Market Research

Lithium Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

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from $4,850 250 Pages Fortune Business Insights Pvt. Ltd. May, 2024 FOB18819842
Best Price Guarantee
Price from $4,850
Length 250 Pages
Publisher Fortune Business Insights Pvt. Ltd.
Published Date May, 2024
SKU FOB18819842

Lithium Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032



Growth Factors of Lithium Market

The lithium market size was valued at USD 22.19 billion in 2023, and the market is now projected to grow from USD 26.88 billion in 2024 to USD 134.02 billion by 2032, exhibiting a CAGR of 22.1% during the forecast period of 2024-2032.

Li-ion energy storage, as it currently stands, is expected to dominate the electrified transport sector. Covid-19 pandemic disrupted battery and EV industry shook globally, affecting the production and delivery chains. While this is so, the Li-ion batteries occupied a vital role in medical devices through their detailed specifications and switched their use in ventilators with unique genomes, noted as their versatility and significance. The destabilization of the EV market will and the underlying technology for energy storage, which is revolutionizing the efficiencies across many sectors from healthcare to transportation, will see huge demand rise. This is anticipated to boost the lithium market growth.

With the quite recent technological developments being made by the automotive sector, it will have a big influence on the EV industry. The significant improvements in technology such as less harmful carbon emission, convenience in-built charging adapter, quiet engine sound, smoother ride, and high fuel efficiency are the driving force behind the EVs to replace the conventional travel methods among many other factors. Using EVs in urban environments not only helps decrease air pollution but also possible GHG emissions. An increase in demand for fast and low pollution but fuel-efficient automobiles as well as a governmental threshold for emission from a vehicle would grow the electric vehicle market. These will lead to a drastic increase in the lithium market share.

EV producers and car manufacturers are shifting to iron-based cathodes due to safety and cycle count in mind. Cost and energy density are also be the factors under consideration. EVs are being treated and promoted as environmentally friendly automobiles, since the life cycle cycle generates less CO2 than conventional automobiles. For example, Tesla plans a production of fast new BEV batteries targeted at using Li-iron phosphate batteries. This will reduce the cost of car ownership, cover the car range at least 400 miles, or more, and batteries could last up to 1 million miles.

Comprehensive Analysis of Lithium Market

The lithium market and chemicals & advanced materials industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the chemicals & advanced materials industry. These segmentations are methodically segregated By Product Analysis, By Application Analysis and By End-User Analysis. Classifying by products, the market includes carbonate, hydroxide, chloride, meta and ‘others’. Lithium carbonate (Li2CO3) in its turn was in the first place in 2023 with respect to the market. It is named as lithium chloride, favored by metal oxides processing. The market split by application is divided into batteries, glass & ceramics, lubricants, polymers, metallurgy, medical, and air treatment, and others. In 2023 the batteries sector was a significant shareholder which is most likely going to keep its lead during the projection period. Breaking down the market by end-users, it consists of automotive, consumer electronics, industrial, energy storage, and others. Nowadays petroleum industry leads the global market, however, it is trying to become more and more a source of renewable energy, including lithium-ion-backed batteries as well.

Asia Pacific is suggested to have the highest lithium market share due to the extensive use of the products by industries and commercial sectors, electricity, electronics, chemical , industrial, manufacturing and etc. Rapid industrialization of Asia Pacific in recent days is majorly caused by governmental policies and FDI in the industrial sector. The element one in the growth of the market is the producer access to the raw materials.

The top players in the market play a crucial role in the metals & minerals industry assuring industrial prospectus growth and setting market standards. These players include, 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) and Sayona Mining Limited (Australia).

