Lithium chloride is an inorganic substance with a molecular weight of 42.39, white crystals, deliquescence, and salty taste. It is a hygroscopic crystalline salt mainly used in the manufacture of lithium metal, welding aids, and in the form of an aqueous solution for controlling humidity in air conditioners.
Overview of Market Development
Lithium chloride has a wide range of applications in air conditioning, soldering flux, desiccants, and other fields. However, due to its low toxicity, excessive use will have adverse effects on the environment. In recent years, the implementation and promotion of relevant environmental policies have had a certain impact on the lithium chloride market.
According to our research data, the estimated global lithium chloride market size in 2024 is $1442 million, a decrease of 4.23% from 2023, and is expected to continue a slow downward trend in the coming years. By 2029, the global lithium chloride market size may decrease to $1394 million. The estimated CAGR for 2024-2029 is -0.67%.
Analysis of Market Competition Pattern
From the perspective of market competition, the global lithium chloride market has a high concentration. According to the data, the total revenue share of lithium chloride market for the top 3 companies in 2023 reached 69.72%. The top 3 companies were Jiangxi Ganfeng Lithium, Albemarle Corp, and SQM. In 2023, these three companies accounted for 31.34%, 19.28%, and 19.10% of the global market revenue in the lithium chloride market, respectively.
Global Lithium Chloride Market Size Forecast and Competition Pattern Analysis
Source: www.globalmarketmonitor.com
Segmented Market Analysis
From the perspective of product types, lithium chloride can be divided into two categories based on its physical and chemical properties: lithium chloride hydrate and anhydrous lithium chloride. Among them, anhydrous lithium chloride dominates the market. Data shows that in 2024, in the global lithium chloride market, the estimated consumption of anhydrous lithium chloride is 62.83k tons, accounting for an estimated 96.04% of the total consumption.
From the perspective of downstream application patterns, lithium chloride is widely used in medical, industrial, electronic, and automotive fields. Among them, the industrial sector is the largest downstream application market. Data shows that the global consumption of lithium chloride in the industrial sector is expected to reach 31.61k tons in 2024, accounting for an estimated 48.32% of the total consumption.
Global Lithium Chloride Consumption and Proportion by Type and Application Forecast in 2024
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Consumption (K Tons)
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Proportion
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Segmented by Type
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Lithium Chloride Hydrate
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2.59
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3.96%
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Anhydrous Lithium Chloride
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62.83
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96.04%
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Segmented by Application
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Medical
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4.06
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6.21%
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Industrial
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31.61
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48.32%
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Electronic
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18.76
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28.68%
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Automotive
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6.14
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9.38%
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Others
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4.85
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7.41%
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Source: www.globalmarketmonitor.com
For more industry information, please refer to our latest released "2023 Global Lithium chloride Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast".
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