Lithium Chloride Market Statistics, Size Will Hit $94.8 million by 2031 | Growth with Recent Trends & Demand

Lithium chloride is used in the production of metallic lithium, welding fluxes, and as an aqueous solution for humidity management in air conditioning. L

PORTLAND, OREGON, UNITED STATES, November 30, 2023 /EINPresswire.com/ -- Lithium chloride is primarily used in the electrolysis of lithium metal. It is also used as an aluminium brazing flux in vehicle components and as a desiccant to dry air streams. It is also utilized in various electronics industry, manufacturing of lithium ion batteries and manufacturing of pharmaceutical drugs such as antimanic agents.

According to a new report published by Allied Market Research, titled, “Lithium Chloride Market," The lithium chloride market size was valued at $1.7 billion in 2021, and is estimated to reach $3.2 billion by 2031, growing at a CAGR of 6.8% from 2022 to 2031.

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Lithium chloride is used in the production of metallic lithium, welding fluxes, and as an aqueous solution for humidity management in air conditioning. Lithium chloride is used in batteries, air treatment and others applications. It is also used for the production of lithium metal by electrolysis and it also used as a brazing flux for aluminum in automobile parts. It is extremely hygroscopic and is commonly used in dehumidification systems in sectors like as food processing and horticulture to remove moisture from the air.

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The growth of the global lithium chloride industry is majorly attributable to its wide applications in various industries such as batteries, air treatment and others. Also, surge in use of lithium chloride in electronics industry is driving the lithium chloride market growth during the forecast period. Lithium chloride is used as electrolyte in batteries or further processed to produce lithium metal for lead and magnesium alloys, lithium hydride for high-purity silane, and lithium nitride used as catalyst. Lithium batteries can be used in many combinations of active materials for the anode, cathode, and electrolyte. Among all other industries, the use of lithium in secondary batteries has seen the most market growth. Lithium chloride is also in demand in smartphones, tablets, smart watch, camera, and pacemakers, due to its ability to store up to 150 watt-hours of electricity into 1 kilogram of battery.

Key Market Players:
HARSHIL INDUSTRIES, GLENTHAM LIFE SCIENCES, AMERICAN ELEMENTS, Sichuuan Brivo Lithium Materials Co. Ltd, Alfa Aesar, Albemarle Corporation, Suzhou Huizhi Lithium Energy Material Co. Ltd, FMC Corporation, Nippon Chemical Industries Co. Ltd, LEVERTON HELM LTD, MODY CHEMI PHARMA LTD, LOBA CHEMIE, TOKYO CHEMICALS, SQM S.A, Honeywell International Inc.

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The global lithium chloride market is segmented into type, application, end-use industry, and region. On the basis of type, the market is categorized into lithium chloride hydrate, lithium chloride anhydrous and others. On the basis of application, the market is categorized into batteries, air treatment, others. On the basis of end-use industry, the market is categorized into electronics, automotive, and others.

Key findings of the study:
• A comprehensive lithium chloride market analysis of the factors that drive and restrain the market growth is provided.
• The qualitative data in this report aims at the lithium chloride market trends, dynamics, and developments in the industry.
• Depending on type, the lithium chloride hydrate segment is expected to grow at a CAGR of 7.7% during the forecast period.
• Based on application, the batteries segment was the highest revenue contributor to the market in 2021.
• On the basis of end-use industry, the electronics segment was the highest revenue contributor to the market in 2021 and is estimated to grow at a CAGR of 6.1%.
• Region wise, Asia-Pacific and North America are expected to witness considerable CAGRs of 8.1% and 6.4%, respectively, during the forecast period.
• China was the highest revenue contributor growing with a CAGR of 8.7%.
• South Korea, and Japan are expected to witness considerable CAGRs of 6.8%, and 6.6% respectively, during the forecast period.

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About us:
Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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