Overview and Scope
Lithium metal refers to a chemical element that is a soft, silvery-white alkali metal with the least dense metal and the least dense solid element under standard conditions. It is principally used in rechargeable lithium-ion batteries, which power a wide range of gadgets.
Sizing and Forecast
The lithium metal market size has grown rapidly in recent years. It will grow from $2.6 billion in 2023 to $3.07 billion in 2024 at a compound annual growth rate (CAGR) of 18.2%. The growth in the historic period can be attributed to surge in electric vehicles (evs), demand for renewable energy, demand for consumer electronics, increase in aerospace and defense sectors.
The lithium metal market size is expected to see rapid growth in the next few years. It will grow to $5.67 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The growth in the forecast period can be attributed to rise in demand for medical devices, supply chain investments, government initiatives, consumer awareness. Major trends in the forecast period include technological innovation, advancements in battery technology, recycling and sustainability, lithium extraction innovations.
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Segmentation & Regional Insights
The lithium metal market covered in this report is segmented –
1) By Source: Salt Lake Brine; Lithium Ores
2) By Application: Lithium Ion-Anode Material; Alloy; Intermediates; Other Applications
3) By End-User: Batteries; Metal Processing; Pharmaceutical; Other End-Users
Asia-Pacific was the largest region in the lithium metal market in 2023. The regions covered in lithium metal market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increasing adoption of electric vehicles worldwide is expected to propel the growth of the lithium metal market going forward. Electric vehicles are automobiles that consist of a motor powered by electricity stored in batteries that operate on electric motors and charge their batteries with electricity rather than fossil fuels like gasoline or diesel. Lithium metal is a crucial component in manufacturing lithium-ion batteries, the primary power source for EVs. For instance, according to May 2022, according to the Global EV Outlook 2022 report by the International Energy Agency, a France-based autonomous intergovernmental organization, electric vehicle (EV) sales have nearly doubled from 2021, reaching a new high of 10.2 million units in 2022. Additionally, the sales of electric car vehicles worldwide in 2023 are expected to be 14 million units, representing a growth rate of 35%. Therefore, the increasing adoption of electric vehicles worldwide will drive the lithium metal market.
Key Industry Players
Major players in the lithium metal market are Sociedad Quimica Y Minera S.A, Albemarle Corporation, Eramet Group, Ganfeng Lithium Co. Ltd., FMC Corporation, Mineral Resources Ltd., Mineral Resources Ltd., Sichuan Yahua Industrial Group Co. Ltd., Shenzhen Chengxin Lithium Group Co. Ltd., Advanced Metallurgical Group NV, Pilbara Minerals Ltd., Livent Corporation, Allkem Limited, Spectrum Chemical Mfg. Corp., Tianqi Lithium Corp, Bisley International LLC, Lithium Americas Corp., Neometals Ltd., American Elements Corp, China Energy Lithium Co. Ltd., Savannah Resources PLC, TruGroup Inc., Chemical-Metallurgical Plant Open Joint Stock Co., Otto Chemie Pvt. Ltd., Li-Metal Corp.
The lithium metal market report table of contents includes:
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