According to the research report titled ‘Global Lithium Compounds Market Size study, by End Use(Li-ion Batteries, Glass & Ceramics, Medical, Lubricants, Metallurgy, Polymers, Others) by derivatives( Lithium Carbonate, Lithium Hydroxide, Lithium Concentrate, Lithium Metal, Butyl Lithium, Lithium Chloride & Others) and Regional Forecasts 2022-2028’, available with MarketStudyReport, global lithium compounds market was worth USD 6.8 billion in 2021 and is anticipated to progress with 12% CAGR over the analysis timeframe to attain USD 15 billion by the year 2028.

Report findings suggest that soaring demand for lithium compounds, which are used in the production of ceramics and glass to increase their strength, as well as increasing pace of technological developments for the manufacture of high-efficiency batteries are the major growth determinants for global lithium compounds market.

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For the unversed, lithium is mostly found in ores and mineral springs. It is an amalgam of the corrosive isotopes Li6 and Li7, which emit a white flame when ignited. It may be transformed into organic and inorganic compounds such nitride, oxide, hydride, carbide, and hydroxide and has the
lowest density in metals.

Furthermore, expanding use of lithium compounds in the healthcare sector, and significant investments in infrastructure developments are expected to augment industry outlook in the coming years.

However, high cost of Li compounds, and their easy replacement by numerous analogues may impede worldwide lithium compounds market expansion during the stipulated timeframe.

Regionally, Asia Pacific industry held major revenue share in the recent past and is slated to grow with a healthy CAGR during the analysis timeframe, owing to growing demand for novel energy storage applications in automobiles and grid-connected energy storage, high demand for consumer gadgets, as well as flourishing electronics and electric vehicle industries in nations like China, South Korea, Thailand, Japan, and Taiwan.

On the competitive front, Bacanora Lithium plc, Nemaska Lithium Inc., Shanghai China Lithium Industrial Co., Ltd., China Lithium Products Technology Co., Ltd., Ganfeng Lithium Co., Ltd., Sichuan Ni & Co Guorun New Materials Co., Ltd, Tianqi Lithium Corp., Livent Corporation, Sociedad Quimica Y Minera De Chile S.A., and Albemarle Corporation are the leading players in global lithium compounds marketplace.