Lithium Compound Market Analysis by Size, Share, Demand & Growth by 2034

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 Li-ion or lithium batteries are one of the most prominent sources of value for the lithium compound market. With batteries in various fields, including cars and aircraft, their sale is propping up the lithium compound market. Greases and lubricants, other essentials in the automobile industries, are also helping the market’s growth.

The lithium compound industry is slated to have a valuation of US$ 11.8 billion in 2024. The market’s progress is anticipated to be extraordinary from 2024 to 2034, with a CAGR of 21.3%. The market is forecasted to attain a valuation of US$ 81.5 billion by 2034.

Other industries also contribute to the upward trajectory of the lithium compound market. Ceramics is one prominent industry where lithium compounds are pushing the market forward. Glass manufacturing is another avenue where lithium compound demand is getting propagated. Lithium compound is making waves in the medical field on a rapid basis. Medications use lithium compounds to increase their effectiveness.

Get an overview of market drivers and challenges affecting this industry! https://www.futuremarketinsights.com/reports/sample/rep-gb-19026

“Air quality has become a prominent concern, with the rise in pollution leading to adverse effects on individuals. Air purification systems, which use lithium compound to clean the air, are emerging as a significant home and office accessory. Thus, the demand for air purification systems represents an opportunity to grow for lithium compounds,” – says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)

Key Takeaways from the Lithium Compound Market

  • The lithium compound market is expected to be US$ 11.8 billion in size in 2024.
  • Lithium chloride is the predominant type of compound in the market. Lithium chloride is expected to progress at a CAGR of 21.0% from 2024 to 2034.
  • Li-ion batteries are the most common mode of application for lithium compounds. For the forecast period, li ion batteries are anticipated to progress at a CAGR of 20.9%.
  • South Korea is expected to be one of the leading countries in terms of progress in the market. The country is forecasted to have a CAGR of 23.4% in the market from 2024 to 2034.
  • Japan is another Asian country with potential for the market. For the forecast period, the CAGR for Japan is predicted to be 22.9%.
  • The market is expected to progress at a CAGR of 21.7% in the United States.

Competition Analysis of the Lithium Compound Market

The lithium compound market is experiencing significant growth due to the increasing demand for lithium-ion batteries in various applications such as electric vehicles, consumer electronics, and energy storage systems. As the market expands, competition among key players intensifies, driving companies to innovate, expand their product offerings, and enhance their market presence.

Key Companies in the Lithium Compound Market

  • Sigma Lithium
  • Albemarle Corporation.
  • Bacanora Lithium
  • Neometals Ltd
  • Livent

About the Chemicals and Materials Division at Future Market Insights (FMI)

The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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