Dublin, Feb. 20, 2023 (GLOBE NEWSWIRE) -- The "Global Lithium Market, By Product, By Application & By Region - Forecast and Analysis 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Lithium Market size was valued at USD 7.1 Billion in 2021, and it is expected to reach a value of USD 15.45 Billion by 2028, at a CAGR of 11.75% over the forecast period 2022 - 2028.
Companies Mentioned:
- FMC Corporation (India)
- SQM S.A. (CHILE)
- Tianqi Lithium (Australia)
- International Lithium Corp. (China)
- LSC Lithium Corporation (Canada)
- American Lithium Corp. (Canada)
- Livent (US)
- BYD Company (China)
- LG Chem (South Korea)
- Samsung SDI (South Korea)
The electrification of automobiles is predicted to drive the lithium-ion battery market, attracting a considerable volume of lithium-ion batteries over the forecast period. The automotive application segment is predicted to increase significantly throughout the forecast period, owing to government-imposed severe restrictions for ICE automakers to minimize carbon dioxide emissions from autos.
This has shifted automakers' focus to producing electric vehicles, which is likely to increase demand for lithium and related components. Government incentives for electric vehicles, as well as investments in the sector, are expected to promote the growth of the lithium market.
Segments covered in this report
The global Lithium market is segmented by product and by application. Based on product, the market is categorized into Carbonate, Hydroxide, Others. Based on application, the market is segmented into Batteries, Glass & Ceramics, Lubricant, Medical, Polymers, Metallurgy, Others. By region, the global Lithium market is categorized into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Driver
Electric vehicles are powered by lithium-ion batteries. The growing use of electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) has increased lithium-ion battery adoption, which is projected to continue.
Restraint
Concerns about the safety of wasted battery storage and transportation. Exhausted batteries must be stored in watertight containers, away from flammable and combustible items. In the event of a fire, a Class D extinguisher and sand should be stored close as a precaution. Because old batteries retain charge, there is a risk of unintentional discharge, which could cause property and human harm.
Market Trends
Rapid advancements in rechargeable batteries for laptops, cell phones, electric vehicles, and digital cameras, fueled by the global expansion of the Li-ion battery sector, are likely to boost product demand. Because of increased demand for batteries, lubricants, glass and ceramics, foundry, and other products, the lithium market is likely to expand.
The growing popularity of hybrid and electric vehicles, high-drain portable devices, and energy storage technologies has had a substantial impact on market growth. Electric vehicles' growing popularity can be due to heightened environmental concerns, as EVs reduce carbon emissions.
Report Metrics:
| Report Attribute | Details |
| No. of Pages | 127 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value (USD) in 2021 | $7.1 Billion |
| Forecasted Market Value (USD) by 2028 | $15.45 Billion |
| Compound Annual Growth Rate | 11.7% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/vsgg6y-lithium?w=12
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