Lithium Market size to grow by 1,066.47 thousand t from 2022 to 2027: Surge in demand from diversified applications to boost the market growth - Technavio

NEW YORK, June 21, 2023 /PRNewswire/ -- The global lithium market size is estimated to increase by 1066.47 thousand t from 2022 to 2027. The market's growth momentum will progress at a CAGR of 25%. The surge in demand from diversified applications to drive the market growth during the forecast period. The market growth can be attributed to the iThe surge in demand from diversified applications. Furthermore, lithium compounds are added in the production of enamels and glazes reducing thermal expansion and increasing strength. Moreover, lithium is used in the formulation of industrial grease due to its heat resistance and friction. Hence, such factors drive the market growth for lithium during the forecast period. Discover some insights on the market size historic period (2017 to 2021) and Forecast 2023-2027 before buying the full report -Request a sample report

Lithium market – Vendor Analysis
Vendor Landscape - The global lithium market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer lithium in the market are Albemarle Corp., Avalon Advanced Materials Inc., Critical Elements Lithium Corp., Ganfeng Lithium Co. Ltd., IGO Ltd., Lithium Americas Corp., Lithium Australia Ltd., Livent Corp., MGX Minerals Inc., Mineral Resources Ltd., Nemaska Lithium Inc., Neometals Ltd., Orocobre Ltd., Perseus Mining Ltd., Pilbara Minerals Ltd., Pluspetrol Resources Corporation B.V., Sayona Mining Ltd., Sociedad Quimica y Minera de Chile SA, Tianqi Lithium Corp., and Shanghai Oujin Lithium Industrial Co. Ltd. and others.

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• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Vendor Offerings -

• Albemarle Corp. - The company offers lithium solutions such as lithium ion batteries. 
• Avalon Advanced Materials Inc. - The company offers lithium solutions such as lubricants, chemicals. 
• Critical Elements Lithium Corp. - The company offers lithium solutions such as ROSE LITHIUM TANTALUM. 
• For details on the vendor and their offerings – Request a sample report

Lithium Market - Segmentation Assessment

Segment Overview
This report extensively covers market segmentation by application (batteries, ceramics and glass, grease, polymer, and others), product (carbonate, hydroxide, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa).

• The market share growth of the batteries segment will be significant for market growth during the forecast period. Lithium-ion batteries offer high-energy density with low weight and size. These batteries experience demand from the EVs, consumer electronics, and power grid storage sectors is expected to drive market growth. Additionally, government regulations and subsidies for EVs are expected to augment market growth. Hence, such factors drive the growth of the segment during the forecast period.

Geography Overview
By geography, the global lithium market is segmented into APAC, North America, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global lithium market.

• APAC is estimated to account for 70% of the growth of the global market during the forecast period. The growth can be attributed to factors such as the increased demand for lithium from the automobile, construction, and industrial sectors and the rise in demand for EVs from countries such as China, Japan, India, and Indonesia. Furthermore, the Chinese government foresees that the use of EVs is one of the most effective ways to reduce pollution in cities such as Beijing and Shanghai. Hence, such factors drive the regional market growth during the forecast period.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 - Download a Sample Report

Lithium Market – Market Dynamics

Leading Drivers - 

• The surge in demand from diversified applications notably drives the lithium market during the forecast period.
• The market growth is due to factors such as the increasing demand for lithium from applications such as glass and ceramics, lubricants, and power grid storage.
• Furthermore, the addition of lithium compounds in the production of enamels and glazes reduces thermal expansion and increases strength.
• Hence, the extensive use of lithium in diverse applications is expected to drive the growth of the market during the forecast period.

Key Trends - 

• A rise in preference for renewable energy is an emerging trend in the market during the forecast period.
• Owing to the growing popularity of renewable energy around the world, there has been a steady increase in the installation of renewable energy sources.
• Moreover, the increasing installation of hybrid wind turbines (using lithium-ion batteries) and solar panels (using lithium-ion batteries to store solar energy) for renewable energy generation has increased the demand for lithium-ion batteries.
• This results in the use of lithium in battery storage solutions used in the renewable energy industry is expected to accelerate the growth of the market.
• Hence, such trends boost the market growth during the forecast period.

