The Global Lithium market was valued at USD 4650 Million in 2021 and is expected to grow at a CAGR of 13.5% during the forecast period of 2023-2028. The market for lithium-ion batteries is likely to grow significantly over the forecast period as a result of the electrification of cars.
Due to the strict rules that ICE automakers must adhere to in order to minimise carbon dioxide emissions from automobiles, the automotive application market is predicted to increase significantly over the course of the projection period. This has caused automakers to become more interested in creating EVs, which is expected to increase demand for lithium and related goods. Together with investments in this area, government subsidies for EVs are projected to serve as an additional catalyst for the market’s expansion.
Also, the growing lithium-ion battery market will be able to get enough products from the lithium sector. Direct lithium extraction (DLE) and direct lithium to product (DLP), which are anticipated to grow tenfold between 2021 and 2030, can be the driving factors behind the industry’s ability to react more quickly to skyrocketing demand.
Among the sources of lithium, the rising demand for high-capacity lithium-ion batteries will propel the demand for brine due to the enormous potential and significant technological advancements in the production of the product. Furthermore, the extraction of lithium from geothermal brines provides an opportunity to offer regions a reliable domestic supply of lithium to fulfil the rising needs of electric vehicles and other uses.
The Global lithium market is not fragmented but oligopolistic in structure as there are few players controlling the supply and price dominance in the marketplace. The top 10 lithium companies control more than 60% of the industry, while the other companies in the industry control a combined 22% of the market.
Scope of the Report
• The report analyses the Lithium Market by Value (USD Million).
• The report analyses the Lithium Market by Volume (000’ metric tons of LCE)
• The report presents the analysis of the Lithium market for the historical period of 2018-2021, the base year 2022 and the forecast period of 2023-2028.
• The report analyses the Lithium Market by Source (Brine, Hardrock).
• The report analyses the Lithium Market By Applications (Battery, Glass & Ceramics, Lubricant, Casting Fluxes, Other Application).
• The report analyses the Lithium Market By End Users (Industrial, Consumer Electronics, Energy Storage, Medical, Automotive, Other End User).
• The Global Lithium Market has been analysed by countries (United States, Canada, Brazil, Germany, UK, France, China, Japan, South Korea, India).
• The key insights of the report have been presented through the frameworks of SWOT and Porter’s Five Forces Analysis. Also, the attractiveness of the market has been presented by region, by component, by vehicle.
• Also, the major opportunities, trends, drivers and challenges of the industry has been analysed in the report.
• The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include Albemarle Corporation, SQM, Tianqi Lithium Corporation, Ganfeng Lithium Co. Ltd., Pilbara Minerals, Allkem, Livent Corporation, Savannah Resources PLC, Li-Cycle Holdings, Minerals Resources Ltd.
Key Target Audience
• Lithium Companies
• EV Manufacturers
• Consulting and Advisory Firms
• Research and Development Organizations
• Government and Regulatory Authorities