The global lithium market was valued at USD 2.8 Billion in 2020 and projected to expand at a robust CAGR of 14.6% from 2021 to 2028. Lithium is a soft, silvery white metallic element with the symbol Li, and an atomic number of 3. Lithium is an alkali metal and is the lightest solid element. Lithium is highly reactive and flammable and is present in ocean water, and is eventually obtained from brines.
The main sources from where lithium can be extracted are brine reservoirs and rocks containing lithium like spodumene. The lithium market involves the application of the metal in various industries as it has several uses owing to the high chemical reactivity of lithium and the tendency to form bonds owing to its alkali nature. Lithium is used in industries for the process of metallurgy and also in the medical sector as a vital constituent of medicines.
Market Trends, Drivers, Restraints, and Opportunities:
- The development of electric vehicles requires lithium-ion batteries which are mainly made of lithium. The high demand in the EV sector has driven the lithium market.
- Stringent regulations for ICE automakers which have been imposed by public authorities to reduce carbon emissions from vehicles have resulted in high demand for lithium in the automotive sector.
- The flammable nature of lithium is estimated to hamper the market growth.
- Technological advancements and growth of the chemical and medical sector is expected to fuel the lithium market due to new uses of lithium in the medical, automotive, and industrial sectors.
Lithium Market Scope
The report on the global lithium market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Lithium Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018 & 2019
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Forecast Period
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2021–2028
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Segmentation
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Products (Carbonate, Hydroxide, and Others), Applications (Automotive, Grid Storage, Glass & Ceramic, and Others), End-users (Industrial Use, Consumer Electronics, Energy Storage, Medical, and Others)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Key Players Covered
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Albemarle; SQM; Livent Corporation; Orocobre Ltd.; Ganfeng Lithium Co.; Ltd.; and Tianqi Lithium
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Lithium Market Segment Insights:
The carbonate segment is projected to hold major market share
Based on products, the lithium market can be segregated into carbonate, hydroxide, and others. The carbonate segment is projected to hold major market share. Lithium carbonate is the most stable organic compound and thus is used in forming other compounds like lithium hydroxide and pure metal. Lithium carbonate has a variety of applications in the automotive, medical, and industrial segment. Lithium hydroxide is a white hygroscopic crystalline material and is an inorganic compound. The hydroxide segment is used in transportation and in the manufacturing of submarines and spacecraft.
The automotive segment is estimated to expand at a substantial CAGR
Based on applications, the lithium market can be segmented into automotive, grid storage, glass & ceramic, and others. The automotive segment is estimated to expand at a substantial CAGR during the forecast period owing to application of lithium in the batteries for electric vehicles. These batteries are used in single use, non-rechargeable remote controllers, and handheld games.
The medical segment is expected to grow at a rapid pace
Based on end-users, the lithium market can be categorized as industrial use, consumer electronics, energy storage, medical, and others. The medical segment is expected to grow at a rapid pace. The advancements in the medical sector have positively impacted the lithium market due to the application of lithium in medicines for bipolar disorder, anxiety, depression, and schizophrenia.
Lithium helps increase the activity of the chemical messengers in the brain and other functions like development of the blood cells. In the industrial sector, lithium is used in metallurgy and the manufacture of batteries for cell phones, laptops, cameras, and electric vehicles as well. Lithium is used in glasses, ceramics, and alloys in the industrial segment.
Asia Pacific dominates the market
In terms of regions, the global lithium market is classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific dominates the market. The presence of developing glass and consumer industries in countries like China, India, South Korea, and Japan has impacted the lithium market in the region.
Segments
By Products
- Carbonate
- Hydroxide
- Others
By Applications
- Automotive
- Grid Storage
- Glass & Ceramic
- Others
By End-users
- Industrial Use
- Consumer Electronics
- Energy Storage
- Medical
- Others
By Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
By Key Players
Competitive Landscape
The key players in the global lithium market include Albemarle; SQM; Livent Corporation; Orocobre Ltd.; Ganfeng Lithium Co.; Ltd.; and Tianqi Lithium. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence and expand their market share globally.
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