Pune, Sept. 28, 2023 (GLOBE NEWSWIRE) -- A global Material & Chemical research and business consulting firm, Maximize Market Research, has published a market intelligence report on the “Lithium Market”. The report is a combination of primary data and secondary data and domain expert has analyzed the Lithium Market from a regional as well as a global point of view. Over the forecast period, Maximize Market Research expects, the market to grow from USD 3.95 Bn in 2022 to USD 6.26 Bn in 2029 at a CAGR of 6.8 percent.
| Market Size in 2022 | USD 3.95 Bn. |
| Market Size in 2029 | USD 6.26 Bn. |
| CAGR | 6.8 percent (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 277 |
| No. of Tables | 115 |
| No. of Charts and Figures | 110 |
| Segment Covered | Product, Source Type and Application |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
For Detail insights on this market, request for methodology here @ https://www.maximizemarketresearch.com/request-sample/29596
Lithium Market Report Scope and Research Methodology
The report offers an in-depth analysis of data categorized into segments, including Product, Source Type, and Application, each further subdivided into multiple sub-segments. This comprehensive analysis equips both new and existing Key Players in the Lithium Market with valuable insights for shaping their strategies, as outlined in the report. The data underpinning this analysis has been meticulously collected through a combination of primary and secondary research methods. Primary data was sourced from interviews with industry leaders and insights from senior research analysts. Meanwhile, secondary data was extracted from annual reports of organizations and public records. Subsequently, the Lithium Market data underwent a thorough examination using methodologies such as SWOT analysis, PORTER's five-force model, and PESTLE analysis.
Lithium Market Overview
Lithium, the lightest of solid elements, boasts unique characteristics characterized by its softness, whiteness, and lustrous appearance. These distinctive properties have unlocked a wide array of applications spanning multiple industries. Lithium and its compounds serve as essential components in various sectors, contributing to the manufacturing of lithium-ion batteries, heat-resistant glass, ceramics flux additives, grease lubricants, and rechargeable batteries utilized in a spectrum of devices, including laptops, mobile phones, and cameras. The increase in the implementation of hybrid and electric vehicles, together with the rising prevalence of energy storage systems and portable electronic devices, has precipitated a substantial demand for lithium, as well as upscaling market growth. Lithium-ion batteries, in particular, have emerged as transformative solutions in the pursuit of cleaner and more reliable energy sources, and bolstering the lithium market. It is imperative to underscore that lithium, owing to its highly reactive and flammable nature, mandates stringent storage conditions involving vacuum or inert liquids to ensure safety precautions are met.
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Lithium Market Dynamics
The worldwide shift towards sustainable transportation, driven by environmental concerns and strict emissions regulations, stands as a pivotal driver for the lithium market. Lithium-ion batteries, the cornerstone of electric vehicles, are in high demand due to the exponential growth in EV adoption. As automakers continue to invest in electric mobility, the lithium market reaps the rewards of an expanding EV market share. The ascent of renewable energy sources like wind and solar power necessitates effective energy storage solutions.
Lithium-ion batteries have risen as the preferred choice for energy storage, facilitating grid stabilization and efficient energy management. This trend generates substantial demand for lithium in grid-level and residential energy storage systems. The universality of smartphones, laptops, tablets, and wearable devices underlines the paramount role of portable electronics in our everyday lives. Lithium batteries reign supreme as the preferred power source, owing to their high energy density and lightweight attributes. As the consumer electronics market continues its upward trajectory, the demand for lithium experiences parallel growth. Lithium's versatility extends to various industrial sectors, including heat-resistant glass, ceramics, and lubricants. These industrial domains present sustained opportunities for lithium utilization.
