Global Lithium Chloride Market: Overview
Lithium chloride is a compound produced by reacting hydrochloric acid with lithium carbonate. It possesses unique property of exceptional solubility in polar solvents. It acts as a typical ionic compound as well as brazing flux for aluminum in automobile applications. Lithium chloride is a raw material used in the electrolysis of lithium metal. It is used a desiccant for drying air streams. Lithium chloride is also used as additive in organic synthesis. It is used to precipitate RNA from cellular extracts in biochemical applications. The lithium chloride market has been expanding due to the increase in its applications, economical extraction, and processing of lithium hydroxide from brines, sedimentary rocks, and pegmatite. Lithium chloride is a hygroscopic salt and is used in fluxes, humidity control, and zeolites. Lithium chloride is characterized by relatively low melting point and high ionic conductivity. This makes it a suitable component in molten salt electrolytes for thermal barriers.
Global Lithium Chloride Market: Drivers and Restraints
Increase in demand for lithium chloride in the automobile industry is a key factor driving the global lithium chloride market. Lithium chloride is used in battery applications of automobiles. Rise in demand for lithium chloride in the biomedical sector is also anticipated to boost the lithium chloride market. Recent trend of electrification of automobiles across the globe is anticipated to drive the global lithium chloride market. Increase in demand for the production of lithium metal is also anticipated to fuel lithium chloride market as it is used as feed material. Lithium chloride serves as electrolyte in the reprocessing of nuclear fuel. Advancements in the electrification and transportation are anticipated to drive the global lithium chloride market. Rise in demand for mobile devices and tools which use lithium battery is also estimated to propel the global lithium chloride market. Battery performance, cost, and safety are the key factors that manufacturers focus on. They prefer lithium chloride for achieving these. Development in the biomedical sector is expected to offer promising opportunities to the lithium chloride market, as it is used for the extraction of RNA.
Based on end-user industry, the global lithium chloride market can be classified into automotive, electrical & electronics, biomedical, aerospace & defense, and others. Electrical & electronics applications include tablets, smartphones, power tools, and cordless phones. Lithium chloride is used in golf carts, buses, forklifts, wheelchairs, bikes, etc. in automotive applications. It is employed in portable solar energy storage and stationary energy storage in energy storage applications.
The global lithium chloride market expanded significantly in 2017. This trend is estimated to continue during the forecast period. North America is a key region of the lithium chloride market, owing to the presence of the expanding aerospace and defense industries in the region. Germany, the U.K., and France are some of the key countries in Europe, led by the presence of an expanding automotive and defense sectors in these countries. Rise in population, increase in urbanization, and changes in lifestyle are projected to boost the lithium chloride market in Asia Pacific during the forecast period. Demand for lithium chloride is high in China, India, and Japan in the region. The lithium chloride market in Latin America and Middle East & Africa is likely to expand at a significant pace during the forecast period, owing to the recent economic progress in these regions.
Global Lithium Chloride Market: Key Players
Key players operating in the global lithium chloride market include SQM, Albemarle Corp, Galaxy Resources, FMC Corp, and Sichuan Tianqui.
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