Pune, India, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The global lithium market size was USD 3.64 billion in 2020. The market is projected to grow from USD 3.83 billion in 2021 to USD 6.62 billion in 2028 at a CAGR of 8.1% during the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Lithium Market, 2021-2028.”
According to our researchers, The lithium market is a growing industry that is primarily driven by the increasing demand for lithium-ion batteries used in electric vehicles, consumer electronics, and grid storage systems. Lithium is a highly reactive metal that is extracted from various sources such as brine, hard rock, and clay. Lithium can be further processed into various products such as lithium carbonate, lithium hydroxide, and lithium metal, among others.
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India Lithium Industry Latest Update:
The Geological Survey of India found an ‘Inferred’ Reserve of 5.9 Million Tonnes of Lithium in India (Jammu & Kashmir)
List of Key Players Covered in the Report
- FMC Corporation (India)
- Albemarle Corporation (U.S.)
- SQM S.A. (Chile)
- Tianqi Lithium (Australia)
- International Lithium Corp. (China)
- LSC Lithium Corporation (Canada)
- American Lithium Corp. (Canada)
- Livent (U.S.)
- Avalon Advanced Materials (Canada)
- Sayona Mining Limited (Australia)
- Other Key Players
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 8.1% |
| 2028 Value Projection | USD 6.62 Billion |
| Quantitative units | Revenue in USD million/billion, volume in kilotons, and CAGR from 2021 to 2028 |
| Lithium Market Size in 2021 | USD 3.83 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 200 |
| Segments Covered | By Product, By Application and Geography |
| Lithium Market Growth Drivers | Product, Application, and Region are studied for the Market |
| Acquisitions Commenced by Significant Companies to Encourage Market Growth |
Segmentation
The lithium market can be segmented in several ways based on various criteria, including:
Product Type: Lithium can be classified into different product types such as lithium carbonate, lithium hydroxide, lithium metal, and others.
End-Use Industry: Lithium is used in a variety of industries, including batteries, ceramics and glass, lubricants, air treatment, and others.
Application: Lithium is used for various applications, including electric vehicles, grid storage, consumer electronics, aerospace, and others.
Geography: The lithium market can be segmented based on geography, such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Grade: Lithium can be classified into different grades such as technical grade, battery grade, pharmaceutical grade, and others.
Source: Lithium can be extracted from different sources such as brine, hard rock, and clay.
By segmenting the lithium market based on these criteria, companies can gain a better understanding of the market dynamics and tailor their marketing strategies to specific customer groups.
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Report Coverage
A comprehensive lithium market report should cover the following aspects:
- Overview: A brief introduction to the lithium market, including the history, current status, and future prospects.
- Size and Growth: A detailed analysis of the market size and growth rate for the past, present, and forecast period.
- Dynamics: A detailed analysis of the market drivers, restraints, and opportunities, including the industry trends, technological advancements, and regulatory landscape.
- Competitive Landscape: An overview of the major players operating in the lithium market, including their market share, product portfolio, business strategies, and recent developments.
- Company Profiles: Detailed profiles of the leading companies in the lithium market, including their financial performance, SWOT analysis, and recent developments.
- Conclusion and Recommendations: A summary of the key findings of the report, along with recommendations for the stakeholders to make informed decisions.
By covering these aspects in a lithium market report, companies and investors can gain valuable insights into the market dynamics and make informed decisions regarding their investments and strategies.
Application Insights
The segment is projected to grow owing to the increasing sales of electronic devices, such as mobile phones, laptops, cameras, speakers & etc. which make use of Li-ion batteries. Characteristics, such as low weight, large energy storage, and small size are driving the demand for batteries. Single-use, non-rechargeable Li-ion batteries are used in remote controllers, handheld games, cameras.
Drivers and Restraints
Drivers:
- Growing demand for lithium-ion batteries: The demand for lithium-ion batteries is rapidly increasing due to the growing adoption of electric vehicles, consumer electronics.
- Government initiatives to promote clean energy: Governments across the world are promoting the adoption of renewable energy sources such as solar and wind, which is driving the demand for lithium-ion batteries as an energy storage solution.
- Technological advancements in lithium-ion batteries: Continuous advancements in lithium-ion battery technology have resulted in improved battery performance, reduced cost, and increased energy density, which is driving the demand for lithium.
- Limited availability of lithium reserves: The limited availability of lithium reserves is driving the exploration and development of new lithium reserves, which is expected to drive the demand for lithium.
Restraints:
- Environmental concerns related to lithium mining and processing: The mining and processing of lithium can have negative environmental impacts, which has led to increased scrutiny and regulation.
- Competition from other battery technologies: While lithium-ion batteries dominate the market, there is still competition from other battery technologies, such as flow batteries and solid-state batteries.
