Portland, OR, Oct. 26, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Lithium Metal Market by Source (Salt Brine Deposits, Lithium-Rich Clays), By Application (Batteries, Alloys, Intermediate, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". The report indicates that the global lithium metal industry generated $4.3 billion in 2022 and is expected to generate $13.5 billion by 2032, with 12.1% CAGR between 2023 to 2032.
The global lithium metal market plays a pivotal role in the global business landscape. This is primarily due to the increasing demand for lithium-ion batteries in a range of industries, including automotive, renewable energy, and electronics. As these sectors continue to grow, the need for high-performance, energy-dense batteries has risen, driving the demand for lithium metal, a crucial component in battery production.
Companies in the lithium metal market are experiencing a dynamic environment characterized by supply chain challenges, changing regulatory frameworks, and technological advancements. To take advantage of the expanding market opportunities and address growing environmental concerns related to resource extraction and battery disposal, businesses must focus on investments in research and development, strategic partnerships, and ensuring a sustainable and efficient supply of lithium metal.
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Factors influencing the growth of the global lithium metal market:
The global lithium metal market is propelled by the proliferation of electronic devices such as laptops, smartphones, tablets, and others. Moreover, scarcity of lithium metal producers and time required to implement new online lithium metal mining operations lead to the supply-demand imbalance. This factor restrains market growth to some extent.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $4.3 billion |
| Market Size in 2032 | $13.5 billion |
| CAGR | 12.1 % |
| No. of Pages in Report | 400 |
| Segments covered | Source, Application, and Region. |
| Drivers | Escalating demand from the electric vehicle (EV) industry Energy Storage Solutions Increase in demand for industrial applications |
| Opportunities | Sustainable mining and recycling Diversification of lithium metal sources |
| Restraints | Supply and demand imbalance Geopolitical Factors |
The batteries segment to retain its dominance during the forecast period
Under the application category, the batteries segment generated the largest share of nearly three-fifths in 2022. The same segment is estimated to display the highest CAGR of 12.4% from 2023 to 2032. The key driving factor behind a rise in demand for lithium is a shift towards electric vehicles across the globe. There is a rising focus on shifting from fossil fuel-based vehicles to EVs as regions and countries aim to deal with climate change and reducing carbon emissions. Another factor driving the growth of the segment is the increasing proliferation of laptops, smartphones, tablets, and other portable gadgets.
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The salt brine deposit to grab the lion’s share throughout the forecast timeframe
By source, the salt brine deposits segment garnered the major share of around three-fourths of the total market revenue in 2022. The lithium market is concentrating on R&D activities to invent the latest applications and technologies for lithium. Although lithium metal sourced from salt brine deposits is not a common choice at present, there is a projection that advancements in battery technology and other specialized applications will pave the way for new opportunities in its utilization in the upcoming years. On the other hand, the Lithium-Rich Clays segment is estimated to manifest the 12.3% CAGR from 2023 to 2032.
Asia-Pacific to dominate the market during the forecast period
The regional analysis of the market indicates that the market across Asia-Pacific was largest in 2022, contributing to more than two-thirds of the overall market and would display a notable CAGR of 12.2% throughout the forecast timeframe. The swift urbanization and industrial progress in countries such as China and India have given rise to a heightened demand for consumer electronics and portable devices. This surge in the need for smartphones, laptops, and other electronic gadgets has generated a corresponding requirement for lithium-ion batteries, which rely on lithium metal. Additionally, the Asia-Pacific region, with a particular focus on Australia, possesses substantial lithium metal resources. The development of these local resources is vital in ensuring a steady and reliable supply of lithium metal for the expanding industries within the region.
Top market players profiled in the report:
- MINERAL RESOURCES LIMITED
- ALBEMARLE CORPORATION.
- ALLKEM LIMITED
- LIVENT
- GANFENG LITHIUM CO., LTD.
- A123 SYSTEMS LLC
- PIEDMONT LITHIUM
- SQM S.A.
- SHENZHEN CHENGXIN LITHIUM GROUP CO., LTD.
- TIANQUI LITHIUM INDUSTRIES INC.
The report offers an in-depth study of these frontrunners in the global lithium metal market. These market participants have implemented various strategies, including the collaborations, introduction of new products, expansion initiatives, agreements, joint ventures, and other approaches, with the aim of expanding their market revenue and upholding their dominant positions across diverse regions. The report holds significant value in emphasizing the operational segments, business performance, strategic actions, and product portfolio of market players to exhibit their expertise within the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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