Lithium Market Regional Insights
In 2022, the global lithium market was unequivocally led by the Asia Pacific region, asserting its supremacy with a commanding share exceeding 58.0% in terms of volume. This notable ascendancy owes itself to the rapid maturation of the automotive, glass, and consumer goods industries in pivotal countries within the region. Remarkably, the region's substantial investments in advancing battery technology are primed to act as a catalyst for further market expansion. Numerous countries in the region are actively nurturing industry developments, aligning with their ambitious plans and targets in the electric vehicle (EV) and battery sectors. In July 2020, Khanij Bidesh India Ltd. (KABIL), a strategic joint venture involving NALCO, Mineral Exploration, and Hindustan Copper, forged a startup agreement with Jujuy Energia y Mineria Sociedad Del Estado (JEMSE). This agreement harmonizes with India's strategic endeavors to establish a resilient battery supply chain, harmonizing seamlessly with its EV-centric objectives. Europe solidified its standing as the second-largest contributor to global revenue in 2022 and is poised for unwavering growth from 2022 to 2030. This growth narrative is substantiated by the burgeoning production of electric vehicles (EVs) within the region. In a momentous achievement, Europe outpaced China in EV production, clinching the title of the world's foremost EV manufacturer in 2020. The flourishing EV landscape in Europe has magnetized foreign enterprises, driving substantial investments into the region's lithium market. This trend underscores Europe's eminence as a focal point for EV manufacturing and underscores its pivotal role in shaping the future trajectory of the lithium market.
Lithium Market Segmentation
By Product
- Carbonate
- Hydroxide
The segment that is booming the most in the lithium market appears to be "Carbonate," which dominated the market with a 68% share in 2022. Carbonate is favored for its stability and its ability to form other compounds like pure lithium and lithium hydroxide. Hydroxide is used in lubricating greases and purification systems for breathing gas, and growth in these industries is contributing to the expansion of the hydroxide market. Albemarle's construction of a Kemerton hydroxide plant, valued at US$700 million and with a capacity of 1,000 tons of premium battery-grade hydroxide per year, indicates significant growth in this segment as well. However, the Carbonate segment currently holds the lead in terms of booming growth within the lithium market.
By Source Type
- Brines
- Hardrock
By Application
- Batteries
- Lubricants
- Pharmaceuticals
- Glass and Ceramics
- Others
For Detail insights on this market, request for methodology here @ https://www.maximizemarketresearch.com/request-sample/29596
Lithium Market Key Competitors include:
- Tianqi Lithium
- Ganfeng Lithium Co., Ltd.
- General Lithium Corp
- LITHIUM EXPLORATION GROUP
- LSC Lithium Corporation
- Neo Lithium Corporation
- S. Lithium Corp
- Yacimientos de Litio Bolivianos
- Albemarle Corporation
- Altura Mining
- Avalon Advanced Materials Inc.
- Corporation Lithium Elements Critiques
- FMC Corporation
- Galaxy Resources Limited
- Ganfeng Lithium Co. Ltd
- Lithium Americas Corp.
- Nemaska Lithium
- Novo Litio Ltd
Key questions answered in the Lithium Market are:
- What is the Lithium Market?
- What was the Lithium Market size in 2022?
- What is the expected Lithium Market size during the forecast period?
- What are the global trends in the Lithium Market?
- What are the major restraints for the Lithium Market?
- Which segment dominated the Lithium Market growth?
- What is the demand pattern for the Lithium Market?
- What growth strategies are the players considering to increase their presence in Lithium Market?
- What are the upcoming industry applications and trends for the Lithium Market?
- Who are the leading companies and what are their portfolios in the Lithium Market?
- Which region dominates the largest market share in the Lithium Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by Different Segment | 2022−2029
- Market Dynamics – Technology, application, and end-users
- Market Segmentation – A detailed analysis by Product, Source Type, and Application
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Maximize Market Research is leading Information Material and chemical Control research firm, has also published the following reports:
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Industrial Catalyst Market - The market size is expected to reach USD 58.6 Bn by 2029 at a CAGR of 7.0 percent during the forecast period. The industrial catalyst market is driven by the growing emphasis on sustainable industrial practices and the need to minimize environmental impact.
Ocean Carbon Removal Market - The market size is expected to reach USD 2060 Mn by 2029 at a CAGR of 17.5 percent during the forecast period. Climate Change Mitigation and Environmental Regulations are the major drivers of the ocean carbon removal market.
Biodegradable Detergents Market - The market size is expected to reach USD 10.51 Bn by 2029 at a CAGR of 6.2 percent during the forecast period. The growing awareness of biodegradable detergents significantly propels market growth.
Phosphoric Acid Market - The market size is expected to reach USD 60.62 Bn by 2029 at a CAGR of 4.2 percent during the forecast period. Increasing Demand for Fertilizers across the World to Fuel the Market Growth.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
