Pune, India, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The global lithium chloride market size was valued at 42.3 million ton in 2022 and is set to expand from 45.9 million ton in 2023 to 81.2 million ton by 2030, exhibiting a CAGR of 8.5% over the estimated period. The escalation is on account of surging product usage in various applications such as lubricants, ceramics and glass, air treatment, polymer production, and chemical synthesis & medical, and others. The solution is used for the production of lithium for lithium-ion batteries.
Fortune Business Insights™ provides this information in its research report, titled “Lithium Chloride Market, 2023-2030”.
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Leading Players Featured in the Lithium Chloride Market Research Report:
- Albemarle Corporation (U.S.)
- Nippon Chemical Industrial CO., LTD. (Japan)
- HARSHIL INDUSTRIES (India)
- Alfa Aesar (China)
- Honeywell International (U.S.)
- LEVERTON HELM LTD (U.K.)
- Suzhou Huizhi Lithium Energy Material Co. Ltd. (China)
- TOKYO CHEMICALS (Japan)
- LOBA CHEMIE (India)
- Altura Mining (Australia)
- Jiangxi Ganfeng Lithium Co. Ltd. (China)
- Arena Minerals Inc. (Canada)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 8.5 % |
| 2030 Value Projection | 81.2 Million Ton |
| Market Size in 2022 | 42.3 Million Ton |
| Historical Data | 2019-2021 |
| No. of Pages | 155 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Lithium Chloride Market Growth Drivers | Surge in Market Value Owing to Expanding Electronics and Automotive Industries |
| Leading Companies Ink Collaborative Deals to Strengthen Industry Footing |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/lithium-chloride-market-108063
Segments:
Batteries Segment to Depict Substantial Growth Owing to Escalated Lithium-ion Batteries Demand
Based on application, the market for lithium chloride is categorized into ceramics & glass, batteries, lubricants, air treatment, polymer production, and others. The batteries segment is expected to depict substantial expansion over the forecast period. The surge is driven by the rapidly surging automotive sector, particularly the rising demand for electric vehicles.
By geography, the market for lithium chloride is subdivided into Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America.
COVID-19 Impact:
Reduced Demand Owing to Declined Growth of Key End-use Industries
The COVID-19 pandemic impacted the global industrial activity. The product demand was affected due to lockdowns and restrictions in a range of economies such as the U.K., Germany, the U.S., India, China, and France. However, lithium helped in maintaining minimum industry expansion amid the pandemic.
Report Coverage:
The report gives an account of the major factors propelling the global business scenario throughout the forecast period. Other aspects of the report include the key initiatives undertaken by leading industry participants for the consolidation of their market position. These insights have been provided post extensive research and data collation from credible sources.
Drivers and Restraints:
Surge in Market Value Owing to Expanding Electronics and Automotive Industries
One of the major factors propelling the lithium chloride market growth is the rapidly expanding nature of the automotive and electronics industries. The battery size plays a crucial role in batteries used in electronics and automotive sectors. This led to a tremendous surge in product demand across these industries.
However, the industry expansion could be hindered by the availability of substitutes and continuously surging prices.
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Regional Insights:
Asia Pacific to Lead Owing to Growing Automotive Sector
The Asia Pacific lithium chloride market share is estimated to expand at a commendable pace throughout the projected period. The surge is due to the presence of key developing economies such as India and China. An additional aspect fueling regional expansion is the increasing demand in automotive and electronics sectors.
The North America market is expected to register considerable growth over the study period. The rise is driven by constant automobile demand and a heavily industrialized region. The regional growth is further driven by a mature demand for high-end vehicles and high standard of living.
Competitive Landscape:
Leading Companies Ink Collaborative Deals to Strengthen Industry Footing
Major lithium chloride companies are centered on the adoption of a range of strategic initiatives. These steps are being taken for the consolidation of their market position. Some of these initiatives comprise mergers, acquisitions, partnership agreements, and the launch of new products.
Key Industry Development:
June 2022 – Arena Minerals Inc. announced that it reached a concentration level of 35% in the Phase I and Phase II testing. The concentration was achieved via the treatment of raw brine from the Sal de la Puna lithium brine project.
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Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Trends
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Insights on Regulatory Scenario
- PEST Analysis
- Covid-19 Impact Analysis
- Supply Chain Challenges
- Steps taken by companies to overcome the impact
- Potential Opportunities Due to COVID-19 Outbreak
- Global Lithium Chloride Market Analysis, Insights and Forecast, 2019–2030
- Key Findings / Summary
- By Application (Volume)
- Batteries
- Ceramics & Glass
- Lubricants
- Polymer Production
- Air Treatment
- Others
- By Region (Volume)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Lithium Chloride Market Analysis, Insights and Forecast, 2019–2030
- Key Findings / Summary
- By Application (Volume)
- Batteries
- Ceramics & Glass
- Lubricants
- Polymer Production
- Air Treatment
- Others
- By Country (Volume)
- U.S.
- By Application
- Batteries
- Ceramics & Glass
- Lubricants
- Polymer Production
- Air Treatment
- Others
- By Application
- Canada
- By Application
- Batteries
- Ceramics & Glass
- Lubricants
- Polymer Production
- Air Treatment
- Others
- By Application
- U.S.
- Europe Lithium Chloride Market Analysis, Insights and Forecast, 2019–2030
- Key Findings / Summary
- By Application (Volume)
- Batteries
- Ceramics & Glass
- Lubricants
- Polymer Production
- Air Treatment
- Others
- By Country (Volume)
- Germany
- By Application
- Batteries
- Ceramics & Glass
- Lubricants
- Polymer Production
- Air Treatment
- Others
- By Application
- Germany
TOC Continued...!
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