Lithium Market is Expected to Reach USD 7.86 billion by 2032, Witness a CAGR of 8.10% – Report by Market Research Future (MRFR)

Lithium Market is projected to grow from USD 4.21 Billion in 2023 to USD 7.86 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.10% during the forecast period (2023 – 2032).

Lithium is an essential metal with extensive applications in next-generation technologies like energy storage, electric mobility, and cordless devices. Lithium compounds are also used in the spectrum, glass, enamel, and ceramic industry, lubricating greases, pharmaceutical products, and Aluminum production.

The increasing demand for lithium is combined with the growth of electric vehicles. Electric cars need a large number of lithium-ion batteries, which are fabricated from a compound called lithium hexaferrum oxide. The demand for the lithium market has been boosted by 3000% since 2010, due to a surge in electric vehicle production. Various factors contribute to the growing demand for lithium, including more efficient and affordable batteries that can store more energy, regulations exciting the development of green technology, and rising concern over climate change. The upsurge in demand for lithium from applications such as glass and ceramics, lubricants, and power grid storage is anticipated to drive market growth. The addition of lithium compounds in producing enamels and glazes diminishes the thermal expansion and firing temperatures and increases strength. Lithium carbonate is usually applied for ceramic applications. The upsurge in demand for lithium-ion batteries from numerous consumer electronic products contributes to market growth. The immense energy-to-weight ratios, slow loss of charge, lightweight, and lack of memory effect of lithium-ion batteries allow their usage for electronic applications such as mobile phones, PCs, power banks, digital cameras, and notebook PCs.

The Global Lithium Market report provides an integrated evaluation of the market. The report provides a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a significant role in the market.

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Competition Dynamics

Market participants compete on the basis of product quality, reliability in supply and customer service, and the breadth of their product offering. Additionally, market participants are placing bets on the battery sector, the most important use of lithium. 

Albemarle Corporation (US), SQM S.A. (Chile), Livent (US), Altura Mining (Australia), Orocobre Limited Pvt Ltd (Australia), Jiangxi Ganfeng Lithium Co. Ltd (China), Tianqi Lithium Industries Inc. (China), Critical Elements Corporation (Canada), Lithium Americas Corp. (Canada), and Sayona Mining Limited (Australia)

Market Drivers

The government’s directives to curb automakers’ reliance on internal combustion engines (ICEs) are a major force propelling the lithium market. Rising atmospheric carbon levels have made it imperative to think about using lithium batteries to mitigate pollution. Pollution-reducing batteries and other applications have moved customer priorities toward cleaner, greener emission technologies. There have been a variety of plans proposed for subsidizing electric vehicles and other market-booster technologies, all of which have contributed to the current surge in the market. Many manufacturers and producers have shifted to a healthier, more productive production style in response to the shift in the battery supply hold.

The EV market will be profoundly affected by the technology and industry shifts over the previous few years. Due to technological advancements, low carbon emissions, little maintenance, a smoother drive, the convenience of charging at home, reduced engine noise, and great fuel economy, EVs are intended to replace conventional modes of transportation. Electric vehicles are useful for lowering greenhouse gas emissions and air pollution in urban areas.

Market Restraints

Particularly in regards to water depletion and pollution, Li extraction has substantial social and environmental impacts. Also, hazardous chemicals are needed for Li processing. Toxic chemicals released into the air, leached into the ground, or spilled can have disastrous effects on wildlife, agriculture, and human health. Inevitably, soil degradation and contamination will result from Li extraction. Locals in Argentina have complained that the operations have polluted water sources.

Concerns have also been raised about the product’s recyclable nature. The absence of Li recycling can be attributed to several factors, including a low collection rate, fluctuating lithium prices, and high recycling costs. Due to its extremely reactive, combustible, and poisonous nature, recycling this product is likely to be difficult.

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Market Segmentation:

By Product Type

In terms of volume, the carbonate product category was the market leader in 2021 and was responsible for more than 57.0% of the total. The most stable inorganic chemical is lithium carbonate (Li2CO3), from which other compounds like lithium hydroxide (LiOH) and even pure lithium metal can be synthesized.

By application

It is anticipated that the energy storage application would be the market’s primary driver over the study period.

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Regional Analysis:

The Global Lithium Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

Europe is projected to hold over 30% of the worldwide lithium market share and is anticipated to continue its dominance throughout the forecast period owing to the growth in the manufacturing of electric vehicles.

Asia-Pacific is estimated to exhibit the highest CAGR during the forecast period, due to the increasing demand for battery-powered vehicles across China and South-East Asian countries.

The upsurge in demand for lithium in pharmaceuticals and agricultural chemicals is awaited to boost the demand for lithium in North America.

The application of fermentation chemicals in adhesives and grease processes coupled with its usage in the construction sector is estimated to propel the demand for lithium in the Middle East & Africa during the forecast period.

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