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

Regional Analysis

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North America has established itself as the dominant region with a market share 43.3% in the global lithium compounds market. The region is home to several key players that have been actively involved in the lithium business for decades. Major lithium producers, such as Albemarle and Livent, have a strong foothold in the region and have established integrated operations across the lithium value chain from mining and production to battery-grade lithium compounds. The region also has a sizable lithium reserve base and is a net exporter of lithium, meeting the global demand. Moreover, the growing electric vehicle market in the U.S. and Canada is driving significant demand for lithium compounds from the battery industry.

 The Asia Pacific region, especially China, is projecting impressive growth and is emerging as the fastest growing regional market for lithium compounds with a market share of 55%. Several large-scale lithium mining projects and lithium compound manufacturing facilities are coming online to meet the rising demand from the burgeoning electric vehicle and energy storage markets within the region. China dominates the global lithium-ion battery supply chain and is utilizing its economic might to secure critical raw materials including lithium. Domestic lithium producers are expanding and integrating operations with support from the government to fuel regional ambitions of being self-reliant in the new energy supply chain. Other Asia Pacific nations like South Korea and Japan are also ramping up investments to boost lithium security and self-sufficiency. The region already has a competitive advantage due to lower manufacturing and logistics costs.