Lithium Market size was valued at US$ 3.95 Bn. in 2022 and the total revenue is expected to grow at 6.8 % through 2022 to 2029, reaching nearly US$ 6.26 Bn.
Lithium Market Overview:
The global Lithium market has witnessed significant growth in recent years, driven by a myriad of factors contributing to its expansion. The increasing demand for Lithiums across various industries, including construction, marine, and sports, has played a pivotal role in shaping the market landscape. Lithiums are indispensable in these sectors, serving diverse purposes such as lifting, securing, and towing, thereby fueling the market’s growth. Technological advancements in Lithium manufacturing, leading to the development of stronger and more durable materials, have further intensified the market competition. Moreover, the growing emphasis on safety standards and regulations in industrial applications has heightened the demand for high-performance Lithiums, driving innovation in the market. As industries continue to evolve, the Lithium market is poised for sustained growth, with manufacturers focusing on enhancing product versatility and durability to meet the evolving needs of end-users worldwide.
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Lithium Market Scope:
The scope of the Lithium market is expansive, encompassing a wide array of applications and industries globally. Lithiums serve as fundamental components across sectors such as construction, shipping, outdoor activities, and rescue operations. The market’s reach extends to various types of Lithiums, including synthetic, natural fiber, and steel Lithiums, each tailored to specific needs and environments. The increasing emphasis on sustainability and eco-friendly materials has led to the development of innovative Lithiums with reduced environmental impact. Additionally, the market scope is influenced by the ongoing advancements in Lithium technology, resulting in the production of lightweight, high-strength, and corrosion-resistant Lithiums. As industries continue to diversify, the Lithium market is expected to witness sustained growth, driven by the ever-expanding applications and the constant pursuit of enhanced performance and safety standards.
In terms of product, carbonate held a 68% market share in 2022. The most stable compound is carbonate, which can also form other compounds like pure lithium and lithium hydroxide. It is widely used in the production of lithium-ion batteries for the automotive industry, as well as in the processing of metal oxides and the creation of medications for bipolar disorders.
The CAGR for hydrogen is predicted to be 3.4%. It is extensively utilized in breathing gas purification systems and lubricating greases. The hydroxide market is anticipated to grow as a result of the expansion of both industries. Albemarle is investing US$ 700 million to build a kemerton hydroxide plant that can produce 1,000 tons of premium battery grade hydroxide annually.
In terms of Source Type, Brines held a 57% market share in 2022. One of the main sources of salt brines is the sea. The brines are sent to processing facilities so that carbonate can be produced after being concentrated through evaporation.
Hardrock is anticipated to expand during the forecast period at a CAGR of 3.45%. In hard rock mines, concentrate production is less expensive than in brines. Spodumene concentrate, a crucial end product that is expected to drive the market’s growth over the forecast period, is produced at a substantially lower cost than other brines.
With a 28% market share by Application in 2022, the Batteries segment leads the market. Primary and secondary batteries that combine active materials for the cathode, anode, and electrolyte are known as lithium batteries. Cameras, calculators, watches, electronic games, and other devices use primary batteries, while computers, electric cars, cordless tools, and other devices use secondary batteries. The market for batteries is anticipated to expand at a CAGR of 7%. Throughout the forecast period, the market for batteries is anticipated to grow at a faster rate due to the growing popularity of electric vehicles.
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Lithium Market Key Players:
Secondary research is used to identify market Lithiumers, while primary and secondary research is used to establish market revenue. Secondary research comprised a review of the Lithiuming manufacturers’ annual and financial reports, whilst primary research included thorough interviews with key opinion Lithiumers and industry specialists such as experienced front-line personnel, CEOs, and marketing executives. Secondary sources are used to calculate percentage splits, market shares, growth rates, and worldwide market breakdowns, which are then validated using primary sources.
1. Tianqi Lithium
2. Ganfeng Lithium Co., Ltd.
3. General Lithium Corp
4. LITHIUM EXPLORATION GROUP
5. LSC Lithium Corporation
6. Neo Lithium Corporation
7. U.S. Lithium Corp
8. Yacimientos de Litio Bolivianos
9. Albemarle Corporation
10.Altura Mining
11.Avalon Advanced Materials Inc.
12.Corporation Lithium Elements Critiques
13.FMC Corporation
14.Galaxy Resources Limited
15.Ganfeng Lithium Co. Ltd
16.Lithium Americas Corp.
17.Nemaska Lithium
18.Novo Litio Ltd
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Lithium Market Regional Analysis:
Individual market influencing components and changes in market legislation that affect current and future market trends are also covered in the Lithium market study’s regional overview. Current and future trends are investigated in order to analyze the overall market potential and find profitable patterns in order to get a more firm footing. The geographical market evaluation is based on the current environment and anticipated trends.
COVID-19 Impact Analysis on Lithium Market:
End-user industries where Lithium are utilized saw a decline in growth from January 2020 to May 2020 in a number of countries, including China, Italy, Germany, the United Kingdom, and the United States, as well as Lithiumin, France, and India, due to a pause in operations. This resulted in a significant drop in the revenues of enterprises in these industries, as well as in demand for Lithium manufacturers, affecting the Lithium market’s growth in 2020. End-user business demand for Lithium has plummeted as a result of lockdowns and an increase in COVID-19 events throughout the world.
Key Questions Answered in the Lithium Market Report are:
- In 2021, which segment accounted for the most share of the Lithium market?
- What is the competitive landscape of the Lithium market?
- What are the key factors influencing Lithium market growth?
- In the Lithium market, which region has the most market share?
- What will be the CAGR of the Lithium market during the forecast period (2022-2027)?
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