Lithium Compounds Market to Generate $33.5 billion by 2032 | Major Companies, Strategies and New Trends

Lithium compounds exhibit high solubility in water and at low concentrations. It does not pose significant harm to the environment. This characteristic makes it relatively safe when present in natural water sources. The industrial applications of lithium are primarily driven by its unique chemical properties. As a highly reactive metal, lithium readily loses one electron, leading to the formation of lithium compounds containing the Li+ cation. One notable example is lithium carbonate, which demonstrates retrograde solubility, meaning its solubility decreases with an increase in temperature. Owing to its reactivity and pyrophoric nature, lithium is typically stored in mineral oil as it is insoluble in cold water. This helps to prevent reactions with moisture and air, reducing the risk of fire or explosion.

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The global lithium compounds market was valued at $7.1 billion in 2022 and is projected to reach $33.5 billion by 2032, growing at a CAGR of 16.9% from 2023 to 2032.

Lithium compounds possess high thermal and electrical conductivity, making them crucial in batteries and electronics. The demand for lithium is driven by the developing electric vehicle industry, renewable energy storage solutions, and growing portable electronic device usage, as they offer lightweight, high-capacity energy solutions.

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Increased demand for batteries:

In lithium-ion rechargeable battery technology, lithium compounds are commonly used to conserve and save energy. In devices such as mobile phones, cameras, laptop computers, power apparatus, and vehicles, lithium-ion batteries are utilized. Lithium-ion batteries are an integral component of both internal combustion and electric vehicles. Lithium-ion batteries are preferred in the automotive industry due to their high energy density, low self-discharge rate, long life cycle, inexpensive maintenance, quick charging, and low weight. Ni-Cd batteries are in high demand, as they are presently utilized in some hybrid electric vehicles. In India, Southeast Asia, and South Korea, hybrid vehicle sales and demand have increased substantially over the past few years.

The electric vehicle (EV) industry has emerged as a significant driver of lithium demand:

Compared to smartphones, EVs require much larger quantities of lithium. A single electric car uses approximately five times more lithium than a smartphone, and a higher-range electric vehicle for example, Hyundai Kona EV can consume the equivalent of ten thousand cell phones. This surge in demand is due to the use of lithium-ion batteries, which are the preferred energy storage technology for EVs. The surge in adoption of electric vehicles globally has contributed to the increase in demand for lithium compounds. As the EV market continues to expand, so does the need for lithium as a key component in lithium-ion batteries.

Key Market Players:
Sigma Lithium, Ganfeng Lithium Group Co., Ltd, FMC Corporation., Bacanora Lithium, Lithium Americas Corp., Orocobre Limited Pty Ltd, Neometals Ltd, SQM S.A, Albemarle Corporation., Livent

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The extraction of lithium has a substantial social and environmental impact, particularly in the form of water depletion and pollution. In addition, toxic substances are required to process this metal. The release of such toxic substances via air emission, leaching, or leaks can be detrimental to the ecosystem, food production, and communities.
The extraction of metals inevitably causes soil degradation and air pollution. Locals in Argentina asserted that the extraction of lithium had contaminated streams used by humans and livestock. In addition, concerns exist regarding product recycling. Low collection rates, price volatility, and high recycling costs have all contributed to the lack of lithium recycling.

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