Ottawa, Sept. 10, 2024 (GLOBE NEWSWIRE) -- The global lithium market size was valued at USD 8.8 billion in 2023 and is predicted to increase from USD 9.86 billion in 2024 to approximately USD 28.45 billion by 2033, According to Precedence Research. The sector is poised to grow at a double-digit CAGR of 12.50% between 2024 and 2033. The growth of the lithium market is attributed to the rising demand for lithium batteries in various industries.
Lithium Market Overview:
The lithium market refers to the global lithium industry engaged in extracting, producing, and selling lithium. Lithium is a reactive metal that has many uses. Lithium metal primarily finds application as a scavenger in metallurgy for refining metals such as iron, nickel, copper, and zinc. It also removes nonmetallic elements such as oxygen, hydrogen, nitrogen, carbon, sulfur, and halogens.
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Lithium also finds application in organic synthesis. The commercially produced reagent, n-butyllithium, is one of the major initiators of polymerization in synthetic rubber production. It is also used to produce organic chemicals, particularly pharmaceuticals. Lithium metal is used as an anode in many non-rechargeable lithium primary batteries due to its low mass and high negative electrochemical potential.
Lithium Market Key Insights:
- Asia Pacific dominated the lithium market with the largest share of 59% in 2023.
- North America is expected to grow at the fastest CAGR during the forecast period.
- By product, the carbonate segment recorded more than 55% of the market share in 2023.
- By product, the hydroxide segment is expected to grow at a notable CAGR of 13.3% during the forecast period.
- By application, the automotive segment held the largest market share of 41% in 2023.
- By application, the consumer electronics segment is expected to grow at a remarkable CAGR during the forecast period.
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Lithium Market Regional Outlook:
The Asia Pacific lithium market size is calculated at USD 5.83 billion in 2024 and is projected to be worth around USD 17.10 billion by 2033, expanding at a solid CAGR of 12.71% from 2024 to 2033.
Asia Pacific dominated the lithium market in 2023 owing to the increasing demand for lithium batteries in various industries, including power, consumer electronics, and automotive. The abundant availability of raw materials is one of the key factors that augment the market. A significant increase in the production of lithium and its by-products in countries like India, Taiwan, Japan, South Korea, and China further contributed to the market growth.
Moreover, China is recognized as a hub for producing electronic components, including fuel cells, batteries, and capacitors. Rising demand for consumer electronics in the region further boosts the demand for lithium batteries, thereby fuelling the market.
The quantity and value of import of Lithium and Lithium-ion by India
(Quantity in Thousand numbers, Value in Rs. Crore)
| Year | 2018-19 | 2019-20 | 2020-21 | |||
| Quantity | Value | Quantity | Value | Quantity | Value | |
| Lithium | 85,224 | 202 | 72,376 | 147 | 71,392 | 173 |
| (HS Code: 85065000) | ||||||
| Lithium-ion | 6,27,353 | 8,574 | 5,39,428 | 8,819 | 5,16,733 | 8,811 |
| (HS Code: 85076000) | ||||||
North America is expected to witness the fastest growth during the forecast period due to the increasing demand for electric vehicles and increasing demand for hybrid vehicles, consumer electronics, and power storage solutions.
The region's significant growth in renewable energy production through wind and solar power is boosting the demand for lithium batteries due to their better performance and high energy density. Furthermore, increasing dependency on electronic gadgets such as tablets, laptops, and smartphones for communication and day-to-day activities is also accelerating the demand for lithium-ion batteries, thereby propelling the market.
Scope of Lithium Market Report
| Report Attribute | Key Statistics |
| Market Size in 2024 | USD 9.86 Billion |
| Market Size by 2033 | USD 28.45 Billion |
| Growth Rate from 2024 to 2033 | CAGR of 12.50% |
| Largest Market | Asia Pacific |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
| Segments Covered | Product, Application, and Regions |
| By Product | Carbonates, Hydroxide, Others |
| By Application | Automotive, Consumer Electronics, Grid Storage, Glass & Ceramics, and Others |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Lithium Market Segments Outlook:
Product Outlook:
The carbonate segment held the largest share of the lithium market in 2023 due to the rising demand for Li-ion batteries. Lithium carbonate is a crucial chemical compound used as a precursor to Li-ion batteries. Lithium carbonate is also used in the production of ovenware, ceramic glaze, cement, and tile adhesives.
Lithium carbonate forms low melting fluxes with silica and other materials. Its alkaline properties alter the metal oxide colorants in glazes. It also forms LiF, which is an improved electrolyte in the processing of aluminum when added to aluminum trifluoride. The core of any lithium-ion battery consists of compounds derived from lithium carbonate. The electrolyte would be a solution of lithium hexafluorophosphate, while the cathode would use lithium cobalt oxide and lithium iron phosphate.
The hydroxide segment is expected to register a significant growth rate during the forecast period. Lithium hydroxide finds application in the manufacturing of greases and lubricants, acting as a thickener and additive for lubricating greases. This substance provides appropriate consistency and adhesion to grease, which improves performance and increases durability. Lithium hydroxide is also used in the production of batteries, especially lithium-ion batteries, for the movement of lithium ions during charging and discharging. It is also used in the formation of lithium soap, a thickening agent and emulsifier for lubricating greases.
