Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global Lithium Market Size is Expected to Grow from USD 32.04 Billion in 2023 to USD 166.69 Billion by 2033, at a CAGR of 17.93% during the forecast period 2023-2033.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Lithium Market Size, Share, and COVID-19 Impact Analysis, By Type (Carbonates, Hydroxide, and Others), By Application (Automotive, Consumer Electronics, Grid Storage, Glass & Ceramics, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
The production, distribution, and mining of lithium and its compounds are all included in the global lithium market. A soft, silver-white metal that is extremely reactive, lithium is a member of the alkali metal group. It is mostly obtained through hard rock mining or brine solutions. The growing use of lithium-ion batteries in sectors including consumer electronics, energy storage systems, and automobiles is anticipated to propel the worldwide lithium market to substantial growth. The growing use of renewable energy sources and electric vehicles fuels the demand for lithium-ion batteries. Another factor driving the expansion of the global lithium market is the fast pace of industrialization and urbanization. Lithium battery technologies are expanding beyond vehicle power, as renewable energy sources like solar and wind demand efficient energy storage solutions. Lithium-ion batteries are used in large utility projects and residential and business solar panels. The widespread deployment of batteries for grid energy storage could drive new lithium demand. Consumer electronics and stationary storage applications in mobile phone towers and data centers are also gaining popularity. The expansion of distributed battery storage across industries will drive higher lithium consumption in the energy sector. However, volatility in lithium prices is limiting global market growth, impacting lithium-ion batteries, electric vehicles, and energy storage solutions, causing uncertainty for producers and downstream customers.
The carbonates segment accounted highest share of 54.87% in 2023 and is anticipated to grow at a CAGR of 12.87% during the forecast period.
Based on the type, the lithium market is classified into carbonates, hydroxide, and others. Among these, the carbonates segment accounted highest share of 54.87% in 2023 and is anticipated to grow at a CAGR of 12.87% during the forecast period. The battery industry's enormous demand for lithium carbonate, particularly for lithium-ion batteries, is the reason behind this. For the synthesis of lithium hydroxide, the cathode material for lithium-ion batteries, which are mostly utilized in energy storage devices and electric cars, lithium carbonate is the ideal raw material.
The automotive segment accounted for 39.78% of the market share in 2023 and is expected to grow at a significant CAGR during the forecast period.
Based on the application, the lithium market is divided into automotive, consumer electronics, grid storage, glass & ceramics, and others. Among these, the automotive segment accounted highest share of 39.78% in 2023 and is expected to grow at a significant CAGR during the forecast period. The urgent need to transition to electric mobility and decarbonize transportation globally is the reason behind the automobile industry's dominance. Automakers are aggressively expanding their EV manufacturing capabilities in response to strict government regulations aimed at promoting electric vehicles and phasing out internal combustion engines.
North America is estimated to hold the largest share of the lithium market over the forecast period.
North America is estimated to hold the largest share of the lithium market over the forecast period. The U.S. is a major lithium-importing nation and a hub for lithium-ion battery production, with major battery and EV manufacturers based in the U.S. and Canada. Supportive policies for EVs and energy storage promote investments in lithium mining and manufacturing capacities. North America's stable political environment and skilled workforce make it an attractive destination for building lithium-ion supply chains.
Asia Pacific is predicted to have the fastest CAGR growth in the lithium market over the forecast period. South Korea and Japan have acquired and invested in China, which now controls the majority of the lithium-ion battery and electric car value chain. The expanding electric vehicle and battery manufacturing sectors in Asia Pacific strengthen its position.
Company Profilling
Major key players in the lithium market include Albemarle Corp., Ganfeng Lithium Co., Ltd., SQM S.A., Tianqi Lithium Corporation, Livent Corp., Lithium Americas Corp., Pilbara Minerals, Orocobre Limited Pty. Ltd., Mineral Resources Group Co., Ltd., Avalon Advanced Materials Inc., Sichuan Yahua Industrial Group Co. Ltd, Morella Corporation Limited, Mineral Resources, and Others.
Recent Development
Key Target Audience
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the lithium market based on the below-mentioned segments:
Global Lithium Market, By Type
Global Lithium Market, By Application
Global Lithium Market, By Regional Analysis
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