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.
Growth Drivers
Challenges
|
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 |
|
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 |
|
|
Product Type |
|
|
End User |
|
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.
Author Credits: Smruti Ranjan, Rajrani Baghel
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?