The global lithium chloride market revenue was around US$ 1.8 billion in 2022 and is estimated to reach US$ 3.2 billion by 2031, growing at a compound annual growth rate (CAGR) of 6.8% during the forecast period from 2023 to 2031.
Lithium chloride is mainly utilized in the electrolysis of lithium metal. It is also utilized as an aluminum brazing flux in automobile components and as a desiccant to dry air streams. It is also used in several electronics industries, manufacturing pharmaceutical drugs such as antimanic agents and lithium-ion batteries.
Market Driving Factors
Growing demand for lithium-ion batteries to propel the market growth. This is because lithium chloride is a major source of lithium in lithium-ion batteries. Lithium-ion batteries offer various benefits over other kinds utilized in electronics, automotive, and renewable energy storage systems. Furthermore, the high energy density of lithium-ion batteries aids decreases the battery's size. This property makes it a most suitable choice for most modern requirements such as mobiles, electric vehicles, laptops, and others.
Increasing electronics and automotive industries to boost the market expansion. This is primarily due to the lithium-ion batteries offer various advantages over other battery types, including high energy density at a relatively small size and renewable energy storage coupled with its portability. In addition, the size of the battery system plays a crucial role in batteries utilized in electronics and automotive. This element is estimated to surge the demand for lithium-ion batteries from the electronics and automotive industries.
Health risks associated with lithium chloride are predicted to limit the market growth.
Regional Analysis
North America dominated the market in terms of the largest shares and is estimated to maintain its dominance. This can be majorly attributed to the higher product demand boosted by the well-developed electronics and automotive industry. Furthermore, a high standard of living connected with mature demand for luxury vehicles is anticipated to increase the automotive and electronic industry in the region.
Asia-Pacific is estimated to dominate the market in terms of growth rate. This is mainly because lithium chloride is utilized as a brazing flux for aluminum in automobile components. Furthermore, in the region, lithium chloride is utilized in battery applications of trains, trucks, automobiles, buses, and other vehicles. As a result, lithium-ion (Li-ion) batteries are the key element of most of the automotive vehicles in the region.
Segmentation Insights
Type Insight
The lithium chloride hydrate segment is estimated to dominate the market in terms of revenue. This is primarily owing to the lithium chloride hydrate materials can be decayed by electrolysis to metal and chlorine gas. They are formed via different chlorination procedures whereby at least one chlorine anion is covalently bonded to the appropriate metal. Furthermore, it is broadly utilized in automobile components. As a result, such demand for lithium chloride hydrate in automobile applications is estimated to propel the market growth.
Application Insight
Batteries segment is predicted to dominate the market in terms of the growth rate. This is generally owing to the lithium chloride is utilized in rechargeable batteries for laptop computers, cell phones, electric vehicles, and digital cameras. Lithium is also utilized in non-rechargeable batteries used in devices such as toys, cardiac pacemakers, and clocks. Therefore, the surging demand for lithium-ion batteries is predicted to drive market growth.
End-Use Industry Insight
The electronics segment dominated the market in terms of the rate and is estimated to maintain its dominance. This can be primarily attributed to lithium chloride being utilized in electronic devices such as tablets, smartphones, and laptop computers for communication. Additionally, lithium-based batteries are broadly utilized in portable devices owing to their power density and high energy, high efficiency, and low self-discharge rate. Thus, these elements are estimated to boost the segment.
Prominent Companies
Segmentation Outline
The global lithium chloride market segmentation focuses on the Type, Application, End-Use Industry, and Region.
By Type
By Application
By End-Use Industry
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL LITHIUM CHLORIDE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: LITHIUM CHLORIDE MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL LITHIUM CHLORIDE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL LITHIUM CHLORIDE MARKET, BY CONNECTIVITY TYPE
5.1 OVERVIEW
5.2 LITHIUM CHLORIDE HYDRATE
5.3 LITHIUM CHLORIDE ANHYDROUS
5.4 OTHERS
6 GLOBAL LITHIUM CHLORIDE MARKET, BY APPLICATION
6.1 OVERVIEW
6.2 BATTERIES
6.3 AIR TREATMENT
6.4 OTHERS
7 GLOBAL LITHIUM CHLORIDE MARKET, BY END-USE INDUSTRY
7.1 OVERVIEW
7.2 ELECTRONICS
7.3 AUTOMOTIVE
7.4 OTHERS
8 GLOBAL LITHIUM CHLORIDE MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL LITHIUM CHLORIDE MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 LOBA CHEMIE
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 LEVERTON HELM LTD
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 SQM S.A
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 HONEYWELL INTERNATIONAL INC.
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 SICHUUAN BRIVO LITHIUM MATERIALS CO. LTD
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 HARSHIL INDUSTRIES
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 FMC CORPORATION
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 NIPPON CHEMICAL INDUSTRIES CO. LTD
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 ALFA AESAR
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 TOKYO CHEMICALS
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 AMERICAN ELEMENTS
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 GLENTHAM LIFE SCIENCES
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 SUZHOU HUIZHI LITHIUM ENERGY MATERIAL CO. LTD
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.14 MODY CHEMI PHARMA LTD
10.14.1 OVERVIEW
10.14.2 FINANCIAL PERFORMANCE
10.14.3 PRODUCT OUTLOOK
10.14.4 KEY DEVELOPMENTS
10.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.15 ALBEMARLE CORPORATION
10.15.1 OVERVIEW
10.15.2 FINANCIAL PERFORMANCE
10.15.3 PRODUCT OUTLOOK
10.15.4 KEY DEVELOPMENTS
10.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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