Pune, India, June 20, 2023 (GLOBE NEWSWIRE) -- The global lithium market research was valued at USD 37.8 billion in 2022 and is expected to reach a valuation of USD 22.2 billion in 2023. The market is expected to reach USD 89.9 billion by 2030 with a CAGR of 22.1% during the forecast period. An increasing number of advancements in rechargeable batteries for laptops, mobile phones, electric vehicles, and digital cameras is set to drive market growth. The surge in battery demand is due to the development of environmentally sustainable solutions is set to drive market growth. Fortune Business Insights™ shares this information in its report titled “Lithium Market, 2023-2030.”
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List of Key Players Profiled in the Lithium Market Report:
- Albemarle Corporation (U.S.)
- SQM S.A. (Chile)
- Tianqi Lithium (Australia)
- Jiangsu Ronghui General Lithium Industry Co., Ltd. (China)
- Ganfeng Lithium Co., Ltd. (China)
- Sigma Lithium (Canada)
- American Lithium Corp. (Canada)
- Livent (U.S.)
- Avalon Advanced Materials (Canada)
- Sayona Mining Limited (Australia)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 22.1% |
| 2030 Value Projection | USD 89.9 Billion |
| Market Size in 2022 | USD 37.8 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 250 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| lithium market Growth Drivers | 0.5 mm to Lead as it Provides Optimum Performance |
| Increasing Demand from Various End-use Industries to Propel the Product Demand |
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Segments
Lithium Carbonate (Li2CO3) Led as it is Widely Used in the Pharmaceutical Industry
On the basis of product, the market is segmented into carbonate, hydroxide, chloride, metal, and others. Lithium carbonate (Li2CO3) held the majority part in 2022 as carbonate is extracted from brines and is the first compound in the production chain. It is widely used in pharmaceutical industry in making medicines for cluster headaches.
Batteries Led as it is Used in Numerous Combinations of Active Materials
Based on application, the market is segmented into batteries, glass & ceramics, lubricant, polymers, metallurgy, medical, air treatment, and others. Batteries segment accounted for the dominating market share in 2020 and is set to dominate in the future as LIBs are used in numerous combinations of active materials for cathode, electrolyte, and anode.
Automobile Industry to Lead Due to High Usage
Based on end-user, the market is segmented into automotive, consumer electronics, industrial, energy storage, and others. The automobile industry is dominating as lithium-ion battery technology is being used as an alternative source of energy.
The consumer electronics segment is also set to grow as LIBs are used under rechargeable gadgets to store proper energy-to-weight ratios and high open-circuit voltage.
Geographically, the market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
COVID-19 Impact:
Libs were Used in Medical Devices During the Pandemic which Helped in Product Demand
The pandemic affected industrial production as supply chains were disrupted with raw materials. The coronavirus outbreak hindered the battery and Electric Vehicle (EV) markets. Companies are remodeling their supply chains, especially industries that are dependent on import business. LIBs were used in medical devices, including ventilators, during this COVID-19 pandemic.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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Drivers and Restraints
Increasing Adoption of Electric Vehicles to Drive Market Trajectory
Increasing adoption of electric vehicles is expected to drive the lithium market growth. The evolution of the automobile industry has massive impact on EVs. They are designed to replace the traditional methods of traveling with technological advancements, low carbon emission, low maintenance, smoother drive, the convenience of charging at home, reduced engine sound, and high fuel economy. Batteries play a very important role in Hybrid Electric Vehicles (HEVS), all-Electric Vehicles (EVS), and Plug-in Hybrid Electric Vehicles (PHEVs).
However, environmental concerns and recycling are anticipated to hinder market development.
Regional Insights
Asia Pacific Led the Market Due to the Wide Usage of the Product in the Industrial and Commercial Sectors
Asia Pacific dominated the lithium market share due to the wide usage of the product in the industrial and commercial sectors. The sectors include power, consumer electronics, chemical, industrial, general manufacturing, and others. Easy availability of raw materials is considered one of the driving factors supporting the market growth.
North America is also expected to have considerable market growth due to the adoption of clean energy sources due to stringent regulatory rules.
Competitive Landscape
Albemarle Corporation has a Strong Presence in North America which is Driving the Competition in the Market
Key market players are Albemarle, SQM S.A., Tianqi Lithium, Jiangsu Ronghui General Lithium Industry Co., Ltd., and others. Market players are involved in capacity expansion, new product launches, joint ventures, acquisitions, and partnerships to have a competitive edge. Albemarle Corporation has a strong presence in North America, which is driving the competition in the market.
Key Industry Development
- January 2023- Ganfeng Lithium Co., Ltd. invested USD 2.14 billion for the development of two new battery factories. The two new factories are set to increase its production capacities by 34 GWh. This facility will add to manufacturing, which is expected to grow to around 100 GWh annually.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Regions
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological AdvanHydroxide
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Lithium Market
- Supply Chain Analysis & Challenges due to Covid-19
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
- Global Lithium Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- By Product (Value and Volume)
- Carbonate
- Hydroxide
- Chloride
- Metal
- Others
- By Application (Value and Volume)
- Batteries
- Glass & Ceramics
- Lubricant
- Polymers
- Metallurgy
- Medical
- Air Treatment
- Others
- By End-User (Value and Volume)
- Automotive
- Consumer Electronics
- Industrial
- Energy Storage
- Others
- By Region (Value and Volume)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Lithium Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- By Product (Value and Volume)
- Carbonate
- Hydroxide
- Chloride
- Metal
- Others
- By Application (Value and Volume)
- Batteries
- Glass & Ceramics
- Lubricant
- Polymers
- Metallurgy
- Medical
- Air Treatment
- Others
TOC Continued...!
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