Lithium Market Size & Share to Surpass USD 32.2 billion by 2031, at a CAGR 14.8% | Says Transparency Market Research, Inc.

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Jan 11, 2024, 10:01 ET

Recycling lithium-ion batteries could become increasingly important with the development of effective technologies that could drive demand for the lithium market.

WILMINGTON, Del., Jan. 11, 2024 /PRNewswire/ -- Lithium industry was valued at US$ 9.3 billion in 2022. A CAGR of 14.8% is forecast from 2023 to 2031, reaching US$ 32.2 billion. The lithium market is expected to benefit from the continued adoption of electric vehicles. Developing countries are setting ambitious greenhouse gas emission reduction targets and fostering sustainable transportation, which will likely boost the demand for electric car lithium-ion batteries.

Renewable energy sources are expected to drive the demand for energy storage solutions, which is expected to boost lithium demand. Lithium-ion batteries are a key technology for grid stabilization and uninterrupted power supply. Researchers continue improving lithium-ion batteries and exploring alternative chemistries, which could shape lithium's future market destiny. In the near future, battery development will likely make substantial advancements in safety, performance, and cost-effectiveness.

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Government policies, including incentives for renewable energy targets, electric vehicles, and sustainability initiatives, can significantly impact the demand for lithium. Battery manufacturing and processing facilities can influence market dynamics. Expanding lithium production capacity may play an important role in market development.

Lithium Market Report Scope:

Report Coverage	Details
Forecast Period	2020-2031
Base Year	2021
Size in 2022	US$ 9.3 Bn
Forecast (Value) in 2031	US$ 32.2 Bn
Growth Rate (CAGR)	14.8 %
No. of Pages	227 Pages
Segments covered	Product, Application

Key Findings of the Market Report

Based on product type, the lithium carbonate segment is expected to drive demand for lithium in the market.
E-vehicles are expected to gain market share due to rising electric vehicle sales.
Based on the 2022 lithium market analysis, Asia Pacific accounted for the largest share.
Europe's lithium market is forecast to grow steadily from 2023 to 2031.

Global Lithium Market: Growth Drivers

Electric vehicles (EVs) play a major role in driving the lithium market as demand for lithium-ion batteries increases. Due to the shift to electrification in the automotive industry, the use of lithium in EV batteries has grown. Lithium-ion batteries in renewable energy projects are in addition to those used in electric vehicles. The demand for efficient energy storage solutions increases as the focus on renewable energy sources increases, thereby increasing lithium demand.
Battery technology like lithium-ion plays a significant role in consumer electronics, such as laptops, smartphones, and other portable devices. Electronic devices are continually evolving and innovating, driving the demand for lithium. Investments in renewable energy projects have increased due to the global push for clean and sustainable energy. Energy generated from renewable sources can be stored in lithium batteries, supporting a transition towards a cleaner energy future.
Developing new battery technologies and improving the efficiency of lithium-ion batteries can significantly influence lithium demand. Government incentives and policies promoting electric vehicle adoption can have a significant impact on the lithium market. An increase in lithium-based product demand may be a result of supportive policies.

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Global Lithium Market: Regional Landscape

Asia Pacific is expected to drive demand for lithium in the market. Asia Pacific, especially China, largely drives the adoption of electric vehicles. China's EV demand drives lithium consumption directly because it is a huge market for lithium-ion batteries. In the Asia Pacific, consumer electronics are produced and consumed in large quantities. Smartphones, laptops, and other electronic devices support the market for lithium-ion batteries in the region.
Lithium production and processing are major industries in China. A substantial amount of lithium reserves have been found in the country due to heavy investment in lithium extraction technologies. Batteries, particularly for electric vehicles, have been manufactured in the region in significant quantities. Investing in lithium contributes to its growth.
Several Asia Pacific countries are investing in lithium processing facilities in response to increased demand for battery-grade lithium chemicals. Lithium demand has been influenced by policies and incentives implemented by countries in the Asia-Pacific region that encourage electric vehicle adoption. Lithium-ion batteries are in greater demand in some countries because they support renewable energy integration.

Global Lithium Market: Key Players

Several prominent manufacturers are developing advanced lithium compounds and polymers to discover their applications across a wide range of industries. Electronics, healthcare, and green transportation are profitable end-user industries, so continuous innovations and collaborations are crucial to market progress.

SQM S.A.
FMC Corporation
Albermarle Corporation
Tianqi Lithium Corporation
Jiangxi Ganfeng Co. Ltd.
Orocorbe Limited Pty Ltd.
Neometals Limited
European Lithium Ltd.
Nordic Mining ASA

Key Developments

In January 2024, India's KABIL plans to invest $25.712 million (about 211 crores) over five years in five lithium blocks in the Fiambala area of Argentina. Businessline reports that Pralhad Joshi, Union Minister of Mines, is expected to sign an exploration and development agreement with CAMYEN in the Catamarca province of Argentina at the end of the month.
In January 2024, a notable Chilean chemical company, SQM, partnered with the state-owned copper company, the National Copper Corporation of Chile (Codrescu), less than a year after the government announced plans to acquire a stake in the nation's lithium operations.). A joint venture will be formed in 2025 to maintain operations at the Salar de Atacama, Chile's largest lithium extraction site.

Global Lithium Market: Segmentation

By Product

Lithium Carbonate
Lithium Hydroxide
Lithium Chloride
Others

By Application

Energy Storage
- E-vehicles
- E-bikes
- Consumer Electronics
- Grid Storage

Air Treatment
Greases & Lubricants
Glasses & Ceramics
Others

By Region

North America
Latin America
Asia Pacific
Europe
Middle East & Africa

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