Lithium Compounds Market

Lithium Compounds Market – Overview

Lithium compounds are found naturally in human body, soil, in animals, and even in plants. They are white-silver alkali metal and are soft in texture. Lithium compounds are generally found in small amounts and are obtained from mineral ores and mineral springs. These compounds are used in armor plating, bicycle frames, aircrafts, nuclear reactors, rechargeable batteries, glass and ceramics as cooling systems. The increasing demand for lithium compounds from various end user industries are considered the key factors boosting the growth of the global lithium compounds market. This is likely to continue so in the forecast period as well set between 2021 and 2031.

The increasing demand from consumer electronics industry for using application in gadgets will serve in favor of the global lithium compounds market. This is further attributed to the increasing use of li-ion batteries in portable devices. The demand for lithium compounds is projected to further rise on account of the increasing demand for electronic vehicles. Among the sub-segments of the application segment, the automotive application segment is projected to rise significantly during the forecast period. This is further attributed to the imposition of stringent regulations for ICE automakers by various government bodies so as to reduce the emission of carbon dioxide from vehicles. Besides lithium-ion, other lithium compounds are also in high demand and will significantly bring handsome revenues in the forecast period.

The report on the global lithium compounds market provides notable insights on the market along with its growth parameters such as drivers, restraints, challenges, and future growth opportunities. It also throws light on the leading segment of this market and factors supporting its growth. Additionally, the report provides the list of innovations, product quality changes and any other significant initiatives that helped them to emerge with the lion’s share in the overall market competition. The report also discusses the impact of the novel COVID19 pandemic on this market and how can players gain attractive revenues during the forecast period by adopting various strategies. The report is available for sale on the company website.

Lithium Compounds Market – Competitive Landscape

The nature of the global lithium compounds market is highly competitive on account of the presence of multiple players. Some of them are engaging in collaborative efforts, joint ventures, and merger acquisitions to gain notable revenues while others are investing on research and development activities to ensure their position amongst the top competitors of the market. The other players are also engaging in product development and innovation so as to attract significant revenues in the overall market competition.

Some of the key players of the global lithium compounds market include:

• Millenial Lithium Corporation
• Neo Lithium Coporation
• Shandong Ruifu Lithium Industry Company Limited
• Orocobre Limited
• Lithium Americas
• Galaxy Resources Limited
• Bacanora Lithium
• Nemaska Lithium Inc.
• Shanghai China Lithium Industrial Company Limited
• Sichuan Ni& Co Guorun New Materials Company Limited
• China Lithium Products Technology Company Limited
• Gangfeng Lithium Company Limited
• Lithium Company Limited
• Tianqi Lithium Industries Inc.
• Livent Corporation
• Albemarle Corporation
• Sociedad Quimica y Minera de Chile S.A.
• Other players

Lithium Compounds Market – Growth Drivers

Major demand for lithium compounds from the automobile manufacturing companies stands in favor of the growth of the global lithium compounds market. Besides this, the latest advent and rapidly rising popularity of electric vehicles will also add boost to the overall growth of this market. On the contrary, high cost of operations along with the lack of recharging infrastructure in most parts of the world stands as a major challenge for manufacturers in this market. Apart from this, the increasing awareness about the socio-environmental impact of lithium extraction may also pose major hindrances to the overall growth of this market in future.

Lithium Compounds Market – Geographical Insights

North America dominated the market in the past but is projected to be overtaken by Asia Pacific during the forecast period. This is attributable to the presence of high number of electronic portable device owners and availability of latest innovative technology. The increasing number of manufacturing base setups for automobile and electronic device manufacturers in the developing nations of India, China, and others is projected to push revenue generating limits of Asia Pacific and help this region emerge dominant in the forecast period.