In January 2023, Ganfeng Lithium Co., Ltd. informed that they will make a new investment of USD 2.14 billion to build two new battery factories which will encapsulate its capacity to 34 GWh. This factory is the addition of the manufacturing segment; it is supposed to grow up to 100 GWh per annum.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 22.1% from 2024 to 2032

Unit Value (USD Billion); Volume (Million Ton)

Segmentation By Product

Carbonate

Hydroxide

Chloride

Metal

Others

By Application

Batteries

Glass & Ceramics

Lubricant

Polymers

Metallurgy

Medical

Air Treatment

Others

By End-User

Automotive

Consumer Electronics

Industrial

Energy Storage

Others

By Geography

North America (By Product, By Application, By End-User, By Country)

U.S. (By End-User)

Canada (By End-User)

Europe (By Product, By Application, By End-User, By Country)

Germany (By End-User)

U.K. (By End-User)

France (By End-User)

Italy (By End-User)

Rest of Europe (By End-User)

Asia Pacific (By Product, By Application, By End-User, By Country)

China (By End-User)

Japan (By End-User)

India (By End-User)

South Korea (By End-User)

Rest of Asia Pacific (By End-User)

Latin America (By Product, By Application, By End-User, By Country)

Mexico (By End-User)

Brazil (By End-User)

Rest of Latin America (By End-User)

Middle East & Africa (By Product, By Application, By End-User, By Country)

GCC (By End-User)

South Africa (By End-User)

Rest of the Middle East & Africa (By End-User)