Major challenges - 

• The lack of recharging infrastructure challenges the growth of the lithium market during the forecast period. The lack of recharging infrastructure.
• This, in turn, influences the sales of lithium-ion batteries, and finding a suitable charging station is a challenge for electric vehicle owners.
• In contrast to conventional motor vehicles, electric vehicles do not offer the advantage of standardized charging options.
• For example, in India, Mahindra is unable to increase the sales of Reva due to the lack of charging infrastructure in cities.
• Hence, such challenges impede market growth during the forecast period.

Drivers, Trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this Lithium Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the lithium market between 2023 and 2027
• Precise estimation of the size of the lithium market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the lithium market across APAC, North America, Europe, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of lithium market vendors

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Related Reports:

The lithium carbonate market size is expected to increase by 811.16 thousand tons from 2021 to 2026, at a CAGR of 23.24%. Furthermore, this report extensively covers lithium carbonate market segmentation by application (batteries, ceramics and glass, cement and aluminum, and others) and geography (APAC, North America, Europe, and ROW). The high demand from developing countries is notably driving the lithium carbonate market growth.

The laminate lithium-ion battery market size is estimated to grow at a CAGR of 11.63% between 2022 and 2027. The market size is forecast to increase by USD 15,870.75 million. This laminate lithium-ion battery market report extensively covers market segmentation by type (licoo2 battery, lifepo4 battery, and lithium nickel manganese cobalt and others), application (consumer electronics, automotive, and others), and geography (APAC, North America, Europe, South America, and the Middle East and Africa). Rising demand for high-performance batteries is a major driving factor for the growth of the laminate lithium-ion battery market during the forecast period. 

Table of Contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 (thousand t)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 (thousand t)
• Exhibit 16: Chart on Global Market- Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market- Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global lithium market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global lithium market 2017 - 2021 (thousand t)

• 4.2 Application Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 (thousand t)

• 4.3 Product Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Product Segment 2017 - 2021 (thousand t)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 (thousand t)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 (thousand t)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments
• Exhibit 30: Chart on Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 Batteries - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Batteries - Market size and forecast 2022-2027 (thousand t)
• Exhibit 35: Data Table on Batteries - Market size and forecast 2022-2027 (thousand t)
• Exhibit 36: Chart on Batteries - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Batteries - Year-over-year growth 2022-2027 (%)

• 6.4 Ceramics and glass - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Ceramics and glass - Market size and forecast 2022-2027 (thousand t)
• Exhibit 39: Data Table on Ceramics and glass - Market size and forecast 2022-2027 (thousand t)
• Exhibit 40: Chart on Ceramics and glass - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Ceramics and glass - Year-over-year growth 2022-2027 (%)

• 6.5 Grease - Market size and forecast 2022-2027 
• Exhibit 42: Chart on Grease - Market size and forecast 2022-2027 (thousand t)
• Exhibit 43: Data Table on Grease - Market size and forecast 2022-2027 (thousand t)
• Exhibit 44: Chart on Grease - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Grease - Year-over-year growth 2022-2027 (%)

• 6.6 Polymer - Market size and forecast 2022-2027 
• Exhibit 46: Chart on Polymer - Market size and forecast 2022-2027 (thousand t)
• Exhibit 47: Data Table on Polymer - Market size and forecast 2022-2027 (thousand t)
• Exhibit 48: Chart on Polymer - Year-over-year growth 2022-2027 (%)
• Exhibit 49: Data Table on Polymer - Year-over-year growth 2022-2027 (%)

• 6.7 Others - Market size and forecast 2022-2027 
• Exhibit 50: Chart on Others - Market size and forecast 2022-2027 (thousand t)
• Exhibit 51: Data Table on Others - Market size and forecast 2022-2027 (thousand t)
• Exhibit 52: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 53: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 6.8 Market opportunity by Application 
• Exhibit 54: Market opportunity by Application (thousand t)
• Exhibit 55: Data Table on Market opportunity by Application (thousand t)

