H1 2023: During the first half of 2023, the Asia Pacific region emerged as the predominant consumer of Lithium Fluoride. The Lithium Fluoride market experienced fluctuating sentiments in the Chinese domestic market during the first quarter of 2023. January witnessed a price increase, later significantly easing amidst reduced inquiries from downstream industries. Subsequently, February saw a considerable market price drop, influenced by a sluggish demand outlook and consumer hesitancy towards new purchases, exacerbated by declining electric vehicle sales. March witnessed a further decline in prices due to abundant product inventories and weakened downstream demand. In April, lithium fluoride market prices experienced a further decline attributed to production cuts by domestic manufacturers, coupled with accumulated inventories and a subdued demand outlook in the Asia Pacific region. Reduced demand from glass and ceramics markets, along with downstream enterprises hesitating to purchase high-priced raw materials, led to a decrease in lithium fluoride prices in May. Subsequently, the market rebounded, registering by June. Although downstream inquiry enthusiasm slightly improved, lithium fluoride's production cost increased due to some supply constraints.
The global Lithium Fluoride market stood at approximately 93 thousand tonnes in 2022 and is anticipated to grow at a CAGR of 10.23% during the forecast period until 2032.
Lithium Fluoride is an inorganic substance with the chemical formula as LiF. It is produced by applying hydrogen fluoride to either lithium carbonate or oxide. Lithium Fluoride (LiF) is a versatile compound with a range of applications across diverse industries. In the nuclear sector, it plays a crucial role in reactor coolant systems and serves as a radiation detector material, owing to its neutron-absorbing capabilities. Due to its stable ionic structure, lithium fluoride is extensively employed as a heat sink material and fluxing agent in the ceramics, enamel, and glass industry. LiF is a key component in the booming lithium-ion battery market, contributing to the efficiency and performance of rechargeable batteries. Its involvement in the aluminium smelting process acts as a flux, lowering the melting point of alumina and improving conductivity. Furthermore, LiF finds application in optical coatings for lenses and prisms, benefiting from its high refractive index and transparency in the ultraviolet range. In the ceramic and glass industry, LiF enhances material properties, contributing to improved overall performance. Acting as a fluorinating agent in various chemical processes, it facilitates the introduction of fluorine into organic compounds. In metallurgy, LiF's fluxing properties aid in removing impurities during specific metal refining processes.
The lithium fluoride market is likely to grow in the forecast period driven by various factors. Lithium fluoride serves a crucial role in the glass and ceramic industries by acting as a flux. As a crucial component, it facilitates the melting process and enhances material properties, driving its usage and market growth in these sectors. Another factor is the surging demand of Lithium Fluoride in the electric vehicle (EV) sector. Lithium fluoride (LiF) holds a pivotal role in lithium-ion battery production, integral to EVs. The growing sales of EVs and ongoing research on fluoride-ion batteries, offering heightened energy density and cost-efficiency, contribute significantly to market expansion. Beyond EVs, lithium fluoride market sees increased utilization in electronic products, reinforcing market demand. The thriving lithium-ion battery market, propelled by the rising use of portable electronic devices, further boosts the demand for LiF. Furthermore, LiF's distinct properties, such as its application as a flux in aluminium smelting and its role in optical coatings, enhance its versatility, fostering market growth. Ongoing research and development initiatives in fluoride-ion batteries. Also, increased utilization or advancements in nuclear energy technologies may lead to heightened demand for Lithium Fluoride, primarily due to its crucial role in nuclear reactor systems. The global Lithium Fluoride market is anticipated to reach nearly 250 thousand tonnes by 2032.
Asia Pacific region is the largest consumer of Lithium Fluoride. It is anticipated that Asia Pacific will hold a sizable portion of the market. China is one of the top producers of glass in the Asia-Pacific area, which helps to meet the demand for lithium fluoride in the area. The Asia-Pacific region, encompassing major chemical production hubs like India, China, and South Korea, is poised to experience the most substantial growth in the global lithium fluoride market. Renowned as top suppliers of chemical products, these nations host extensive manufacturing facilities for chemicals and materials. Additionally, Asia-Pacific stands at the forefront of the electric vehicle (EV) market, notably with China leading EV production and exportation. The surge in Li-ion battery-powered EVs has generated substantial demand for lithium fluoride, a crucial component in Li-ion batteries. Concurrently, heightened sales of portable devices, including laptops and smartphones, have spurred increased investments in the regional Li-ion battery market. Meanwhile, Europe is anticipated to yield noteworthy outcomes, driven by ongoing investments in nuclear energy advancements.
Based on the end-user industry, the global Lithium Fluoride market is segmented into Glass, Ceramics, Metallurgy, Pharmaceutical, Others. Among these, Glass and Ceramics industries were the largest segment and held a market share of roughly 50% in 2022.
Major players in the Global Lithium Fluoride market are SQM, FMC Corporation, Sigma-Aldrich, Albemarle Corporation, Jiangxi Ganfeng Lithium Co. Ltd., Reade Advanced Materials, China Lithium Products Technology Co. Ltd., Arkema, Noah Technologies Corporation, American Elements, Honeywell International Inc., and Shanghai China Lithium Industrial Co. Ltd.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Lithium Fluoride which covers production, demand and supply of Lithium Fluoride market in the globe.
• To analyse and forecast the market size of Lithium Fluoride
• To classify and forecast Global Lithium Fluoride market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Lithium Fluoride market in the globe.
To extract data for Global Lithium Fluoride market, primary research surveys were conducted with Lithium Fluoride manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Lithium Fluoride market over the coming years.
ChemAnalyst calculated Lithium Fluoride demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Lithium Fluoride. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Lithium Fluoride manufacturers and other stakeholders
• Organizations, forums and alliances related to Lithium Fluoride distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Lithium Fluoride manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Lithium Fluoride market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
93 thousand tonnes
Market size Volume in 2032
250 thousand tonnes
Growth Rate
CAGR of 10.23% from 2023 to 2032
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2032
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Glass, Ceramics, Metallurgy, Pharmaceutical, Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Member - Board of Directors
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What was the net market size of Lithium Fluoride in terms of volume in 2022?
Ans:
The global market size of Lithium Fluoride reached approximately 93 thousand tonnes in 2022.
Q2.
Which region is the major consumer of Lithium Fluoride?
Ans:
Asia Pacific region is the leading consumer of Lithium Fluoride globally.
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