USD 6.67 billion
Global Lithium Market Size, Share, Growth Analysis, By Product(Carbonate, Hydroxide), By Application(Batteries, Glass & Ceramics) - Industry Forecast 2024-2031
Report ID:
SQMIG20D2058 |
Region:
Global |
Published Date: April, 2024
Pages:
157
|
Tables:
67 |
Figures:
75
Global Lithium Market Insights
Global Lithium Market size was valued at USD 6.67 billion in 2019 and is poised to grow from USD 7.49 billion in 2023 to USD 21.28 billion by 2031, growing at a CAGR of 12.3% in the forecast period (2024-2031).
The market for lithium-ion batteries is expected to be driven by the electrification of automobiles, which is expected to attract a significant volume of lithium-ion batteries over the forecast period.
The automotive application segment is expected to grow significantly during the forecast period, owing to government-imposed strict rules for ICE automakers to reduce carbon dioxide emissions from automobiles. This has switched automakers' focus to producing electric vehicles, which is expected to boost demand for lithium and related products. Government incentives for electric vehicles, as well as investments in the sector, are projected to accelerate the Lithium market growth.
US Lithium Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Batteries
Fastest Growth
Glass & Ceramics
Growth Rate
12.3% CAGR
Global Lithium Market, 2021-2027 ($ Mn)
Country Share for North America Region- 2021 (%)
Global Lithium Market Size By Application , 2021-2027 ($ Mn)
Global Lithium Market Size By Application , 2021-2027 (%)
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Global Lithium Market Segmental Analysis
The Global Lithium Market is segmented based on Product, Application, and Region. Based on Product Lithium Market is categorized into Carbonate, Hydroxide, and Others. Based on Application Lithium Market is categorized into Batteries, Glass & Ceramics, Lubricant, Medical, Polymers, Metallurgy, and Others. Based on the region Lithium Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Lithium Market Analysis by Product
In 2020, lithium carbonate (Li CO) dominated the market. It's also known as Li salt, and it's most commonly used to process metal oxides. Carbonate is the first chemical in the production cycle, derived from brines. It is used in the pharmaceutical sector to create drugs for treating bipolar disorder patients and preventing cluster headaches. Furthermore, Li CO is widely used in the automotive industry as a result of the increasing popularity of electric vehicles, offering a boost to the Lithium market growth. Battery advancements have fuelled a surge in demand for lithium hydroxide, which is expected to grow at the fastest rate over the forecast period. It's produced from a mixture of materials, including petroleum hard rocks and brines. Several manufacturers are building plants worldwide to increase their entire company and secure a position in the value chain. Albemarle, for example, began building on a Lihydroxide (LiOH) production plant in Kemerton, Western Australia, in March 2019 for USD 709.4 million. The plant will be able to generate up to 100,000 tonnes of premium battery-grade LiOH per year once it is fully operational.
Lithium Market Analysis by Application
In 2020, the batteries segment dominated the market, and this dominance is expected to continue over the forecast period. Li batteries come in a variety of active material combinations for the cathode, electrolyte, and anode. There are two types of batteries: main and secondary. Cameras, calculators, electronic games, watches, laptops, and other devices all need primary batteries. Portable computers, telephones, tablets, electric vehicles, cordless tools, and video cameras all require secondary batteries. The Li-ion battery industry will be driven by an increase in the sale of electric vehicles due to rising per capita disposable income and consumer preferences.
Global Lithium Market By Application , 2021(%), 2023 (%)
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Global Lithium Market Regional Insights
During the forecast period, the Lithium market in North America is expected to grow at a high rate. As a result of more stringent regulatory rules, greener energy sources are being adopted at a faster rate, boosting the regional economy. The Environmental Protection Agency (EPA) has several schemes and financing initiatives in place to encourage the use of green and sustainable energy sources such as solar, wind, and geothermal. The growing popularity of solar panels has resulted in a significant increase in the need for cells and batteries to store energy.
Global Lithium Market By Geography, 2021 - 2027, 2024-2031
- Largest
- Fastest
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Global Lithium Market Dynamics
Lithium Market Driver
- Electric vehicles use lithium-ion batteries as a source of power. The widespread usage of electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) has grown exponentially lithium-ion battery adoption, which is expected to continue to increase in the future. Consumer acceptance of EVs has contributed to the growth of the Lithium market for these energy-saving, pollution-reducing vehicles. The number of electric vehicles is steadily increasing, owing to benefits such as reduced vehicle engine service, reduced usage of hazardous oil waste, reduced pollution caused by fuel combustion engines, and the advancement of battery tech. Electric vehicles are seen as the automobile industry's and transportation systems' future.; their increased adoption will eventually increase the demand for lithium-ion batteries.
