Global Lithium Compound Market by Type, End-Use, Region, Competitive Landscape And Forecast 2018-2023

The global lithium compound market has witnessed a positive growth over the past several years. This can be attributed to the rising usage of lithium-ion batteries in portable electronic devices coupled with increasing demand for glass and ceramics.

Lithium is a soft, silvery-white alkali metal which occurs in compounds such as petalite and spodumene. It is found in small amounts in nearly all igneous rocks and in the waters of a number of mineral springs. Lithium compounds are used in a wide array of applications ranging from the production of plastics and synthetic rubber to textile dyes. According to a new research report by IMARC Group, titled “Lithium Compound Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global lithium compound market reached a volume of 260,500 Tons in 2017. The report further anticipates the market to reach a volume of 393,138 Tons by 2023, expanding at a CAGR of 7.1% over the forecast period.

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Global Lithium Compound Market Drivers/Constraints:

Compounds of lithium are used for making enamels, ceramics, glass and lubricants for high temperature applications. As these products are further used in construction activities, the investments in infrastructure developments, renovation of buildings and new housing projects are projected to fuel the growth of global lithium compound market.

Lithium compounds are utilized in rechargeable batteries, cooling systems for nuclear reactors, armour plating, specialty glasses, bicycle frames, aircrafts, etc. The continuous growth in these segments has boosted the demand for lithium compound worldwide.

The growing usage of lithium-ion batteries in portable electronic devices including cameras, watches, smartphones, electric vehicles and pacemakers is further boosting the growth of the market.

The lithium compounds can harm the kidneys and affect a person’s mental health. This is the major reason hindering the growth of the market. Moreover, the high cost of lithium batteries also acts as a major deterrent.

Source: https://www.imarcgroup.com/global-lithium-compound-market

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