According to the latest report by IMARC Group, titled "North America Lithium Compound Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the North America lithium compound market size reached 60,776 Tons LCE in 2022. Lithium compounds refer to chemical compounds that contain lithium as one of their constituents. They are used in various applications, such as the medical treatment of the bipolar disorder, air conditioning systems, and the production of lithium greases. They are also employed in the production of rechargeable batteries that are used in electronic devices, such as cell phones, laptops, and electric vehicles. Besides this, lithium compounds are extensively utilized in the manufacturing of lubricants, pharmaceuticals, batteries, and chemicals, across the North American region.
North America Lithium Compound Market Trends:
At present, the escalating demand for lithium-ion batteries in various electronic devices, such as cell phones, tablets, laptops, electric toothbrushes, tools, and hoverboards, represents one of the key factors positively influencing the market in the North American region. In line with this, the easy availability of these electronic devices through online and offline distribution channels are propelling the market growth. Moreover, governing agencies across the region are promoting the use of renewable energy sources to reduce carbon emissions, which is catalyzing the demand for lithium compounds in energy storage applications. Apart from this, rising environmental concerns due to the emission of greenhouse gases (GHGs) from traditional internal combustion engines are contributing to the sales of electric vehicles (EVs), which, in turn, is increasing the demand for lithium compounds in the North American region. Additionally, the growing adoption of lithium-ion batteries in multi-shift cold storage operations due to fast charging and no battery swaps is creating a favorable market outlook. Furthermore, declining prices of lithium, subsidies and financial incentives for lithium-ion battery manufacturers, and the burgeoning automotive industry are stimulating the growth of the market. On account of the aforementioned factors, the market is anticipated to reach a volume of 119,320 Tons LCE by 2028, exhibiting a CAGR of 12.1% during 2023-2028.
- On the basis of the type, the market has been segmented into lithium carbonate, lithium hydroxide, lithium concentrate, lithium metal, lithium chloride, butyllithium, and other lithium compound. At present, lithium carbonate holds the largest market share.
- Based on the end-use, the market has been segregated into batteries, glass and glass ceramics, automotive parts, greases, metallurgy, polymer, air treatment, and others. Presently, batteries account for the biggest market share.
- Region-wise, the market has been classified into the United States, Canada, and Mexico. Amongst these, the United States enjoys the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
|Base Year of the Analysis
| Historical Period
||Lithium Carbonate, Lithium Hydroxide, Lithium Concentrate, Lithium Metal, Lithium Chloride, Butyllithium, Others
||Batteries, Glass and Glass Ceramics, Automotive Parts, Greases, Metallurgy, Polymer, Air Treatment, Others
||United States, Canada, Mexico
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