The global Lithium Iodide market is expected to witness a market value of US$ 97.6 Million in 2023 and is expected to accumulate a market value of US$ 151.5 Million by registering a CAGR of 4.5% in the forecast period 2023 to 2033. The Lithium Iodide market registered a CAGR of 2.4% in the historical period 2018 to 2022. Factors such as high demand for lithium iodide in the chemical industry are expected to boost the market growth over the analysis period.
As per Future Market Insights – market research and competitive intelligence provider, the global market value for Lithium Iodide has been flourished. Lithium Iodide has several applications in the pharmaceutical industry, primarily as an iodine source in the production of various drugs. It is widely used in the synthesis of iodinated contrast media, which is used in radiographic imaging procedures such as CT scans and MRI scans. Thus, the growing demand for these imaging techniques is one of the major factors that is expected to boost the growth of the Lithium Iodide market in the near future.
Additionally, the growth of the global agrochemical industry is anticipated to accelerate the demand for Lithium Iodide as an iodine source, as the Lithium Iodide is widely used in the production of agrochemicals, such as herbicides, fungicides, and insecticides. Also, Lithium Iodide is used as a solid-state electrolyte in the production of solid-state batteries. These batteries are used in various electronic devices, such as smartphones, laptops, and electric vehicles. Hence, the increasing demand for these devices is another factor that is expected to boost the market growth in the forthcoming years.
Furthermore, the market is also driven by the increasing demand for nuclear energy as a source of clean energy, as Lithium Iodide is also used as a coolant in nuclear reactors. In addition, Lithium Iodide is also used as an electrolyte in Lithium-Ion batteries. Thus, the growth of the Lithium-Ion battery market is expected to drive the demand for Lithium Iodide as an electrolyte.
Besides, Lithium Iodide is also used in the production of solar cells, which are used in the production of renewable energy. The increasing demand for renewable energy sources is one of the major factors that is projected to augment the market growth in the coming time.
On the regional end, the Lithium Iodide market in North America is expected to account for the maximum share during the analysis period, owing to the factors such as the increasing demand from the region’s key end-use industries, including pharmaceuticals, electronics, and renewable energy. The United States and Canada are the key markets in the region and are expected to witness significant growth in the coming years.
On the other hand, the Lithium Iodide market in Europe is expected to account for a significant share over the forecast period, attributed to the factors such as the increasing focus on renewable energy and the growing demand for electronic devices.
Recent developments in the technology, mergers and acquisitions, and partnerships within the companies involved in the designing of Lithium Iodide are expected to create lucrative opportunities for the market growth over the analysis period.
For instance, Luminous Power Technologies, in February 2022, announced the launch of the new age Li-ON Series integrated inverter with a lithium-ion battery. The new series built on Li-ion batteries, touted as the future of the power storage business, aligns with the idea of an ‘integrated approach to science and technology, for a sustainable future’.
High-purity, Nanopowder, and submicron versions of lithium iodide are all readily available. Lithium iodide comes in two main forms: trihydrate and anhydrous. These help iodine solutions dissolve since they are water-soluble. Lithium iodide is utilized in photography, as a catalyst, and as an absorbent in the refrigeration process. Along with organic synthesis, pessat iodination, ester, ether, epoxide cleavage, decarboethoxylation, carbonylation, and aldol condensation, it is also helpful in these processes. It is employed in the production of mineral water. It is utilized in redox and electrochemical processes. in internal medicine and in treatments with sulfuric acid and manganese dioxide.
The electrolyte for long-lasting, high-temperature batteries is lithium iodide. Cleaving carbon-oxygen bonds is another function for it in organic synthesis. Lithium iodide is used as phosphorous in its solid form to detect neutrons. As a result, lithium iodide is widely used as an electrolyte in batteries and as a solvent in the chemical industry. It is also readily available in large quantities. The major producer of lithium compounds and iodide is Chile.
How has the high cost of lithium iodide impacted the market?
Lithium is used in a wide range of sectors for a variety of purposes, but despite its numerous advantages, it also has few disadvantages. The high price of iodide is one prominent disadvantage.
Since these iodides are expensive, many consumers could be hesitant to use them unless absolutely necessary, which could lower demand for this product. Hence, restricting the growth of the lithium iodide market throughout the forecasted period.
Lithium Batteries to Present Robust Growth Opportunities for Lithium Iodide Manufacturers
Due to their extremely high energy density, lithium-ion batteries are used to power electronic devices for extended periods of time. This is one of the key benefits driving the market for lithium-ion battery packs forward. Lithium-ion batteries have a competitive advantage over other types of batteries due to their reduced maintenance requirements and lower rate of self-discharge.
Additionally, the technology of lithium-ion batteries may be enhanced through the design of new types to satisfy various market demands, from supplying power to smartphones to plug-in hybrid cars. Lithium-ion batteries’ low cost, high energy efficiency, and environmental friendliness are boosting market demand.
According to the World Health Organization, heart attacks are the leading cause of death globally, taking around 18 million lives each year. The need for lithium-ion batteries is anticipated to rise as the number of heart patients tends to rise in the future owing to an unhealthy lifestyle, which may raise the demand for cardiac pacemakers and batteries.
The usage of lithium iodide batteries is widespread in electronic goods such as toys, TV remote controls, clocks, and cameras. The market for lithium iodide batteries will be driven by the high demand for consumer electronics throughout the anticipated time period. Cost differences between lithium iodide and nickel-cadmium batteries, however, might limit industry expansion.
What are the trends in the global Lithium Iodide market?
High investment in lithium-ion battery research and development from the public and commercial sectors is anticipated to support market expansion over the assessment period. The development of a fully self-forming battery minimized the possibility of self-discharge and allowed the inactive battery to be kept for longer. A secondary (rechargeable) battery has been developed by adding lithium iodide (3-hydroxypropionitrile)2 to the lithium layer in a recent study. Based on this concept, the researchers created a totally self-forming battery in which the lithium anode and iodine cathode are generated during the first charging process. As a result, the danger of self-discharge is diminished, allowing the inactive battery to be stored for longer.
Work on reducing the total impedance has also been motivated by the emergence of a liquid electrolyte phase that comes from the interaction of PVP with lithium and iodine, particularly due to interfacial effects. Studying this battery pack under the rigorous circumstances demanded by implanted medical devices addresses a number of issues critical for many applications.
Competitive Landscape
Key manufacturers are concentrating their efforts on enhancing their production capabilities to increase their market share and better meet the rising demand for Lithium Iodide. To satisfy the expanding demands of end consumers, market participants are investing capital to increase their Lithium Iodide production capacity. A wide range of market opportunities has been created by the numerous technological advancements and the main competitors’ increasing attempts at development through acquisitions, joint ventures, and partnerships.