Global Lithium Iodide Market growing at a CAGR of 5.5% from 2023 to 2030
Category : Materials And Chemicals | Published Date : Jun 2023
Key Market Overview
The lithium iodide market is expected to gain significant growth in the forecast period of 2023 to 2030. Consegic Business Intelligence analyzes that the market was 120.94 million in 2022 and is expected to reach the market size of USD 183.79 million in 2030 with a compound annual growth rate of 5.5%.
The report highlights the increasing adoption of lithium iodide in automotive, electronics and pharmaceutical industries that is proliferating the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the lithium iodide market.
Global Lithium Iodide Market By Overview
The lithium iodide market is bifurcated into form, type, application, and end user. Based on form the market is segmented into powder and liquid. In 2022, the liquid segment dominated in the overall lithium iodide market. The type segment is categorized into lithium iodide anhydrous, lithium iodide trihydrate, and others. In 2022, the lithium iodide anhydrous segment dominated the overall lithium iodide market. Based on application, the market is segmented into electrolyte, absorbent, catalyst, chemical intermediate, and others. In 2022, the electrolyte segment dominated the overall lithium iodide market. The end user segment is categorized into agrochemicals, automotive, electronics, pharmaceutical, chemical, and others. In 2022, the electronics segment accounted for the highest market share in the lithium iodide market.
Get Free SampleMarket Dynamics
Driver:
- The widespread use of lithium iodide as an electrolyte for the production of lithium-ion batteries to offer power solutions. Moreover, the increasing demand for lithium iodide for the production of lithium-ion batteries in the automotive industry is contributing to the growth of the market.
- The increasing application scope of lithium-ion batteries in the electronic industry is fuelling market growth.
Restraints:
- Stringent government regulations related to the use of lithium iodide is likely to hamper the market growth.
Market Segmentation:
| Report Attributes | Report Details |
| By Form | Powder and Liquid |
| By Type | Lithium Iodide Anhydrous, Lithium Iodide Trihydrate, and Others |
| By Application | Electrolyte, Absorbent, Catalyst, Chemical Intermediate, Others |
| By End User | Agrochemicals, Automotive, Electronics, Pharmaceutical, Chemical, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
The market is dominated by certain major companies such as Merck KGaA, Albemarle Corporation, American Elements, and Leverton Lithium have a strong market position in current market circumstances. Further, the Lithium Iodide market is expected to witness significant growth in coming years due to increasing demand for lithium-ion batteries in various end use industries such as automotive, electronics, and among others. The market players compete for a firm market position through mergers and acquisitions, product innovations, and business strategies. Thus, evolving research and developments in lithium iodide are expected to help market players adopt innovative ways of product creation to cater to the growing needs of various end-use industries.
- Merck KGaA
- Albemarle Corporation
- American Elements
- Leverton Lithium
- Samrat Pharmachem
- Shanghai Oujin Lithium
- Alfa Aesar (a subsidiary of Thermo Fisher Scientific)
- TCI Chemicals Pvt. Ltd.
- Toronto Research Chemicals
- Santa Cruz Biotechnology, Inc