Know Worldwide specifications of the Lithium Chloride Market Size 2023-2033 | Top Key Players: LEVERATON HELM LTD, Pilbara Minerals Limited, Allkem Limited, Wesfarmers Limited, Sichuan Tianqi Lithium Industries Inc., Lithium Americas Corporation, Galaxy R

According to a research report published by Spherical Insights & Consulting, the Global Lithium Chloride Market Size is Expected to Grow from USD 2.11 Billion in 2023 to USD 3.61 Billion by 2033, at a CAGR of 5.52% during the forecast period 2023-2033.

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The lithium chloride market is the industry for lithium chloride which is a chemical compound used in batteries, pharmaceuticals, and other industries. Lithium production for lithium-ion batteries is its primary purpose. It is also employed in various fields including chemical synthesis and medicine, lubricants, air purification, polymer synthesis, and ceramics and glass. The increasing demand for lithium-ion batteries in the electronic industry, and growth in the electric vehicle market are offering market opportunities for lithium chloride. The growing demand for lithium-ion batteries, especially in the electric vehicles industry is driving the lithium chloride market demand. The rising pharmaceutical industry is also driving the lithium chloride market as it is used as a raw material in the production of various pharmaceutical products. On the contrary, the availability of substitutes and challenges associated with lithium chloride production are restraining the market growth.

The battery grade segment held the largest share of the global lithium chloride market in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the grade, the global lithium chloride market is divided into battery grade, industrial grade, and pharmaceutical grade. Among these, the battery grade segment held the largest share of the global lithium chloride market in 2023 and is expected to grow at a significant CAGR during the forecast period. The rising need for lithium-ion batteries in electric vehicles and consumer electronics is driving the market demand in the battery grade segment.

The lithium-ion batteries segment accounted for the largest market share of over 50% in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the application, the global lithium chloride market is divided into lithium-ion batteries, pharmaceuticals, glass ceramics, agrochemicals, and other industrial applications. Among these, the lithium-ion batteries segment accounted for the largest market share of over 50% in 2023 and is expected to grow at a significant CAGR during the forecast period. The increasing demand for electric vehicles and energy storage systems is contributing to propelling the market in the lithium-ion batteries segment.

The direct sales segment accounted for the largest revenue share of the lithium chloride market in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

Based on the sales channel, the global lithium chloride market is divided into direct sales, distribution channels, and online marketplaces. Among these, the direct sales segment accounted for the largest revenue share of the lithium chloride market in 2023 and is anticipated to grow at a significant CAGR during the forecast period. Manufacturer's growing preference for direct sales since it gives them more control over customer relations and the distribution process is driving the market growth.

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North America is projected to hold the largest share of the global lithium chloride market over the forecast period.

North America is projected to hold the largest share of the global lithium chloride market over the forecast period. The presence of major battery manufacturers in the region as well as supportive government policies and increasing adoption of renewable energy are significantly contributing to propelling the market growth. The increasing product demand by the well-developed automotive and electronics industry is driving the market.

Asia Pacific is predicted to grow at the fastest CAGR in the lithium chloride market over the forecast period. In Asia-Pacific, lithium chloride is utilized in batteries for cars, trucks, buses, trains, and other modes of transportation. The majority of automobiles in the area are powered by lithium-ion (Li-ion) batteries, which are responsible for driving the lithium chloride market.

Major key players in the lithium chloride market include SQM S.A., Albemarle Corporation, Nippon Chemical Industrial Co. Ltd., Minera Exar S.A., Tianqi Lithium Corporation, Alfa Aesar, Livent Corporation, Honeywell International, Jiangxi Ganfeng Lithium Co., Ltd., LEVERATON HELM LTD, Pilbara Minerals Limited, Allkem Limited, Wesfarmers Limited, Sichuan Tianqi Lithium Industries Inc., Lithium Americas Corporation, Galaxy Resources Limited, and Others.

Key Target Audience

Market Players
Investors
End-users
Government Authorities
Consulting And Research Firm
Venture capitalists
Value-Added Resellers (VARs)

Recent Developments

In October 2022, Specialty chemicals player Albemarle Corp. said that its subsidiary, Albemarle Lithium UK Ltd., closed a $200 million deal to acquire Chinese battery-grade lithium supplier Guangxi Tianyuan New Energy Materials Co. Ltd.

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Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global lithium chloride market based on the below-mentioned segments:

Global Lithium Chloride Market, By Grade
Battery Grade
Industrial Grade
Pharmaceutical Grade

Global Lithium Chloride Market, By Application
Lithium-Ion Batteries
Pharmaceuticals
Glass Ceramics
Agrochemicals
Other Industrial Applications

Global Lithium Chloride Market, By Sales Channel
Direct Sales
Distribution Channels
Online Marketplaces

Global Lithium Chloride Market, Regional Analysis
North America
US
Canada
Mexico

Europe
Germany
Uk
France
Italy
Spain
Russia
Rest of Europe

Asia Pacific
China
Japan
India
South Korea
Australia

Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America

Middle East & Africa
UAE
Saudi Arabia
Qatar
South Africa
Rest of Middle East & Africa

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About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.

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