Application Outlook:
The automotive segment dominated the market in 2023 due to the rising demand for Li-ion batteries in electric vehicles. Li-ion batteries have been the most suitable energy storage device for electric vehicles, offering high power and energy density with a long life cycle and energy efficiency. Li-ion batteries, being light and small compared to other rechargeable batteries like nickel-metal hydride, nickel-cadmium, and lead-acid, are also used in passenger cars. The rising electrification of vehicles and the increasing production of EVs boost the demand for Li-ion batteries, significantly boosting the segment.
The consumer electronics segment is expected to grow at a significant rate during the forecast period owing to the rising adoption of battery-operated devices. Lithium batteries store a large amount of energy, making them ideal for powering electronic devices such as smartphones, laptops, and cameras. These batteries have a longer lifespan and better performance than traditional batteries. Furthermore, the increasing usage of home appliances is expected to propel the segment.
- For instance, Samsung announced that it sold over 1.5 million AI-powered home appliances in Korea during the first half of 2024.
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Lithium Market Dynamics:
Driver:
Increasing adoption of electric vehicles (EVs) is boosting the growth of the lithium market
The rising adoption of EVs across the globe is a major factor driving the market. Lithium is a crucial component in Electric vehicle batteries. Lithium-ion (Li-ion) batteries have a high energy density and are lightweight and compact, making them suitable for use in EVs. These batteries provide high power efficiency and output performance, providing the necessary power for EVs to operate effectively.
Furthermore, these batteries have a long lifecycle, reducing the need to replace batteries in EVs frequently. The increasing focus of the automotive industry toward low carbon emission boosts the demand for Li-ion batteries.
Restraint:
Rising enviornmental concerns
Rising environmental concerns hamper the market. Social and environmental consequences associated with lithium extraction include pollution, water depletion, and the release of toxic chemicals, which disturb ecosystems, communities, and food production by releasing pollutants into the air.
The process of lithium extraction pollutes water streams, which affect both livestock and humans. Furthermore, fluctuations in the price of lithium and supply chain disruptions restrain the market.
Browse More Insights:
- Lithium-ion Battery Recycling Market: The global lithium-ion battery recycling market size was USD 8.10 billion in 2023, accounted for USD 10.26 billion in 2024, and is expected to reach around USD 85.69 billion by 2033, expanding at a CAGR of 26.6% from 2024 to 2033.
- Lithium Iron Phosphate Battery Market: The global lithium iron phosphate battery market size was valued at USD 12.7 billion in 2022 and is foreseen to surpass around USD 54.36 billion by 2032, poised to grow at a CAGR of 15.7% during the forecast period.
- Lithium Titanate Batteries Market: The global lithium titanate batteries market size was estimated at USD 56 billion in 2022 and is expected to be worth around USD 185.93 billion by 2032 and is poised to grow at a CAGR of 12.8% during the forecast period.
- Fiber Batteries Market: The global fiber batteries market size was estimated at USD 83.90 million in 2023 and is projected to hit around USD 386.55 million by 2032, registering a CAGR of 18.50% during the forecast period.
- Action Camera Market: The global action camera market size accounted for USD 2.8 billion in 2023 and it is projected to surpass around USD 6.39 billion by 2033, registering a CAGR of 8.6% during the forecast period from 2024 to 2033.
- Industrial Batteries Market: The global industrial batteries market size accounted for USD 42.04 billion in 2023 and it is expected to hit around USD 463.63 billion by 2033, representing a remarkable CAGR of 27.02% from 2024 to 2033.
Opportunity:
New opportunity for traders
The lithium market has faced a sharp decline in prices that poses a challenge to traders. Opportunities are now emerging in the market due to the reduction in lithium price and easy entry into the market.
Fresh deliveries of materials are still being taken by traders, for instance, spodumene from Sigma Lithium, which has several advantages due to the previous shelf-life issues. These traders have also contributed to increasing liquidity and financing for the industry, including some new producers. The rising application of lithium in grid-level energy storage encourages investors to invest in lithium production.
Lithium Market Key Companies
- Albemarle Corporation
- Tianqi Lithium Corporation
- Jiangxi Ganfeng Lithium Co., Ltd.
- SQM (Sociedad Química y Minera de Chile)
- Mineral Resources Limited
- Ganfeng Lithium
- FMC Corporation
- Critical Elements Lithium Corporation
- Livent Corporation
- Galaxy Resources Limited
- Pilbara Minerals Limited
- Lithium Americas Corp.
- Altura Mining Limited
- Orocobre Limited
- Nemaska Lithium Inc.
Lithium Market Recent Developments:
- In August 2024, Northvolt, a Sweden-based battery developer and manufacturer, announced its plan to shift its next-generation lithium-metal battery technology development from California to its R&D campus, Northvolt Labs, in Västerås, Sweden.
- In August 2024, Ganfeng Lithium, a leading supplier of lithium metal, signed a strategic agreement with Yigit Aku Malzemeleri Nakliyat Turizm Insaat Sanayi ve Ticaret A.S., a Turkey-based company, to expand businesses jointly. Ganfeng Lithium is set to invest US$ 500 million to build a lithium battery project in Turkey with an annual capacity of 5 GWh.
- In August 2024, India is set to open its first lithium mine in Katghora, Chhattisgarh, since the Geological Survey of India (GSI) has confirmed substantial deposits of lithium.
The research report categorizes the lithium market into the following segments and subsegments:
By Product
- Carbonates
- Hydroxide
- Others
By Application
- Automotive
- Consumer Electronics
- Grid Storage
- Glass & Ceramics
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- Denmark
- Norway
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East and Africa (MEA)
- South Africa
- UAE
- Saudi Arabia
- Kuwait
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