Lithium Compounds Market Report 2024 (Global Edition)

Global Lithium Compounds Market Report 2024 Market Size Split by Derivatives (Lithium Chloride, Lithium Carbonate, Lithium Hydroxide, Lithium Concentrate, Lithium Metal, Butyl lithium, Others), by App...

Lithium Compounds Market Report Description

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Lithium Compounds Market Insights Video

Competitive Landscape of the Lithium Compounds Market

The competitive context of the lithium compound industry offers information broken down by competition. In-depth information is provided about the business's background, finances, earnings, prospective markets, R&D spending, emerging market efforts, international manufacturing locations and infrastructure, manufacturing capabilities, company advantages and disadvantages, introduction of products, goods length and dimension, and sector superiority. The earlier statistics only pertain to the companies' concentration on the lithium compound industry.

July 2024: Albemarle Corporation (NYSE: ALB) declared that it has initiated a thorough examination of its expenses and operational framework, along with prompt asset modifications at its lithium manufacturing facility in Kemerton, Australia. In order to maintain its sustained productivity, the business is implementing these actions as a proactive response to continued industry challenges, especially in the lithium manufacturing process. (Source: https://www.albemarle.com/global/news/albemarle-announces-asset-and-cost-actions-enhance-competitiveness-and-proactively-respond) March 2024: Ganfeng Lithium and Pilbara Minerals Corporation, a reputable worldwide distributor of lithium mineral extraction, recently entered into an alliance contract to finish a cooperative feasibility evaluation for an eventual subsequent processing facility for manufacturing lithium compounds. (Source: https://www.ganfenglithium.com/new_detail_en/id/69.html) November 2023: Nemaska Lithium is happy to reveal a collaboration with Air Creebec to offer dependable, secure, and pleasant airline service to its vendors and workers at its Whabouchi production place, situated in the northern Quebec region of Eeyou Istchee, James Bay. Nemaska Lithium is especially driven to forge enduring relationships with the Cree Community and its enterprises, even as it pursues the most beneficial economic solution. (Source: https://nemaskalithium.com/en/nemaska-lithium-partners-with-air-creebec-to-provide-transportation-for-its-employees/)

Top Companies Market Share in Lithium Compounds Industry: (In no particular order of Rank)

• Sociedad Quimica y Minera de Chile S.A. (SQM) (Chile)
• Livent Corporation (US)
• Albemarle Corporation (US)
• Tianqi Lithium Industries Inc. (China)
• Ganfeng Lithium Company Limited (China)
• China Lithium Products Technology Company Limited (China)
• Sichuan Ni&Co Guorun New Materials Company Limited (China)
• Shanghai China Lithium Industrial Company Limited (China)
• Nemaska Lithium Inc. (Canada)
• Bacanora Lithium (United Kingdom)
• Lithium Americas (Canada)
• Galaxy Resources Limited (Australia)
• Orocobre Limited (Australia)
• Shandong Ruifu Lithium Industry Company Limited (China)
• Neo Lithium Corporation (Canada)
• Millennial Lithium Corporation (Canada)
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Lithium Compounds Market

Which Region Dominates the Lithium Compounds Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024. It accounted for around 40% of the global revenue because the region is seeing an increase in research and development activity and the introduction of modern technology. In addition, the Industry is growing because the government has implemented several programs to encourage more people to buy electric vehicles.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific stands out as the fastest-growing region in the Lithium Compounds Market because of the rising need for electrically linked storage of electricity, novel implementations of electricity storage in automobiles, and an increasing need for consumer electronics. In addition, this area's vigorous efforts to promote alternative energies have led to a flourishing demand for batteries with lithium-ion in energy-saving programs, which in turn has aided in the expansion of the lithium compound industry.

The current report Scope analyzes Lithium Compounds Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Lithium Compounds Market

According to Cognitive Market Research, the global lithium compounds market size was estimated at USD 7269.5 Million, out of which North America held the major share of more than 40% of the global revenue with a market size of USD 2907.80 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.0% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the lithium compounds market with a market size of USD 2294.25 million in 2024 and is projected to grow at a CAGR of 15.8% during the forecast period. The nation's increasing investment in infrastructure.
• The Canada lithium compounds market had a market share of USD 348.94 million in 2024 and is projected to grow at a CAGR of 16.8% during the forecast period. Canada's rise is due to the nation's rapid expansion in electric vehicle.
• The Mexico lithium compounds market is projected to witness growth at a CAGR of 16.5% during the forecast period, with a market size of USD 264.61 million in 2024.