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1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Regions
4.2. Key Developments: Mergers, Acquisition, Partnership, etc.
4.3. Latest Technological AdvanHydroxide
4.4. Insights on Regulatory Scenario
4.5. Porters Five Forces Analysis
4.6. Impact of COVID-19 on the Market
5. Global Lithium Market Analysis, Insights and Forecast, 2019-2032
5.1. Key Findings / Summary
5.2. By Product (Value and Volume)
5.2.1. Carbonate
5.2.2. Hydroxide
5.2.3. Chloride
5.2.4. Metal
5.2.5. Others
5.3. By Application (Value and Volume)
5.3.1. Batteries
5.3.2. Glass & Ceramics
5.3.3. Lubricant
5.3.4. Polymers
5.3.5. Metallurgy
5.3.6. Medical
5.3.7. Air Treatment
5.3.8. Others
5.4. By End-User (Value and Volume)
5.4.1. Automotive
5.4.2. Consumer Electronics
5.4.3. Industrial
5.4.4. Energy Storage
5.4.5. Others
5.5. By Region (Value and Volume)
5.5.1. North America
5.5.2. Europe
5.5.3. Asia Pacific
5.5.4. Latin America
5.5.5. Middle East & Africa
6. North America Lithium Market Analysis, Insights and Forecast, 2019-2032
6.1. Key Findings / Summary
6.2. By Product (Value and Volume)
6.2.1. Carbonate
6.2.2. Hydroxide
6.2.3. Chloride
6.2.4. Metal
6.2.5. Others
6.3. By Application (Value and Volume)
6.3.1. Batteries
6.3.2. Glass & Ceramics
6.3.3. Lubricant
6.3.4. Polymers
6.3.5. Metallurgy
6.3.6. Medical
6.3.7. Air Treatment
6.3.8. Others
6.4. By End-User (Value and Volume)
6.4.1. Automotive
6.4.2. Consumer Electronics
6.4.3. Industrial
6.4.4. Energy Storage
6.4.5. Others
6.5. By Country (Value and Volume)
6.5.1. U.S
6.5.1.1. By End-User (Value and Volume)
6.5.1.2. Automotive
6.5.1.2.1. Consumer Electronics
6.5.1.2.2. Industrial
6.5.1.2.3. Energy Storage
6.5.1.2.4. Others
6.5.2. Canada
6.5.2.1. By End-User (Value and Volume)
6.5.2.1.1. Automotive
6.5.2.1.2. Consumer Electronics
6.5.2.1.3. Industrial
6.5.2.1.4. Energy Storage
6.5.2.1.5. Others
6.5.3. Key Findings / Summary
6.5.4. By Product (Value and Volume)
6.5.4.1. Carbonate
6.5.4.2. Hydroxide
6.5.4.3. Chloride
6.5.4.4. Metal
6.5.4.5. Others
6.5.5. By Application (Value and Volume)
6.5.5.1. Batteries
6.5.5.2. Glass & Ceramics
6.5.5.3. Lubricant
6.5.5.4. Polymers
6.5.5.5. Metallurgy
6.5.5.6. Medical
6.5.5.7. Air Treatment
6.5.5.8. Others
6.5.6. By End-User (Value and Volume)
6.5.6.1. Automotive
6.5.6.2. Consumer Electronics
6.5.6.3. Industrial
6.5.6.4. Energy Storage
6.5.6.5. Others
6.5.7. By Country (Value and Volume)
6.5.7.1. Germany
6.5.7.1.1. By End-User (Value and Volume)
6.5.7.1.1.1. Automotive
6.5.7.1.1.2. Consumer Electronics
6.5.7.1.1.3. Industrial
6.5.7.1.1.4. Energy Storage
6.5.7.1.1.5. Others
6.5.7.2. U.K.
6.5.7.2.1. By End-User (Value and Volume)
6.5.7.2.1.1. Automotive
6.5.7.2.1.2. Consumer Electronics
6.5.7.2.1.3. Industrial
6.5.7.2.1.4. Energy Storage
6.5.7.2.1.5. Others
6.5.7.3. France
6.5.7.3.1. By End-User (Value and Volume)
6.5.7.3.1.1. Automotive
6.5.7.3.1.2. Consumer Electronics
6.5.7.3.1.3. Industrial
6.5.7.3.1.4. Energy Storage
6.5.7.3.1.5. Others
6.5.7.4. Italy
6.5.7.4.1. By End-User (Value and Volume)
6.5.7.4.1.1. Automotive
6.5.7.4.1.2. Consumer Electronics
6.5.7.4.1.3. Industrial
6.5.7.4.1.4. Energy Storage
6.5.7.4.1.5. Others
6.5.7.5. Rest of Europe
6.5.7.5.1. By End-User (Value and Volume)