- Limited recycling of lithium-ion batteries: The limited recycling of lithium-ion batteries can result in the depletion of lithium resources and environmental concerns.
- Transportation and logistics challenges: Lithium mining and processing is often located in remote areas, which can make transportation and logistics challenging, increasing the cost and reducing the profitability of lithium production.
Regional Insights
North America held the maximum lithium market share in 2020 and is expected to grow at a substantial pace during the forecast period. The rising implementation of cleaner energy sources, owing to strict supervisory guidelines is increasing regional growth.
Asia Pacific is anticipated to hold the maximum share of the global market, owing to extensive utilization in the industrial and commercial sector involving power, chemical, electronics, industrial, and general manufacturing among others.
Europe has perceived considerable industrial development in the past decade. The rising investment of the European Union for R&D in automobile, ICT, and healthcare sectors is the prime aspect driving the growth.
Competitive Landscape
The dominating players in the market frequently choose effective tactics to thrust their brand value as well as endorse the global market growth of the product with confronting least conceivable complications. One such resourceful strategy is purchasing competitive companies and further fortifying a profit for both the companies.
Industry Development
Here are some key developments in the lithium industry:
Exploration and development of new lithium reserves: The limited availability of lithium reserves has led to increased exploration and development of new lithium reserves. Companies are exploring new sources of lithium, including clay deposits and geothermal brines, to ensure a sustainable supply of lithium for the future.
Technology advancements in lithium-ion batteries: There have been continuous advancements in lithium-ion battery technology, which has resulted in improved battery performance, reduced cost, and increased energy density. These advancements are driving the demand for lithium and creating new opportunities for the lithium industry.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/lithium-market-104052
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Joint Ventures, Collaboration, Partnerships, New Product Launches, and Mergers & Acquisitions
- Global Lithium Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product (Value/Volume)
- Carbonate
- Hydroxide
- Others
- By Application (Value/Volume)
- Batteries
- Glass & Ceramics
- Lubricant
- Medical
- Polymers
- Metallurgy
- Others
- By Region (Value/Volume)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Product (Value/Volume)
- North America Lithium Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product (Value/Volume)
- Carbonate
- Hydroxide
- Others
- By Application (Value/Volume)
- Batteries
- Glass & Ceramics
- Lubricant
- Medical
- Polymers
- Metallurgy
- Others
- By Country (Value/Volume)
- U.S.
- By Application (Value/Volume)
- Batteries
- Glass & Ceramics
- Lubricant
- Medical
- Polymers
- Metallurgy
- Others
- By Application (Value/Volume)
- Canada
- By Application (Value/Volume)
- Batteries
- Glass & Ceramics
- Lubricant
- Medical
- Polymers
- Metallurgy
- Others
- By Application (Value/Volume)
- Mexico
- By Application (Value/Volume)
- Batteries
- Glass & Ceramics
- Lubricant
- Medical
- Polymers
- Metallurgy
- Others
- By Application (Value/Volume)
- U.S.
- By Product (Value/Volume)
- Europe Lithium Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product (Value/Volume)
- Carbonate
- Hydroxide
- Others
- By Application (Value/Volume)
- Batteries
- Glass & Ceramics
- Lubricant
- Medical
- Polymers
- Metallurgy
- Others
- By Country (Value/Volume)
- Germany
- By Application (Value/Volume)
- Batteries
- Glass & Ceramics
- Lubricant
- Medical
- Polymers
- Metallurgy
- Others
- By Application (Value/Volume)
- UK
- By Application (Value/Volume)
- Batteries
- Glass & Ceramics
- Lubricant
- Medical
- Polymers
- Metallurgy
- Others
- By Application (Value/Volume)
- France
- By Application (Value/Volume)
- Batteries
- Glass & Ceramics
- Lubricant
- Medical
- Polymers
- Metallurgy
- Others
- By Application (Value/Volume)
- Spain
- By Application (Value/Volume)
- Batteries
- Glass & Ceramics
- Lubricant
- Medical
- Polymers
- Metallurgy
- Others
- By Application (Value/Volume)
- Germany
- By Product (Value/Volume)
TOC Continued…!
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Frequently Asked Questions (FAQs):
Is lithium a good investment?
Answer: The future is being powered by lithium, a metal that is the key ingredient for making lightweight, power-dense batteries. Electric vehicles (EVs) depend on lithium batteries and EV sales are seeing massive annual growth.
Who is the largest producer of lithium?
Answer: In 2022. Australia was the world leader in terms of lithium mine production, with an estimated output of 61,000 metric tons. Chile and China ranked second and third, with lithium production totaling 39,000 and 19,000 metric tons, respectively
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Lithium Battery Grade Lithium Carbonate Market Size, Share & Industry Analysis, By Type (99.5 % , >99.5 %), By Application (Power Battery, 3C battery, Others) and Regional Forecast 2022-2029
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