LITHIUM COMPOUND MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Lithium Compound Market, By Compound (Lithium Carbonate, Lithium Hydroxide, Lithium Concentrate, Lithium Metal, Butyl Lithium, Lithium Chloride, Lithium Bromide, Lithium Iodide, Lithium Oxide, and Others), By Application (Li-ion Batteries, Cement & Concrete, Metallurgy, Lubricants, Glass & Ceramics, Polymers, Specialty Inorganics, and Others), By End-Use Industry (Food & Beverages, Aerospace and Defence, Automotive, Oil and Gas, Energy, Building & Construction, Chemical Industry, and Others), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa).

Published In : Feb 2024
Code : CMI6682
Pages :141
Formats :
Excel and PDF
Industry : Advanced Materials

Market Concentration and Competitive Landscape

Lithium Compound Market Concentration, By Players

Close-monitor your Competitor's Move, Request sample copy

Expansion of Energy Storage Requirements

Another key factor leading to the increased demand for lithium compounds is the rapidly expanding global energy storage market driven by the rising integration of renewable energy sources like solar and wind. For instance, according to data published by IEA in 2022, the installed grid-scale battery storage capacity is expected to expand 35-fold between 2022 and 2030 to nearly 970 GW. Additionally, intermittent supplies from renewables require efficient energy storage technologies to balance power grids and ensure reliability of electricity supply. Lithium-ion batteries have emerged as the preferred choice for utility-scale energy storage projects due to their suitability for high discharge power applications and long operational life. Many countries and regions have set ambitious targets to increase the share of renewables in total power generation which will necessitate the deployment of large amounts of energy storage capacity.

Key Players Insights