Europe Lithium Compounds Market

According to Cognitive Market Research, the global lithium compounds market size was estimated at USD 7269.5 Million, out of which Europe held the share of more than 30% of the global revenue with a market size of USD 2180.85 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.3% from 2024 to 2031.

• The United Kingdom lithium compounds market had a market share of USD 366.38 million in 2024 and is projected to grow at a CAGR of 17.1% during the forecast period. In the UK, lithium compounds sales witness an upswing due to the nation's rising demand for innovative technology.
• The France lithium compounds market is projected to witness growth at a CAGR of 15.5% during the forecast period, with a market size of USD 200.64 million in 2024.
• According to Cognitive Market Research, the German lithium compounds market size was valued at USD 431.81 million in 2024 and is projected to grow at a CAGR of 16.5% during the forecast period. In Germany, lithium compounds surged due to the presence of major market players.
• The Italy lithium compounds market is projected to witness growth at a CAGR of 15.7% during the forecast period, with a market size of USD 187.55 million in 2024.
• The Russia lithium compounds market is projected to witness growth at a CAGR of 15.3% during the forecast period, with a market size of USD 338.03 million in 2024.
• The Spain lithium compounds market is projected to witness growth at a CAGR of 15.4% during the forecast period with a market size of USD 178.83 million in 2024
• The Luxembourg lithium compounds market is projected to witness growth at a CAGR of 16.4% during the forecast period, with a market size of USD 67.61 million in 2024.
• The Portugal lithium compounds market is projected to witness growth at a CAGR of 16.1% during the forecast period, with a market size of USD 45.80 million in 2024.
• The Greece lithium compounds market is projected to witness growth at a CAGR of 16.6% during the forecast period, with a market size of USD 26.17 million in 2024.
• Rest of Europe's lithium compounds market is projected to witness growth at a CAGR of 15.0% during the forecast period, with a market size of USD 338.03 million in 2024.

Asia Pacific Lithium Compounds Market

According to Cognitive Market Research, the global lithium compounds market size was estimated at USD 7269.5 Million, out of which Asia Pacific held the share of around 23% of the global revenue with a market size of USD 1671.99 million in 2024 and will grow at a compound annual growth rate (CAGR) of 19.8% from 2024 to 2031.

• According to Cognitive Market Research, the China lithium compounds market size was valued at USD 752.39 million in 2024 and is projected to grow at a CAGR of 19.3% during the forecast period. lithium compounds surged in China due to the adoption of various technologies.
• The Japan lithium compounds market is projected to witness growth at a CAGR of 18.3% during the forecast period, with a market size of USD 230.73 million in 2024.
• The India lithium compounds market had a market share of USD 200.64 million in 2024 and is projected to grow at a CAGR of 21.6% during the forecast period. India's supportive initiatives taken by the government.
• The South Korean lithium compounds market is projected to witness growth at a CAGR of 18.9% during the forecast period, with a market size of USD 167.20 million in 2024.
• The Australian lithium compounds market is projected to witness growth at a CAGR of 19.5% during the forecast period, with a market size of USD 86.94 million in 2024.
• The South East Asia lithium compounds market is projected to witness growth at a CAGR of 20.8% during the forecast period, with a market size of USD 115.37 million in 2024.
• The Rest of Asia Pacific lithium compounds market is projected to witness growth at a CAGR of 19.6% during the forecast period, with a market size of USD 118.71 million in 2024.

South America Lithium Compounds Market

According to Cognitive Market Research, the global lithium compounds market size was estimated at USD 7269.5 Million, out of which the Latin America market has more than 5% share of the global revenue with a market size of USD 363.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 17.2% from 2024 to 2031. .

• According to Cognitive Market Research, the Brazil lithium compounds market size was valued at USD 155.57 million in 2024 and is projected to grow at a CAGR of 17.8% during the forecast period. Lithium compounds flourished in Brazil due to the innovation in customer habitats.
• Argentina's lithium compounds market had a market share of USD 61.06 million in 2024 and is projected to grow at a CAGR of 18.1% during the forecast period. Argentina's technological advancements augment the demand.
• Colombia lithium compounds market is projected to witness growth at a CAGR of 17.0% during the forecast period, with a market size of USD 32.35 million in 2024.
• Peru lithium compounds market is projected to witness growth at a CAGR of 17.4% during the forecast period, with a market size of USD 29.80 million in 2024.
• Chile lithium compounds market is projected to witness growth at a CAGR of 17.5% during the forecast period, with a market size of USD 26.17 million in 2024.
• The Rest of Latin America's lithium compounds market is projected to witness growth at a CAGR of 16.3% during the forecast period, with a market size of USD 58.52 million in 2024.

