Lithium Iodide Market Forecast 2023 - 2030

By Form :

The form segment is bifurcated into powder and liquid. In 2022, the liquid segment dominated the lithium iodide market. Liquid based lithium iodide has wide application scope as an electrolyte and catalyst in various industries such as pharmaceutical, automotive, and electronics among others is proliferating the market growth. In addition, the integration of the compound in lithium-ion batteries is also driving the market growth.

Moreover, the powder segment is anticipated to witness the fastest CAGR over the forecast period. The rising application of lithium iodide in the pharmaceutical industry in the production of various other pharmaceutical drugs is expected to fuel market growth. Moreover, the increasing demand for powdered lithium iodide from the agrochemical sector is also propelling market growth.

By Type :

The type segment is divided into lithium iodide anhydrous, lithium iodide trihydrate, and others. The lithium iodide anhydrous segment held the highest market share in 2022. Lithium iodide anhydrous is widely used in the development of solid-state batteries. In addition, the compound also finds a wide range of applications in the production of other industrial chemicals including N-alkyl 2-pyridone. For instance, Merck KGaA, headquartered in Germany, offers Lithium iodide anhydrous in a solid form used in the synthesis of chemicals such as β-mannosides and β-rhamnoside. Hence, the wide adoption of lithium iodide anhydrous as a catalyst in the chemical industry is propelling market growth.

However, the lithium iodide trihydrate segment is anticipated to register the fastest CAGR over the forecast period. The rising adoption of lithium salts for the treatment of bipolar disorders in the pharmaceutical industry is anticipated to fuel market growth. The growing awareness regarding psychological illness among the population is expected to contribute to market growth.

By Application :

Based on application, the market is divided into electrolyte, absorbent, catalyst, chemical intermediate, and others. The electrolyte segment accounted for the highest market share of 38.05% in the overall lithium iodide market. The compound is extensively used as an electrolyte in the production of artificial pacemakers, lithium-ion batteries, and mineral water. For instance, Albemarle Corporation, headquartered in the U.S. specializes in manufacturing lithium iodide that is deployed in lithium-ion batteries and artificial pacemakers. Therefore, the wide scope of applications in various end use industries including automotive, electronics, and pharmaceutical is accelerating the demand for lithium iodide.

Moreover, the catalyst segment is expected to witness the fastest CAGR over the forecast period. The rising application of lithium iodide as a catalyst in the refrigeration process is anticipated to surge the market growth. In addition, the growing demand for the compound in the pharmaceutical industry as the primary source of iodine in the production of other drugs is also proliferating the growth of the market.

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By End User :

The end use segment is categorized into agrochemicals, automotive, electronics, pharmaceutical, chemical, and others. The electronics industry held the highest market share in the overall lithium iodide market. Lithium iodide has wide adoption in the production of lithium-ion batteries that are used in various consumer electronics proliferating the lithium-ion market growth. This is due to the advantages offered by these batteries including longevity, versatility, and performance.

Moreover, the automotive segment is expected to witness the fastest CAGR over the forecast period. The growth is attributed to the rising demand for automobiles that require lithium-ion batteries owing to the increasing technological advancements including autonomous driving, diverse mobility connectivity, and electrification. For instance, as per the European Automobile Manufacturers Association, the market for passenger cars in Europe grew by 11.3% in 2023. Hence, the rising application of lithium iodide in the production of lithium-ion batteries is propelling the lithium iodide market growth.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

In 2022, Asia Pacific accounted for the highest market share at 43.15% and was valued at USD 52.19 million, and is expected to reach USD 79.82 million in 2030. In Asia Pacific, China accounted for the highest market share of 45.85% during the base year of 2022. The increasing digitalization and inclination of the population towards smart gadgets is surging the demand for electronics. For instance, according to the Indian Ministry of Electronics & IT, the electronics manufacturing industry is projected to account for USD 300 billion by 2025-2026. In addition, the rising pharmaceutical industry in the region is also driving market growth as lithium iodide is used as the iodine source in the production of various drugs.

However, North America is expected to register the fastest CAGR of 6.3% during the forecast period. The demand for consumer electronics in the region is increasing exponentially. Hence, the wide adoption of lithium-ion batteries across various consumer electronic goods including smartphones, and tablets is contributing to the growth of the market.