Lithium Market Restraint
- Hazardous chemicals, such as acids and heavy metals including mercury and lead, can be found in spent batteries. A few years back, a fire caused by lithium-based batteries resulted in the burning of more than 132,000 liters of chemicals, causing the closure of two major roads in the United Kingdom. It is required to store expended batteries in watertight containers and away from flammable and combustible materials. A Class D extinguisher and sand should also be kept nearby as a preventive measure in the event of a fire. As used batteries retain charge, there is a risk of unplanned discharge, which could cause damage to the property and people. Unless otherwise specified, all batteries should be viewed as holding a charge and stored with care.
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Global Lithium Market Competitive Landscape
To supply excellent performance, production, and development of batteries, manufacturers are focusing on R&D developments. The US Department of Energy's (DOE) Argonne National Laboratory, in collaboration with the Hong Kong University of Science and Technology (HKUST), developed a novel particle-level cathode coating for LIBs in July 2020 to improve their safety and life. In addition, at Argonne National Laboratory, DOE researchers have opened the ReCell Site, a LIB recycling center. These recycled components can be employed in new batteries, decreasing production costs by 10% to 30% and lowering the overall cost of electric vehicles. XNRGI is a Li battery firm that specializes in next-generation energy storage. Grid-scale energy storage is provided by the business, which has also introduced a porous silicon XNRGI storage technology for rechargeable batteries.
Lithium Market Top Players Company Profiles
- FMC Corporation
- Livent
- Albemarle Corporation
- SQM (Sociedad Química y Minera de Chile)
- Tianqi Lithium Corporation
- Ganfeng Lithium Co., Ltd.
- Lithium Americas Corp.
- Jiangxi Ganfeng Lithium Co., Ltd.
- Nemaska Lithium Inc.
- Pilbara Minerals Limited
- Orocobre Limited
- Mineral Resources Limited
- Galaxy Resources Limited
- Eramet SA
- POSCO
- China Molybdenum Co., Ltd.
- Rare Earth Minerals PLC
- Bacanora Lithium PLC
- Neometals Ltd.
- Altura Mining Limited
Lithium Market Recent Developments
- In May 2022, Matter, an energy storage and electric vehicle startup launched its lithium ion-based energy storage product portfolio for mobile and stationary applications at the India Energy Storage Week. It's an EV battery swap ecosystem concept. Matter's stationary energy storage system offerings are designed to assist RE generators, transmission operators, discoms, and other end, users.
- In January 2022, Linkdata New Energy Co., Ltd, a leading Chinese manufacturer of lithium-ion batteries, held a product launch event at the Shanghai Tower for its 26-46mm diameter series of cylindrical lithium-ion batteries products.
- In May 2021, CATL and Daimler Truck AG have announced that their existing partnership will be strengthened based on their shared vision of CO2-neutral electric trucking. CATL will supply lithium-ion battery packs for Mercedes-eActros Benz's LongHaul battery-electric vehicle, which is expected to go into production in 2024.
Global Lithium Key Market Trends
- Rapid developments in rechargeable batteries for laptops, cell phones, electric cars, and digital cameras, fuelled by the global growth of the Li-ion battery industry, are expected to increase product demand. The Lithium market is expected to grow due to rising demand for batteries, lubricants, glass and ceramics, foundry, and other products. The increased use of hybrid and electric vehicles, high-drain portable gadgets, and energy storage technologies has had a significant impact on market growth. The rising popularity of electric vehicles can be attributed to increased environmental concerns, as EVs cut carbon emissions.
- Electric vehicle market growth will be boosted by rising demand for high-performance, low-emission, and fuel-efficient automobiles, as well as rigorous regulatory pollution standards. Between 2020 and 2026, the global electric vehicle market is predicted to more than double, reaching an estimated global Lithium market size of one trillion US dollars by 2026. This corresponds to a significant compound annual growth rate (CAGR) of more than 23.06% between 2022 and 2028.
Global Lithium Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. SQ identified the key dominating segments of the market by offerings and verticals.
During the forecast period, Companies that make electric vehicles and automobiles are continually changing their preferences based on cathode properties such as safety, stability, longevity, cost, and energy density. On a life-cycle basis, EVs are touted as a sustainable transportation option because they generate fewer GHG than conventional vehicles.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 6.67 billion |
| Market size value in 2031 | USD 21.28 billion |
| Growth Rate | 12.3% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Lithium Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Lithium Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Lithium Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Lithium Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Lithium Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Lithium Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Lithium Market Report Snapshots
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