According to the latest report from IMARC Group, the global lithium compounds market size reached US $ 4.22 billion in 2020. Looking ahead, the market expects moderate growth over the next five years.
Lithium is a soft, silvery-white alkali metal found in compounds such as petalite and spodumene. It is found in small amounts in almost all igneous rocks and in the waters of a number of mineral springs. Lithium compounds are used in a wide range of applications, from the production of plastics and synthetic rubber to textile dyes.
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Global Lithium Compounds Market Drivers / Constraints:
- Lithium compounds are used to make enamels, ceramics, glass and lubricants for high temperature applications. As these products are used more in construction activities, investments in infrastructure development, building renovation and new housing projects are expected to fuel the growth of the global lithium compounds market.
- Lithium compounds are used in rechargeable batteries, nuclear reactor cooling systems, armor, special glasses, bicycle frames, airplanes, etc. The continued growth of these segments has driven the demand for lithium compounds around the world.
- The increasing use of lithium-ion batteries in portable electronic devices, including cameras, watches, smartphones, electric vehicles and pacemakers, is further driving the growth of the market.
- Lithium compounds can damage the kidneys and affect a person’s mental health. This is the main reason hindering the growth of the market. In addition, the high cost of lithium batteries also has a major deterrent effect.
Some of the major players operating in the market are:
- FMC Company
- Orocobre Limited
- Lithium Americas Corp
- Neometals Ltd
View the report table of contents, figures and tables: https://bit.ly/2S5jrfG
Product type information:
Based on the type, lithium carbonate is the most popular type of lithium compound because there has been a huge demand for lithium carbonate as it is also used in the manufacture of ceramics and glasses, battery cathodes and solid-state carbon dioxide detectors. It is followed by lithium hydroxide, lithium concentrate, lithium metal, lithium chloride, butyllithium and other lithium compounds.
End use Knowledge:
Based on end use, the report reveals that batteries represent the largest end use segment of lithium compounds, as lithium batteries can store a considerable amount of energy. Batteries are followed by glass and ceramic glass, auto parts, greases, metallurgy, polymers, air treatment and others.
Geographically, Asia-Pacific dominates the lithium compounds market, accounting for the majority of the market share. The other major regions include North America, Europe, the Middle East and Africa, and Latin America.
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