Middle East and Africa Lithium Compounds Market

According to Cognitive Market Research, the global lithium compounds market size was estimated at USD 7269.5 Million, out of which the Middle East and Africa held the major share of around 2% of the global revenue with a market size of USD 145.39 million in 2024 and will grow at a compound annual growth rate (CAGR) of 17.5% from 2024 to 2031..

• The GCC Countries lithium compounds market is projected to witness growth at a CAGR of 18.3% during the forecast period, with a market size of USD 62.33 million in 2024 lithium compounds sales flourish due to the presence of major market players.
• The Egypt lithium compounds market is projected to witness growth at a CAGR of 17.8% during the forecast period, with a market size of USD 15.27 million in 2024.
• The South Africa lithium compounds market is projected to witness growth at a CAGR of 18.5% during the forecast period, with a market size of USD 22.97 million in 2024. lithium compounds sales flourish in South Africa due to technological advancements, and regulatory support.
• The Turkey lithium compounds market is projected to witness growth at a CAGR of 17.0% during the forecast period, with a market size of USD 12.50 million in 2024.
• The Nigeria lithium compounds market is projected to witness growth at a CAGR of 16.6% during the forecast period, with a market size of USD 15.27 million in 2024.
• The Rest of MEA lithium compounds market is projected to witness growth at a CAGR of 16.5% during the forecast period, with a market size of USD 17.16 million in 2024.

Lithium Compounds Market Analysis

Lithium Compounds Market Derivatives Segment Analysis

According to Cognitive Market Research, lithium carbonate stands out as the dominant category over the projected period due to its utilization in the production of batteries with lithium-ion cells, which are used in sustainable power sources and electric vehicles (EVs). The need for batteries with lithium-ion is still rising due to the world's growing transition to environmentally friendly transportation and renewable electricity. These devices' electrode material includes lithium carbonate, which is a necessary ingredient. Due to its high energy and stable temperature, lithium carbonate is ideal for these kinds of functions, which increases the popularity of the product. Lithium carbonate demand is also rising due to the growing requirement for massive lithium-ion batteries brought on by the development of storage methods for green energy sources like wind and sunlight.

Lithium hydroxide emerges as the fastest-growing category in the Lithium Compounds Market. Because the reusable battery packs, which are widely utilized in digital gadgets, electric automobiles, and energy storage facilities, rely heavily on lithium hydroxide. Its extreme flexibility and potent alkaline homes allow for environmentally benign electrochemical reactions that facilitate the storage and emission of electricity, which in turn powers both compact and ecological devices.

{derivatives _desc_end}

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Lithium Compounds Industry. Request a Free Sample PDF!

Lithium Compounds Market Application Segment Analysis

According to Cognitive Market Research, the dominant category is Li-ion batteries. Because of their substantial amount of energy and lengthy lifespans, lithium compounds are essential to the development of effective and dependable energy storage devices for these unpredictable forms of electricity. Additionally, the need for lithium-ion batteries is being supported by the digitalization of a number of industries, particularly aviation and manufacturing.

The fastest-growing category in the Lithium Compounds Market is automotive parts because of factors such as the growing automobile industry, rising rates of automotive ownership, and the growing demand for electric vehicles (EVs) that use lithium-ion batteries as enabling technology. The rise of the logistics industry, digital commerce, and the growing quantity of automobiles on the road have all contributed to a corresponding increase in lithium recyclables.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Author's Detail

Manoj Phagare

Senior Research Analyst at Cognitive Market Research

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• Worked on several market, industry & business research projects, on various models such as Syndicated, Custom, Subscriptions and Consults
• Proficient in secondary research and familiar with all paid research databases
• Proficient in primary research and handling client queries through mails and calls
• Expertise in statistical techniques used in data forecasting, possess strong grip on all aspects of market engineering & data analysis
• Expertise in checking feasibility of projects based on Request for Proposal (RFPs) of clients
• Acquainted with entire process of report writing- Title Analysis, TOC Building, Search Engine Optimization, TOC Freezing, Writing Reports, Market Engineering, Scheduling Primaries, Directory of Key Industry Participants (DKIP), Drafting “Press Articles/Summary/Report Description/Analyst Briefing” used for making marketing collaterals 
• Gained team-work skills in coordinating with the sales teams for business development and meeting needs of a variety of clients hand-in-hand with promoting sales.

Author's Conclusion