Lithium Compounds Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Market is Segmented by Compounds (Lithium Nitride, Lithium Metal, Lithium Carbonate, Lithium Hydroxide, Lithium Chloride, Butyllithium, and Other Compounds), Application (Ceramics, and Glass, Batteries, Lubricants, Pharmaceuticals, Chemicals, Metallurgy, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).

Market Snapshot

Lithium Compounds Market Size
Study Period: 2016 - 2026
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >8 %
Lithium Compounds Market Key Players

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Market Overview

The lithium compounds market is expected to register a CAGR of greater than 8% during the forecast period.

Rising demand for lithium compounds for ceramics and glass in production, to increase the strength of ceramics, and the growing need for energy-saving devices are driving the market growth.

The high costs of compounds and replacement by other substitutes are expected to hinder the market growth.

Scope of the Report

The scope of the lithium compounds market report includes:

Compounds
Lithium Nitride
Lithium Metal
Lithium Carbonate
Lithium Hydroxide
Lithium Chloride
Butyllithium
Other Compounds
Application
Ceramics and Glass
Lubricants
Pharmaceuticals
Batteries
Chemicals
Metallurgy
Other Applications
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Growing Demand for Batteries

  • Lithium compounds have been majorly used in lithium-ion rechargeable battery technologies to save and consume energy. Lithium-ion batteries find their applications in electronics, such as mobile phones, cameras, laptops, power tools, and vehicles.
  • Lithium-ion batteries play a major role in vehicles, both in combustion and electric automobiles. The automotive industry prefers lithium-ion batteries due to their properties, such as high energy density, low self-discharge rate, long life cycle, low maintenance, fast charging, and low weight.
  • The demand for Ni-Cd batteries is also high, as they are currently used in some hybrid electric vehicles. The sales of and demand for hybrid vehicles in India, Southeast Asia, and South Korea have witnessed decent growth compared to the previous years.
  • According to Consumer Electronics (CE), the consumption of electronics in every region is increasing due to continuous investments in electronic technology.
  • Rising number of electric vehicles and the increasing usage of electronics and robots in developing countries are driving the demand for rechargeable batteries, which may drive the market for lithium batteries through the coming years.
Lithium Compounds Market Trends

Asia-Pacific to Dominate the Market

  • Asia-Pacific is expected to dominate the overall lithium compounds market, owing to the highly developed electronics, automotive, ceramics, and glass sectors in China, India, Japan, and Korea, coupled with the continuous investments done in the region to advance the battery technology sector through the years.
  • Moreover, the glass and ceramics industries are still major consumers of lithium compounds, as these compounds increase the lifespan of products, and provide greater surface tension, resistance to thermal shock, and increased mechanical strength to ceramics.
  • According to the World Ceramic and Glass Magazine, China leads the consumption of ceramic tiles and glass, followed by India, in the global scenario.
  • There was increasing production of electric and hybrid vehicles in China and India in recent years, due to government regulations on combustion engines and high taxes on combustion vehicles in China.
  • People are being attracted to heavy capacity batteries in mobile phones for longer usage times. According to the National Bureau of Statistics of China, the production of mobile phones in China was more than one billion in 2019. The production is expected to grow further, owing to the domestic and export demand.
  • The growing need for high-efficiency batteries requires advanced technological improvements in lithium compounds. Continuous growth in energy-saving devices is expected to drive the market for lithium compounds through the coming years.
Lithium Compounds Market Analysis

Competitive Landscape

The lithium compounds market is partially consolidated in nature, with a few major players dominating a significant portion of the market. Some of the major companies are FMC Corporation, Sociedad Química y Minera (Sociedad Química y Minera de Chile), Lithium Americas Corp., Albemarle Corporation, and Neometals Ltd.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand for Ceramics and Glass Industry

      2. 4.1.2 Growing Applications for Batteries

    2. 4.2 Restraints

      1. 4.2.1 Entry of New Substitutes

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porters Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Compounds

      1. 5.1.1 Lithium Nitride

      2. 5.1.2 Lithium Metal

      3. 5.1.3 Lithium Carbonate

      4. 5.1.4 Lithium Hydroxide

      5. 5.1.5 Lithium Chloride

      6. 5.1.6 Butyllithium

      7. 5.1.7 Other Compounds

    2. 5.2 Application

      1. 5.2.1 Ceramics and Glass

      2. 5.2.2 Lubricants

      3. 5.2.3 Pharmaceuticals

      4. 5.2.4 Batteries

      5. 5.2.5 Chemicals

      6. 5.2.6 Metallurgy

      7. 5.2.7 Other Applications

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 France

        4. 5.3.3.4 Italy

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)/Ranking Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Albemarle Corporation

      2. 6.4.2 China Lithium Products Technology

      3. 6.4.3 FMC Corporation

      4. 6.4.4 Lithium Americas Corp.

      5. 6.4.5 Neometals Ltd

      6. 6.4.6 Orocobre Limited

      7. 6.4.7 Shanghai China Lithium Industrial Co. Ltd

      8. 6.4.8 Sichuan Tianqui Lithium Chemicals Inc.

      9. 6.4.9 Sociedad Quimica y Minera (Sociedad Quimica y Minera de Chile)

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing Demand for Electric Vehicles

    2. 7.2 Other Opportunities

**Subject to Availability

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Frequently Asked Questions

The Lithium Compounds Market market is studied from 2016 - 2026.

The Lithium Compounds Market is growing at a CAGR of >8% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2021.

FMC Corporation, Sociedad Química y Minera (Sociedad Química y Minera de Chile) , Lithium Americas Corp., Albemarle Corporation, Neometals Ltd are the major companies operating in Lithium Compounds Market.

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