6.5.7.5.1.1. Automotive
6.5.7.5.1.2. Consumer Electronics
6.5.7.5.1.3. Industrial
6.5.7.5.1.4. Energy Storage
6.5.7.5.1.5. Others
6.6. Asia-Pacific Lithium Market Analysis, Insights and Forecast, 2019-2032
6.6.1. Key Findings / Summary
6.6.2. By Product (Value and Volume)
6.6.2.1. Carbonate
6.6.2.2. Hydroxide
6.6.2.3. Chloride
6.6.2.4. Metal
6.6.2.5. Others
6.6.3. By Application (Value and Volume)
6.6.3.1. Batteries
6.6.3.2. Glass & Ceramics
6.6.3.3. Lubricant
6.6.3.4. Polymers
6.6.3.5. Metallurgy
6.6.3.6. Medical
6.6.3.7. Air Treatment
6.6.3.8. Others
6.6.4. By End-User (Value and Volume)
6.6.4.1. Automotive
6.6.4.2. Consumer Electronics
6.6.4.3. Industrial
6.6.4.4. Energy Storage
6.6.4.5. Others
6.6.5. By Country (Value and Volume)
6.6.5.1. China
6.6.5.1.1. By End-User (Value and Volume)
6.6.5.1.1.1. Automotive
6.6.5.1.1.2. Consumer Electronics
6.6.5.1.1.3. Industrial
6.6.5.1.1.4. Energy Storage
6.6.5.1.1.5. Others
6.6.5.2. Japan
6.6.5.2.1. By End-User (Value and Volume)
6.6.5.2.1.1. Automotive
6.6.5.2.1.2. Consumer Electronics
6.6.5.2.1.3. Industrial
6.6.5.2.1.4. Energy Storage
6.6.5.2.1.5. Others
6.6.5.3. India
6.6.5.3.1. By End-User (Value and Volume)
6.6.5.3.1.1. Automotive
6.6.5.3.1.2. Consumer Electronics
6.6.5.3.1.3. Industrial
6.6.5.3.1.4. Energy Storage
6.6.5.3.1.5. Others
6.6.5.4. South Korea
6.6.5.4.1. By End-User (Value and Volume)
6.6.5.4.1.1. Automotive
6.6.5.4.1.2. Consumer Electronics
6.6.5.4.1.3. Industrial
6.6.5.4.1.4. Energy Storage
6.6.5.4.1.5. Others
6.6.5.5. Rest of Asia Pacific
6.6.5.5.1. By End-User (Value and Volume)
6.6.5.5.1.1. Automotive
6.6.5.5.1.2. Consumer Electronics
6.6.5.5.1.3. Industrial
6.6.5.5.1.4. Energy Storage
6.6.5.5.1.5. Others
6.7. Latin America Lithium Market Analysis, Insights and Forecast, 2019-2032
6.7.1. Key Findings / Summary
6.7.2. By Product (Value and Volume)
6.7.2.1. Carbonate
6.7.2.2. Hydroxide
6.7.2.3. Chloride
6.7.2.4. Metal
6.7.2.5. Others
6.7.3. By Application (Value and Volume)
6.7.3.1. Batteries
6.7.3.2. Glass & Ceramics
6.7.3.3. Lubricant
6.7.3.4. Polymers
6.7.3.5. Metallurgy
6.7.3.6. Medical
6.7.3.7. Air Treatment
6.7.3.8. Others
6.7.4. By End-User (Value and Volume)
6.7.4.1. Automotive
6.7.4.2. Consumer Electronics
6.7.4.3. Industrial
6.7.4.4. Energy Storage
6.7.4.5. Others
6.7.5. By Country (Value and Volume)
6.7.5.1. Mexico
6.7.5.1.1. By End-User (Value and Volume)
6.7.5.1.1.1. Automotive
6.7.5.1.1.2. Consumer Electronics
6.7.5.1.1.3. Industrial
6.7.5.1.1.4. Energy Storage
6.7.5.1.1.5. Others
6.7.5.2. Brazil
6.7.5.2.1. By End-User (Value and Volume)
6.7.5.2.1.1. Automotive
6.7.5.2.1.2. Consumer Electronics
6.7.5.2.1.3. Industrial
6.7.5.2.1.4. Energy Storage
6.7.5.2.1.5. Others
6.7.5.3. Rest of Latin America
6.7.5.3.1. By End-User (Value and Volume)
6.7.5.3.1.1. Automotive
6.7.5.3.1.2. Consumer Electronics
6.7.5.3.1.3. Industrial
6.7.5.3.1.4. Energy Storage
6.7.5.3.1.5. Others
6.8. Middle East & Africa Lithium Market Analysis, Insights and Forecast, 2019-2032
6.8.1. Key Findings / Summary
6.8.2. By Product (Value and Volume)
6.8.2.1. Carbonate
6.8.2.2. Hydroxide
6.8.2.3. Chloride
6.8.2.4. Metal
6.8.2.5. Others
6.8.3. By Application (Value and Volume)
6.8.3.1. Batteries
6.8.3.2. Glass & Ceramics
6.8.3.3. Lubricant
6.8.3.4. Polymers
