Lithium Compound Market Analysis by Size, Share, Demand & Growth by 2034
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.
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“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
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renewable technology developments, and supply-demand-trade assessment. Our research
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institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
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