Lithium Compounds Market is anticipated to grow at a CAGR of 15.8% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Lithium Compounds Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030.” According to the report, the global Lithium Compounds Market is anticipated to grow at a CAGR of 15.8% from 2020 to 2030.
This significant market growth can be attributed to the high demand for lithium compounds across industries. The growing demand for lithium compounds, such as lithium hydroxide and carbonate in battery applications, stands to be one of the major market drivers. For instance, in 2018, Tesla, one of the leading electric vehicle manufacturers signed a contract with lithium producer, Ganfeng Lithium for the supply of lithium hydroxide. Similarly, LG Chem also signed an agreement with Ganfeng Lithium for the supply of 48,000 tones of lithium hydroxide for electric vehicle batteries until 2022. Lithium and its compounds also find applications in the healthcare industry, which will boost the demand in the coming years. Lithium is approved as a prescription medication for the treatment of bipolar disorder by the US FDA. Additionally, it is used in the treatment of depression, schizophrenia and others. Furthermore, lithium is used for different metallurgical applications such as steel and iron castings. Such factors are expected to drive the demand for lithium compounds in the coming years.
However, the price volatility of lithium compounds and adverse effects on the environment are major market barriers. Owing to the outbreak of COVID-19 worldwide, leading producers, such as Livent, Galaxy Lithium, and others, have halted production processes, which are expected to impact the supply. Similarly, Lithium Americas also suspended the construction of the Caucharí-Olaroz project in Argentina, which was set to boost the lithium industry in the country. Another leading producer, Albemarle is also expected to witness a drop in revenue for the current year owing to the economic conditions globally.
Asia Pacific stands to be the largest market for lithium compounds owing to the high utilization in batteries, glass &ceramics, aluminum, and other metallurgical applications. China stands to be the largest market for lithium compounds owing to its high domestic demand in different applications. Additionally, the country is also the largest producer and consumer of lithium compounds owing to the presence of key manufacturers operating at high production capacities. For instance, in 2019, General Lithium Corp announced to build a lithium plant by converting spodumene, a hard rock mineral mined for lithium into 60,000 tones of lithium carbonate in China’s Hubei province.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Lithium Compounds Market by Type (Lithium Carbonate, Lithium Hydroxide, Lithium Concentrate, Butyl Lithium and Lithium Chloride), By End-Use Industry (Battery, Glass and Ceramics, Healthcare, Lubricants, Aluminum and Metallurgy)- Global Analysis & Forecast 2020-2030 in detail along with the table of contents:https://www.marketindustryreports.com/lithium-compounds-market/309
Some of the prominent players in the global lithium compounds market are SQM S.A., Livent., Albemarle Corporation., Ganfeng Lithium Co.,Ltd., China Lithium Products Technology Co., Ltd., Lithium Americas Corp., Tianqi Lithium, Galaxy Resources Limited, Shanghai China Lithium Industrial Co.,Ltd., and Nemaska Lithium, among others.
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