6.8.3.5. Metallurgy
6.8.3.6. Medical
6.8.3.7. Air Treatment
6.8.3.8. Others
6.8.4. By End-User (Value and Volume)
6.8.4.1. Automotive
6.8.4.2. Consumer Electronics
6.8.4.3. Industrial
6.8.4.4. Energy Storage
6.8.4.5. Others
6.8.5. By Country (Value and Volume)
6.8.5.1. GCC
6.8.5.1.1. By End-User (Value and Volume)
6.8.5.1.1.1. Automotive
6.8.5.1.1.2. Consumer Electronics
6.8.5.1.1.3. Industrial
6.8.5.1.1.4. Energy Storage
6.8.5.1.1.5. Others
6.8.5.2. South Africa
6.8.5.2.1. By End-User (Value and Volume)
6.8.5.2.1.1. Automotive
6.8.5.2.1.2. Consumer Electronics
6.8.5.2.1.3. Industrial
6.8.5.2.1.4. Energy Storage
6.8.5.2.1.5. Others
6.8.5.3. Rest of Middle East and Africa
6.8.5.3.1. By End-User (Value and Volume)
6.8.5.3.1.1. Automotive
6.8.5.3.1.2. Consumer Electronics
6.8.5.3.1.3. Industrial
6.8.5.3.1.4. Energy Storage
6.8.5.3.1.5. Others
6.9. Company Profiles
6.9.1.
6.9.1.1. FMC Corporation (India)
6.9.1.1.1. Overview
6.9.1.1.2. Description
6.9.1.1.3. Product Portfolio
6.9.1.1.4. Financials (Data as available in public domain and/or on paid databases)
6.9.1.1.5. Recent Developments
6.9.1.2. Albemarle Corporation (U.S.)
6.9.1.2.1. Overview
6.9.1.2.2. Description
6.9.1.2.3. Product Portfolio
6.9.1.2.4. Financials (Data as available in public domain and/or on paid databases)
6.9.1.2.5. Recent Developments
6.9.1.3. SQM S.A. (Chile)
6.9.1.3.1. Overview
6.9.1.3.2. Description
6.9.1.3.3. Product Portfolio
6.9.1.3.4. Financials (Data as available in public domain and/or on paid databases)
6.9.1.3.5. Recent Developments
6.9.1.4. Tianqi Lithium (Australia)
6.9.1.4.1. Overview
6.9.1.4.2. Description
6.9.1.4.3. Product Portfolio
6.9.1.4.4. Financials (Data as available in public domain and/or on paid databases)
6.9.1.4.5. Recent Developments
6.9.1.5. International Lithium Corp. (China)
6.9.1.5.1. Overview
6.9.1.5.2. Description
6.9.1.5.3. Product Portfolio
6.9.1.5.4. Financials (Data as available in public domain and/or on paid databases)
6.9.1.5.5. Recent Developments
6.9.1.6. LSC Lithium Corporation (Canada)
6.9.1.6.1. Overview
6.9.1.6.2. Description
6.9.1.6.3. Product Portfolio
6.9.1.6.4. Financials (Data as available in public domain and/or on paid databases)
6.9.1.6.5. Recent Developments
6.9.1.7. American Lithium Corp. (Canada)
6.9.1.7.1. Overview
6.9.1.7.2. Description
6.9.1.7.3. Product Portfolio
6.9.1.7.4. Financials (Data as available in public domain and/or on paid databases)
6.9.1.7.5. Recent Developments
6.9.1.8. Livent (U.S.)
6.9.1.8.1. Overview
6.9.1.8.2. Description
6.9.1.8.3. Product Portfolio
6.9.1.8.4. Financials (Data as available in public domain and/or on paid databases)
6.9.1.8.5. Recent Developments
6.9.1.9. Avalon Advanced Materials (Canada)
6.9.1.9.1. Overview
6.9.1.9.2. Description
6.9.1.9.3. Product Portfolio
6.9.1.9.4. Financials (Data as available in public domain and/or on paid databases)
6.9.1.9.5. Recent Developments
6.9.1.10. Sayona Mining Limited (Australia)
6.9.1.10.1. Overview
6.9.1.10.2. Description
6.9.1.10.3. Product Portfolio
6.9.1.10.4. Financials (Data as available in public domain and/or on paid databases)
6.9.1.10.5. Recent Developments
6.9.1.11. Other Key Players
6.10. Strategic Recommendations

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