Lithium Iodide Market Size & Share, by Application (Solvent, Electrolyte); Product Type (Capacitors, Semiconductors, Engine Turbine Blades, Chemical Processing Equipment, Medical Equipment); End-user (Electronic, Automotive, Pharmaceutical, Chemical) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5092
  • Published Date: Jul 20, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Lithium Iodide Market size is poised to surpass USD 152 Million by the end of 2035, growing at a CAGR of 5% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of lithium iodide was USD 97 Million. The growing use of lithium iodide in the chemical industry is driving market growth, as lithium iodide can act as a catalyst or a co-catalyst in various chemical reactions. It is particularly used in certain organic synthesis reactions, such as the coupling of organometallic compounds and halogenation reactions.

The rising demand for renewable energy is also expected to boost the lithium iodide market growth.  According to the analysis, renewables will be responsible for more than 90% of global electricity expansion over the next five years. Wind and solar will account for more than 90% of new renewable electricity capacity installed over the next five years. Lithium iodide has potential applications in certain types of solar cells, specifically perovskite solar cells. It aids the crystallization and formation of the perovskite layer and improves the efficiency of power generation from solar cells.


Lithium Iodide Market
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Lithium Iodide Market: Growth Drivers and Challenges

Growth Drivers

  • Rising Demand for Electric Vehicles – In China, the EU, and the United States, the average share in total sales of electric vehicles is anticipated to be nearly 60% by 2030. Lithium-ion batteries are the preferred choice for electric vehicles due to their high energy density, long cycle life, and lightweight nature.
  • Increasing Popularity of Lithium Battery – The global demand for lithium-ion batteries is expected to climb elevenfold between 2020 and 2030, accounting for more than 2 terawatt-hours by the end of year 2030. Lithium iodide can be used as an electrolyte additive in lithium-sulfur batteries.  Moreover, the addition of lithium iodide to the electrolyte improves the overall performance, stability, and cycling life of batteries, enabling their commercial viability.
  • Growing Demand for Nuclear Energy–By 2030, the global nuclear capacity must increase by approximately 10 GW per year. Moreover, nuclear energy might provide approximately 14% of global electricity by 2050, up from 10% currently. In nuclear reactors, specifically designs of molten salt reactors (MSRs), lithium, is used as a component in the coolant or fuel salt. The lithium component helps in regulating the reactivity and temperature within the reactor.

Challenges

  • Safety Concerns Associated with Lithium Iodide - While lithium iodide itself is not highly hazardous, safety concerns may arise when handling and working with chemicals in battery manufacturing processes. Proper safety protocols and handling procedures need to be in place to ensure worker safety and compliance with safety regulations. Thus, addressing safety concerns and ensuring safe handling practices can be a challenge for the lithium iodide market.
  • Cost and Supply Chain Considerations
  • Limited Scalability of Emerging Battery Technology

Lithium Iodide Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~5%

Base Year Market Size (2022)

~ USD 97 Million

Forecast Year Market Size (2035)

~ USD 152 Million

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Lithium Iodide Segmentation

Application (Solvent, Electrolyte)

The electrolyte segment is expected to hold 60% share of the global lithium iodide market in 2035. The growth of the segment can be attributed to the increasing potential of lithium iodide electrolytes in emerging battery technologies, particularly solid-state lithium-ion batteries. These batteries are being developed as a promising alternative to conventional liquid electrolyte-based batteries. These batteries use solid-state electrolytes, which offer advantages such as improved safety, higher energy density, and wider operating temperature ranges.

End User (Electronic, Automotive, Pharmaceutical, Chemical)

By the year 2035, the electronic segment in the lithium iodide market is predicted to have a major share of roughly 40%. The growing demand for consumer electronics. By 2028, the volume of consumer electronics is estimated to reach 8,974.00 million units across the globe. The average amount of consumer electronics per person is expected to surpass 1.08 items in 2023. Lithium-ion batteries are extensively used in portable consumer electronic devices, such as smartphones, tablets, laptops, digital cameras, and wearable devices. These devices rely on lithium battery for energy storage needs. The high power-to-weight ratio and rechargeable nature of lithium-ion batteries make them ideal for such gadgets.

Our in-depth analysis of the global market includes the following segments:

            Application

  • Solvent
  • Electrolyte

            Product Type

  • Capacitors
  • Semiconductors
  • Engine Turbine Blades
  • Chemical Processing Equipment
  • Medical Equipment

           End User

  • Electronic
  • Automotive
  • Pharmaceutical
  • Chemical

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Lithium Iodide Industry- Regional Synopsis

North American Market Forecast

Among all regions, North America is expected to have the greatest market share of lithium iodide, with a share of nearly 34% by the end of 2035.  The rising manufacturing units of lithium iodide in the region are driving lithium iodide market growth in the region. For instance, SQM, a Chilean lithium and iodine manufacturer, has submitted to the environmental assessment service SEA a USD 987 million project to expand the lithium capacity of its Carmen plant. By adopting new technology, the business hopes to raise the plant's lithium production to 270,000t/y by 2024.

APAC Market Statistics

In 2035, the Asia Pacific lithium iodide market share is poised to account for around 26% by the end of 2035. Rising investment in the production of batteries is estimated to surge the growth of the market in the region. China presently manufactures 75% of all battery cell capacity and 90% of anode and electrolyte production. Increased investment in carbonate and hydroxide refinery facilities in the country has also resulted in it becoming the world's largest refiner of battery metals.

Research Nester
Lithium Iodide Market Size
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Companies Dominating the Lithium Iodide Market

top-features-companies
    • HELM AG
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Albermal Corporation
    • Leverton Clarke Ltd.
    • Triveni Chemicals
    • Samrat Pharmachem Ltd.
    • Nanjing Taiye Chemical Industry Co., Ltd.
    • Suzhou Huizhi Lithium Energy Material Co., Ltd.
    • American Elements
    • GODO SIGEN Co., Ltd.
    • Luminous Power Technologies Pvt. Ltd.

In-the-news

In The News

  • January 2022: HELM AG announced the collaboration with Leverton to find a new firm LevertonHELM. This collaboration will boost the production capacity of battery-grade lithium chemicals in Europe by opening new manufacturing capacities in Basingstoke UK.
  • February 2022: Luminous Power Technologies Pvt. Ltd. has announced the release of the "Li-ON" inverter series, a combination inverter with Lithium-ion batteries. The brand-new series, which is based on Li-ion batteries coincides with the concept of an integrated approach to science and technology for a sustainable future.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 5092
  • Published Date: Jul 20, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing popularity of electric vehicles and the growing production of lithium batteries are the major factors driving the market growth.

The market size of lithium iodide is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 � 2035.

For high-temperature batteries, lithium iodide is employed as a solid-state electrolyte. Because of the long cycle life it allows, it is also the usual electrolyte in artificial pacemakers.

The major players in the market are Albermal Corporation, Leverton Clarke Ltd., Triveni Chemicals, Samrat Pharmachem Ltd., Nanjing Taiye Chemical Industry Co., Ltd., Suzhou Huizhi Lithium Energy Material Co., Ltd., American Elements, GODO SIGEN Co., Ltd., Luminous Power Technologies Pvt. Ltd., and HELM AG

The electrolyte segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Lithium Iodide Market Report Scope
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