Global Lithium Compound Market – Industry Trends and Forecast to 2029

Lithium Compound Market Analysis and Size

The global lithium compounds market is expected to witness significant growth during the forecast period. There is a rise in the use of lithium-ion batteries in the automotive sector because of their many benefits such as long life cycle, low self-discharge rate, high energy density and fast charging capability. Along with this, the increasing adoption of lithium-ion rechargeable batteries in manufacturing robots and electric vehicles (EVs) to save energy is one of the major factor which is highly strengthening the market's growth. Besides this, a rise in the demand for consumer electronics such as cameras, laptops, mobile phones and power tools which are powered by lithium-ion batteries is contributing to the growth of the lithium compounds market during the forecast period of 2022-2029.

Data Bridge Market Research analyses that the lithium compound market was valued at USD 6.40 billion million in 2021 and is expected to reach USD 28.93 Billion by 2029, registering a CAGR of 20.75% during the forecast period of 2022 to 2029 In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Lithium Compound Market Scope and Segmentation

Market Definition

Lithium is a soft and silver-white metal that is highly flammable and reactive. It is generally stored in mineral oil. Lithium concentrations in the earth’s crust are projected to be 20–70 ppm by weight. Lithium is generally present in animals, plants, soil and human body. It is generally extracted from ores and mineral springs, where it is found in small amounts. It is used in cooling systems for aircrafts, special glasses, bicycle frames, rechargeable batteries, nuclear reactors glass ceramics, armour plating among others.

Global Lithium Compound Market Dynamics

Drivers

• High usage of lithium compound in manufacturing of lithium-ion rechargeable batteries

The lithium compounds have been widely used in manufacturing lithium-ion rechargeable battery technologies to consume and save energy. Lithium-ion batteries find their applications in several electronic products, such as cameras, laptops, mobile phones, power tools, and vehicles.

• Increasing demand of electric vehicle

The rising preference for electric vehicles is anticipated to drive the growth of the market. The deficiency of efficient public transport is compelling the consumers to use electric vehicle for daily commute. Increasing number of electric vehicles in developing countries are expected to drive the demand for rechargeable batteries, which may boost the growth rate of lithium compounds market during forecast period of 2022-2029.

Furthermore, increasing demand of lithium compounds from several end user industries such as ceramics and glass and li-ion batteries, among others is a major factor which is increasing the market growth. The rising government agencies towards environmental concerns and increasing uses of portable devices by using li-ion batteries are other major factors expected to boost market growth rate.

Opportunities

• Rising investment in electric vehicle market

The rising investment in electric vehicle market due to the high demand of two-wheelers in developing nations has led to adoption of rechargeable batteries such as lithium ion batteries in upcoming period. For Instance: According to Avenue Capitals, In India, electric vehicle (EV) market is expected to be Rs 50,000 crore (US$ 7.09 billion) opportunity by 2025 for two- and three-wheeler vehicle and expected to create beneficial opportunities for the market growth rate.

Furthermore, growing technological advancements and Diversity in the end-user industry will further create locative opportunities for the lithium compounds market during the forecast period of 2022-2029.

Restraints/Challenges

• High cost associated with lithium compound

High operational price for the manufacture of lithium is a key factor, which is acting as a market restraint and will further challenge the growth of the lithium compounds market in the above mentioned period.

Moreover, increasing implementation of stringent rules regarding the use of lithium compound is anothermajor factor which is hindering the sales of the lithium compound across the globe.

This lithium compound market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the lithium compound market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global Lithium Compound Market Scope

The lithium compound market is segmented on the basis of derivative, end use and industry vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Derivative

• Lithium Compound Carbonate
• Lithium Compound Hydroxide
• Lithium Compound Concentrate
• Lithium Compound Metal
• Butyl Lithium Compound
• Lithium Compound Chloride

 End Use

• Li-Ion Batteries
• Glass and Ceramics
• Medical
• Lubricants

 Industry Vertical

• Aerospace and Defence
• Automobile, Energy
• Chemicals
• Pharmaceuticals
• Others

Lithium Compound Market Regional Analysis/Insights

The lithium compound market is analysed and market size insights and trends are provided by country, derivative, end use and industry vertical as referenced above.

The countries covered in the lithium compound market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the lithium compound market in terms of revenue. This is due to increasing demand for grid connected energy storage, new energy storage applications in vehicles and the high demand for consumer gadgets are anticipated to change the dynamics of market in this region.

North America is anticipated to be the fastest developing region during the forecast period of 2022-2029 due to growing development of new electric car and demand for storage devices in this region

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Lithium Compound Market Share Analysis

The lithium compound market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to lithium compound market.

Some of the major players operating in the lithium compound market are:

• SQM S.A., (Chile)
• Livent (U.S.)
• Albemarle Corporation (U.S.)
• Tianqi Lithium (China)
• Ganfeng Lithium Co. Ltd, (China)
• China Lithium Products Technology Co. Ltd, (China)
• Shanghai China Lithium Industrial Co.,Ltd (China)
• Nemaska Lithium (Canada)
• Bacanora Lithium (U.K.)
• Lithium Americas Corp. (Canada)
• Galaxy Resources Ltd (Australia)
• Orocobre Limited Pty Ltd (Australia)
• Neo Lithium (Canada)
• Millennial Lithium (Canada)
• FMC Corporation (U.S.)

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