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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Lithium Compound Market Outlook
The global lithium compound market size reached a volume of 3,72,241.84 tons in the year 2023. The market is further expected to grow at a CAGR of 7.5% between 2024 and 2032 to reach a volume of 7,13,676.65 tons by 2032.
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The global lithium compound market is driven by the increasing use of lithium-ion batteries in portable electronic devices. The Asia Pacific region is the leading regional market for lithium compound, accounting for the majority of the market share.
Market Segmentation
Lithium is referred to as a soft, silvery-white alkali metal, which occurs in compounds like petalite and spodumene. Lithium compounds are available in small amounts in mostly all igneous rocks and the water of several mineral springs. It is used in extensive applications varying from the production of plastics and synthetic rubber to textile dyes.
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The market is divided on the basis of type into:
- Lithium Carbonate
- Lithium Hydroxide
- Lithium Concentrate
- Lithium Metal
- Lithium Chloride
- Butyllithium
- Others
Lithium carbonate is the most popular type of the compound on account of the huge demand for the product as it is used in the production of ceramics and glasses, battery cathodes, and solid-state carbon dioxide detectors.
On the basis of end use, the industry is segmented into:
- Batteries
- Glass and Glass Ceramics
- Automotive Parts
- Greases
- Metallurgy
- Polymer
- Air Treatment
- Others
Out of these, the report finds that batteries exhibit the largest end-use segment for the product since lithium batteries can store a significant amount of power.
The report also covers the regional markets of the product like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Market Analysis
The global lithium compound market is driven by the renovation of buildings, new housing projects, and investments in infrastructure developments. Lithium compound is used in the production of ceramics, enamels, glass, and lubricants for high-temperature applications, and these products further aid the construction industry, which, as a result, are propelling the market growth of the product. The market is further aided by the continuous growth in the segments, such as rechargeable batteries, armour plating, cooling systems for nuclear reactors, bicycle frames, aircraft, specialty glasses, and others. In addition to this, the increasing use of lithium-ion batteries in portable electronic devices, such as smartphones, cameras, watches, electric vehicles, and pacemakers, is further spurring the growth of the market.
Competitive Landscape
The report gives a detailed analysis of the following key players in the global lithium compound market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Albemarle Corporation
- SQM SA
- FMC Corporation
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global lithium compound market attained a volume of nearly 3,72,241.84 tons.
The market is projected to grow at a CAGR of 7.5% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about 7,13,676.65 tons by 2032.
The major drivers of the market are the rising demand for lithium compounds in developing regions, increasing utilisation of lithium-ion batteries in portable electronic devices, the growing construction sector, and the increasing demand for electric vehicles.
The key trends guiding the growth of the market include growing technological advancements and increased investment in research and development activities by the key players.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Lithium carbonate, lithium hydroxide, lithium concentrate, lithium metal, lithium chloride, and butyllithium, among others, are the different lithium compound types in the market.
The various end uses of lithium compounds are batteries, glass and glass ceramics, automotive parts, greases, metallurgy, polymer, and air treatment, among others.
The major players in the global lithium compound market are Albemarle Corporation, SQM S.A., and FMC Corporation, among others.
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