ID: MRFR/CnM/6558-HCR | 140 Pages | Published By Anshula Mandaokar on March 2023
Lithium Market is projected to be worth USD 6.62 billion by 2028, registering a CAGR of 8.1% during the forecast period (2021 - 2028).
The global lithium market reveals a possibility of crossing a USD 6.62 billion valuation by the end of 2028 with a CAGR of over 8.1%. The entire process of the Lithium Market growth and showcasing a constant growth rate is due to the constant manufacture, production, and usage of the same. Electrifications and other industrial procedures have included a construction method involving a heavy amount of lithium-ion content.
The key factor driving the Lithium Market is the certain regulations lied down by the government to bring in limit the extensive usage of ICE automakers. The increasing carbon emissions around the atmosphere have made it a mandatory point to consider lithium batteries to cancel out any chances of pollution. The product of pollution-efficient batteries and other applications has shifted the interests of consumers towards more energy-efficient and environmentally friendly emission methods. There have been so many schemes regarding the subsidies for EVs and additional booster technologies that have initiated the market's growth. Changing the battery supply hold has led many producers and manufacturers to adopt a healthy and increased production method.
Some of the key players operating in the global lithium market are Albemarle Corporation (US), SQM S.A. (Chile), Livent (US), Altura Mining (Australia), Orocobre Limited Pty Ltd (Australia), Jiangxi Ganfeng Lithium Co. Ltd (China), Tianqi Lithium Industries Inc. (China), Critical Elements Corporation (Canada), Lithium Americas Corp. (Canada), and Sayona Mining Limited (Australia).
Global Lithium Market Share, By Application, 2018 (%)
Source: MRFR Analysis
The lithium market report has been studied across five key regions, namely Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa. Based on Lithium market value, Europe is estimated to hold over 30% of the global lithium market share and is expected to continue its dominance throughout the forecast period owing to the growth in the manufacturing of electric vehicles. Also, major countries in Europe such as Norway, Sweden, Belgium, and Iceland together are expected to account over one-third share of the regional market. Asia-Pacific is expected to exhibit the highest CAGR during the forecast period, due to the growing demand for battery-powered vehicles across China and South-East Asian countries. For instance, the Chinese government has strategized to adopt 20% of electric vehicles by 2020. Additionally, Tianqi Lithium Corporation and Albemarle Corporation have collaborated to increase the production of lithium from the Greenbushes spodumene mine of Australia. In North America, the increase in demand for lithium in pharmaceuticals and agricultural chemicals is expected to boost the demand for lithium in the region. The application of fermentation chemicals in adhesives and greases processes coupled to its application in the construction sector is expected to propel the demand for lithium in the Middle East & Africa during the forecast period.
The global lithium market has been segmented based on product type, application, and region.
On the basis of product type, the global lithium market has been categorized into lithium hydroxide, lithium carbonate, lithium chloride, butyllithium, lithium metal, and others.
By application, the global lithium market has been divided into energy storage, greases, frits, glasses and ceramics, air treatment, adhesives, and others.
The global lithium market report, by region, has been segregated into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.Recent Development
In March 2018,
The Albemarle Corp of the US franchise helped the majority of the industrial sectors merge with the Livent Corp, and thus this helped consume and save a lot of time. The addition of customized purchases along with the alteration of the regional as well as the country level has driven the Lithium Market. The rising demand for the insertion of electrical engines in almost every possible vehicle to reduce the number of regular emissions by the chimneys and the releasers has driven the competition in the lithium market outlook.
|Market Size||2028: USD 6.62 billion|
|CAGR||2028: 8.1% CAGR|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product Type, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Albemarle Corporation (US), SQM S.A. (Chile), Livent (US), Altura Mining (Australia), Orocobre Limited Pty Ltd (Australia), Jiangxi Ganfeng Lithium Co. Ltd (China), Tianqi Lithium Industries Inc. (China), Critical Elements Corporation (Canada), Lithium Americas Corp. (Canada), and Sayona Mining Limited (Australia).|
|Key Market Opportunities||The rising demand for lithium in air treatment and air conditioning systems|
|Key Market Drivers||The increasing use of batteries across various storage units such as smartphones, portable electronic devices, and electric vehicles.|
The valuation of the global Lithium Market is estimated to reach USD 6.62 BN by the end of 2028
Valuation of the global Lithium Market had reached USD 3.62 BN in 2018.
Lithium Market is projected to expand at over 8.1% CAGR during the assessment period (2021-2028).
Energy storage is the largest application segment in the global Lithium Market.
Sayona Mining Limited (Australia), SQM S.A. (Chile), Albemarle Corporation (US), Orocobre Limited Pty Ltd (Australia), Livent (US), Altura Mining (Australia), Critical Elements Corporation (Canada), Jiangxi Ganfeng Lithium Co. Ltd (China), Lithium Americas Corp (Canada), and Tianqi Lithium Industries Inc. (China), are some of the major players operating in the Lithium Market.
Europe holds the largest share in the global Lithium Market, followed by the Asia Pacific and North America, respectively.