium compounds are used in the manufacture of li-ion batteries, this is an important growth factor. Additionally, major building renovations and new residential developments are increasing the demand for glasses and ceramics, which is impacting the lithium compounds market. During the forecast period, the industry’s appetite for lithium compounds is expected to be aided by a shift towards electronic vehicles rather than petroleum-based vehicles, which in turn will drive the growth of the lithium compounds market. lithium compounds.
Industry definition and major segments
Lithium compounds are used in the manufacture of lubricants and greases, the synthesis of vitamin A, the synthesis of organic compounds, silver solders, underwater buoyancy devices and batteries, as well as in the primary aluminum production industry, the rocket propellant industry, the nuclear industry, and the pharmaceutical industry.
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The market is split on the basis of type into:
- lithium carbonate
- lithium hydroxide
- Lithium concentrate
- lithium metal
- Lithium chloride
On the basis of end use, the industry is segmented into:
Regionally, the market can be categorized into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Favorable market prospects are created by rapid growth in technological improvements for manufacturing high-efficiency batteries. Other factors driving the growth of the market include increasing use of lithium compounds in the healthcare sector and major investments in infrastructure development. The market is growing due to an increase in demand for consumer gadgets powered by lithium-ion batteries, such as cell phones, cameras, computers, and power tools. Lithium compounds can extend the life of items by increasing surface tension, resisting thermal shock, and increasing mechanical strength. Growing international pressure to switch to clean energy and avoid dangerous environmental changes is expected to drive both developed and developing countries to adopt electric vehicles, which will lead to high demand for lithium-ion batteries throughout the forecast period.
Main market players
Major players in the market include Albemarle Corporation, SQM SA, and FMC Corporation, among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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