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 Lithium Market report published by MMR encompasses various segments that offer up-to-date business data and insights into the industry’s future through careful assessment and examination. Titled as the Lithium Market Report 2021, the report categorizes the market by manufacturer, type, application, and region. It provides an in-depth analysis, revenue statistics, and other crucial data about the global Lithium industry. The report also covers various trends, drivers, limitations, opportunities, and threats that the market is expected to face during the forecast period.
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Lithium Market Scope
The Lithium market report covers the forecast period from 2022 to 2029, with 2021 as the base year. The market size in terms of value and volume for 2021 is estimated based on actual figures and outputs of prominent players worldwide. The market trends from the past five years, specifically from 2016, are taken into account while projecting the market outlook for the period of 2022 to 2029. However, the year 2021 is analyzed separately, considering the impact of regional lockdown measures.
Furthermore, the report provides a comprehensive analysis of the Lithium industry, including market segmentation based on product type, applications, end-use, and region. It incorporates an examination of historical market dynamics from 2018 to 2021, enabling readers to compare past trends with the current market scenarios and understand the contributions of key players.
Lithium Market Segmentation
In terms of product, carbonate held a 68% market share in 2022. The most stable chemical is carbonate, which can also produce other compounds including pure lithium and lithium hydroxide. It is widely employed 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 filtration systems and lubricating greases. The hydroxide market is anticipated to develop as a result of the expansion of both industries. Albemarle is investing US$ 700 million to build a kemerton hydroxide factory that can produce 1,000 tons of premium battery quality 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 by evaporation.
Hardrock is anticipated to expand throughout the projection 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 throughout the forecast period, is produced at a substantially cheaper cost than other brines.
With a 28% market share by Application in 2022, the Batteries category 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 utilize 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 rise at a faster rate due to the growing popularity of electric vehicles.
With a 28% market share by Application in 2022, the Batteries category 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 utilize 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 rise at a faster rate due to the growing popularity of electric vehicles.
Lithium Market Size and Forecast, by Product (2022-2029)
1. Carbonate
2. Hydroxide
Lithium Market Size and Forecast, by Source Type (2022-2029)
1. Brines
2. Hardrock
Lithium Market Size and Forecast, by Application (2022-2029)
3. Batteries
3. Lubricants
3. Pharmaceuticals
4. Glass and Ceramics
5. Others
Lithium Market Size and Forecast, by Region (2022-2029)
1. North America
2. Europe
3. Asia Pacific
4. Middle East and Africa
5. South America
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Lithium Market Key Players
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
The Lithium market report provides comprehensive insights and understanding of the current trends, dynamics, and key issues within the market. It highlights the most significant developments that impact the industry, helping readers stay informed about the latest advancements. The report aids in identifying the crucial information presented and assessing the competitive landscape of major companies, analyzing Lithium market dynamics, and other factors that assist in formulating effective marketing strategies.
Key Questions answered in the Lithium Market Report are:
- What is Lithium Market?
- What is the forecast period of the Lithium Market?
- What is the competitive scenario of the Lithium market?
- Which region held the largest market share in the Lithium Market?
- What are the opportunities for the Lithium Market?
- What factors are affecting the Lithium market growth?
- Who are the key players of the Lithium market?
- Which company held the largest share in the Lithium market?
- What will be the CAGR of the Lithium market during the forecast period?
- What key trends are likely to emerge in the Lithium market in the coming years?
Key offerings:
- Market Share, Size, and Forecast by Revenue|2022-2029
- Market Dynamics- Growth drivers, Restraints, Investment Opportunities, and key trends
- Market Segmentation: A detailed analysis by Lithium#
- Landscape- Leading key players and other prominent key players.
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