Lithium Compounds Market Size Worth $26.7 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, April 13, 2022 /PRNewswire/ -- The global lithium compounds market size is expected to reach USD 26.7 billion by 2030, as per the new report by Grand View Research, Inc. It is expected to expand at a CAGR of 24.3% from 2022 to 2030. An increase in the electrification of vehicles is anticipated to drive the market.

Key Insights & Findings from the report:

• Based on derivative, lithium chloride accounted for the second-largest market share in 2021. The demand is attributed to the increase in demand from the biomedical sector.
• The growing demand for Li-batteries in electronic devices and electric vehicles is driving the demand for Li-compound globally.
• Lithium metal is anticipated to drive the demand for chloride as it is used as a feed material.
• By application, the glass and ceramics segment emerged as the second-largest segment in terms of value in 2021 as there is an increase in demand for consumer goods, thus driving the demand for Li-compound.
• The ceramics industry makes use of Li-carbonate to render color and shine, which, in turn, is expected to drive the demand for Li-compound.

Read 139-page market research report, "Lithium Compounds Market Size, Share & Trends Analysis Report By Derivative (Lithium Carbonate, Lithium Chloride, Lithium Hydroxide, Spodumene), By Application, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Lithium Compounds Market Growth & Trends

Lithium mining is witnessing rapid growth as its demand is accelerating owing to its application in batteries. The element is found in dry places that require thousands of liters of water for mining. Considering the rising demand for elements and increasing usage of water for its extraction, R&D is in place to find better alternative methods.

Lithium carbonate is a salt of carbonate used widely in the processing of metal oxides. It is the first compound that is extracted from the brines and the first compound in the production chain. It is also a building block for other derivatives. Li-carbonate is used in various applications such as glass and ceramics, aluminium production, pharmaceuticals, and Li-ion batteries. It is also used to reduce the melting point of silica that is used in ovenware glass.

The batteries application segment dominated the market in 2021. Li-ion batteries have become the key factor for electric vehicles because they store more power per unit of weight compared to alternatives such as nickel-cadmium. Nickel-cadmium and nickel metal batteries were formerly used in computers and mobiles. However, due to their low power capabilities, shorter charge period, and heavy weight than Li-batteries, the demand for Li-ion batteries has increased as they have high energy density and are lighter in weight.

Lithium Compounds Market Segmentation

Grand View Research has segmented the global lithium compounds market on the basis of derivative, application, and region:

Lithium Compounds Derivative Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

• Lithium Carbonate
• Lithium Chloride
• Lithium Hydroxide
• Spodumene
• Others

Lithium Compounds Application Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

• Batteries
• Glass & Ceramics
• Metallurgical
• Lubricants
• Others

Lithium Compounds Regional Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Poland
• Asia Pacific
• China
• India
• Japan
• Australia
• Central & South America
• Chile
• Argentina
• Middle East & Africa
• UAE
• South Africa

Check out more related studies published by Grand View Research:

• Lithium-ion Battery Market - The global lithium-ion battery market size is expected to reach USD 87.5 billion by 2027, expanding at a CAGR of 13.0%, according to a new report by Grand View Research, Inc. Rising sales of Electric Vehicles (EVs) and variation in consumer preferences is expected to drive the market.
• Lithium Market - The global lithium market size is expected to reach USD 18.99 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 12.0% from 2022 to 2030. Rising investments in lithium mining and related technologies are projected to remain a key trend in the market.
• Lithium Iron Phosphate Battery Market - The global lithium iron phosphate battery market size is projected to reach USD 15.24 billion by 2027, expanding at a CAGR of 15.2% from 2020 to 2027. Rising demand for EVs and HEVs and high requirement of renewable energy battery storage systems are driving the industry.

Browse through Grand View Research's Organic Chemicals Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.