Lithium is a soft and silver-white alkali metal, commonly present in the soil, plants, animals and human body. It is generally extracted from ores and mineral springs where it is found in small amounts. It has the lowest density of all the metals and reacts vigorously with water. Lithium is corrosive in nature and burns with a brilliant white flame. It forms numerous organic and inorganic compounds including hydride, oxide, nitride, carbide, hydroxide, etc. These compounds find applications in cooling systems for nuclear reactors, rechargeable batteries, special glasses, glass ceramics, aircrafts, armour plating, bicycle frames, etc. According to IMARC Group’s latest report, titled “Lithium Compound Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global lithium compound market reached a volume of 278,735 Tons in 2018.
Lithium-ion batteries are majorly used in portable electronic devices such as electric vehicles, camera, pacemakers, smartphones and watches. Increasing usage for these devices among the consumers has boosted the demand for li-ion batteries in the emerging countries such as China, South Korea, India and Brazil. This acts as the major growth-inducing factor for lithium compounds since they are used in the production of li-ion batteries. Moreover, huge investments in infrastructure developments, renovation of buildings and new housing projects are increasing the demand for glasses and ceramics, thereby influencing the market of lithium compounds. Further, a shift towards electronic vehicles instead of petroleum-based vehicles is facilitating the demand for lithium compounds in the industry. Owing to these factors, the market is expected to reach a volume of 420,658 Tons by 2024, exhibiting a CAGR of more than 7% during 2019-2024.
The report has segmented the market on the basis of type, wherein lithium carbonate represents the most popular type of lithium compound. It is followed by lithium hydroxide, lithium concentrate, lithium metal, lithium chloride and butyllithium. The market is also segregated on the basis of end-use into batteries, glass and glass ceramics, automotive parts, greases, metallurgy, polymer and air treatment. Amongst these, batteries account for the majority of the market share. Region-wise, the report covers Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Currently, Asia Pacific dominates the market, accounting for the majority of the market share. The report has also analysed the competitive landscape of the market with some of the key global players being SQM, FMC Corporation, Orocobre Limited, Lithium Americas Corp. and Neometals Ltd.
This report provides a deep insight into the global lithium compound market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the lithium compound industry in any manner.
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