The lithium Compounds market is projected to grow from USD 5.3 billion in 2020 to USD 13.5 billion by 2025, at a CAGR of 20.6% from 2020 to 2025. The market growth is driven by the increasing demand for lithium compounds from end uses such as Li-ion batteries, glass & ceramics, polymers, and lubricants, among others.
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The lithium carbonate derivative segment accounted for the largest share of the lithium compounds market in 2019.
By derivative, the lithium carbonate segment accounted for the largest share of the lithium compounds market in 2019. Lithium carbonate is a lithium salt of carbonate that is used widely in the processing of metal oxides. It becomes an essential industrial chemical, due to its low melting fluxes with silica and other materials. Lithium carbonate is used in applications such as glass & ceramics, aluminum production, pharmaceuticals, and Li-ion batteries. The rising demand for lithium carbonate from the Li-ion battery industry is expected to drive its market during the forecast period.
The Li-ion batteries end use segment accounted for the largest share of the lithium compounds market in 2019.
By end use, the Li-ion batteries segment accounted for the largest share of the lithium compounds market in 2019. Li-ion batteries have become the gold standard for electric vehicles because they store more power per unit of weight compared to alternatives such as nickel-cadmium. They have also become an integral part of the consumer electronics segment since the commercialization of the battery by Sony Corporation in the early 1990s. These batteries are used in smartphones, laptops, power banks, and wearable devices due to their high energy density, long run cycle, and ease of recharging. With the world set to move towards the “ion-age” for power generation, considerable growth is expected from this segment in the coming years.
Asia Pacific accounted for the largest share of the global lithium compounds market in 2019
Asia Pacific is the dominant market for lithium compounds, as this region includes countries with a high population, emerging economies, and increasing urbanization. Countries like China, India, Japan, and South Korea have a high population density and intense traffic congestion in their metro cities. This has aggravated the problem of air pollution in cities like Shanghai, Delhi, and Seoul and has necessitated comprehensive measures to curb emissions by promoting electric, hybrid, and plug-in vehicles. These vehicles utilize Li-ion batteries as their primary power source and as a result, have zero or near-zero CO2 emissions from their exhaust vents. Also, major Li-ion battery manufacturing companies such as LG Chem, Panasonic Corporation, Toshiba Corporation, Amperex Technology, and Automotive Energy Supply Corporation are located in the Asia Pacific region.
Sociedad Quimica y Minera de Chile S.A. (SQM) (Chile), Livent Corporation (US), Albemarle Corporation (US), Tianqi Lithium Industries Inc. (China), and Ganfeng Lithium Company Limited (China) are key players in this market. Other noteworthy public and private players in this market are China Lithium Products Technology Company Limited (China), Sichuan Ni&Co Guorun New Materials Company Limited (China), Shanghai China Lithium Industrial Company Limited (China), Nemaska Lithium Inc. (Canada), Bacanora Lithium (United Kingdom), Lithium Americas (Canada), Galaxy Resources Limited (Australia), Orocobre Limited (Australia), Shandong Ruifu Lithium Industry Company Limited (China), Neo Lithium Corporation (Canada), and Millennial Lithium Corporation (Canada).
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