Lithium Iodide Market Size To Increase At A CAGR Of 5.5% In The Forecast Period Of 2023-2030
Lithium Iodide Market Overview: The lithium iodide market has witnessed significant growth, driven by the increasing demand for lithium-based batteries in various industries. Lithium iodide, a compound composed of lithium and iodine, plays a crucial role in the production of efficient and long-lasting batteries. Lithium Iodide Market is USD 120.94 million in 2022. It is projected to reach USD 183.79 Million by 2030, indicating a CAGR of 5.5% during the forecast period. Lithium iodide, with its chemical formula LiI, is a white, crystalline solid that is highly soluble in water. It is primarily used in the production of lithium-based batteries due to its excellent conductivity and stability. Lithium iodide has gained significant traction in the energy storage sector, particularly in electric vehicles (EVs) and renewable energy systems, owing to its ability to store and release electrical energy efficiently. Market Drivers: The rising adoption of electric vehicles is ...