7 Market Segmentation by Product

• 7.1 Market segments
• Exhibit 56: Chart on Product - Market share 2022-2027 (%)
• Exhibit 57: Data Table on Product - Market share 2022-2027 (%)

• 7.2 Comparison by Product 
• Exhibit 58: Chart on Comparison by Product
• Exhibit 59: Data Table on Comparison by Product

• 7.3 Carbonate - Market size and forecast 2022-2027 
• Exhibit 60: Chart on Carbonate - Market size and forecast 2022-2027 (thousand t)
• Exhibit 61: Data Table on Carbonate - Market size and forecast 2022-2027 (thousand t)
• Exhibit 62: Chart on Carbonate - Year-over-year growth 2022-2027 (%)
• Exhibit 63: Data Table on Carbonate - Year-over-year growth 2022-2027 (%)

• 7.4 Hydroxide - Market size and forecast 2022-2027 
• Exhibit 64: Chart on Hydroxide - Market size and forecast 2022-2027 (thousand t)
• Exhibit 65: Data Table on Hydroxide - Market size and forecast 2022-2027 (thousand t)
• Exhibit 66: Chart on Hydroxide - Year-over-year growth 2022-2027 (%)
• Exhibit 67: Data Table on Hydroxide - Year-over-year growth 2022-2027 (%)

• 7.5 Others - Market size and forecast 2022-2027 
• Exhibit 68: Chart on Others - Market size and forecast 2022-2027 (thousand t)
• Exhibit 69: Data Table on Others - Market size and forecast 2022-2027 (thousand t)
• Exhibit 70: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 71: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by Product 
• Exhibit 72: Market opportunity by Product (thousand t)
• Exhibit 73: Data Table on Market opportunity by Product (thousand t)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 74: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 75: Chart on Market share by geography 2022-2027 (%)
• Exhibit 76: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 77: Chart on Geographic comparison
• Exhibit 78: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027 
• Exhibit 79: Chart on APAC - Market size and forecast 2022-2027 (thousand t)
• Exhibit 80: Data Table on APAC - Market size and forecast 2022-2027 (thousand t)
• Exhibit 81: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 North America - Market size and forecast 2022-2027 
• Exhibit 83: Chart on North America - Market size and forecast 2022-2027 (thousand t)
• Exhibit 84: Data Table on North America - Market size and forecast 2022-2027 (thousand t)
• Exhibit 85: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.5 Europe - Market size and forecast 2022-2027 
• Exhibit 87: Chart on Europe - Market size and forecast 2022-2027 (thousand t)
• Exhibit 88: Data Table on Europe - Market size and forecast 2022-2027 (thousand t)
• Exhibit 89: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027 
• Exhibit 91: Chart on South America - Market size and forecast 2022-2027 (thousand t)
• Exhibit 92: Data Table on South America - Market size and forecast 2022-2027 (thousand t)
• Exhibit 93: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 95: Chart on Middle East and Africa - Market size and forecast 2022-2027 (thousand t)
• Exhibit 96: Data Table on Middle East and Africa - Market size and forecast 2022-2027 (thousand t)
• Exhibit 97: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027 
• Exhibit 99: Chart on China - Market size and forecast 2022-2027 (thousand t)
• Exhibit 100: Data Table on China - Market size and forecast 2022-2027 (thousand t)
• Exhibit 101: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 US - Market size and forecast 2022-2027 
• Exhibit 103: Chart on US - Market size and forecast 2022-2027 (thousand t)
• Exhibit 104: Data Table on US - Market size and forecast 2022-2027 (thousand t)
• Exhibit 105: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027 
• Exhibit 107: Chart on Japan - Market size and forecast 2022-2027 (thousand t)
• Exhibit 108: Data Table on Japan - Market size and forecast 2022-2027 (thousand t)
• Exhibit 109: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 110: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 South Korea - Market size and forecast 2022-2027 
• Exhibit 111: Chart on South Korea - Market size and forecast 2022-2027 (thousand t)
• Exhibit 112: Data Table on South Korea - Market size and forecast 2022-2027 (thousand t)
• Exhibit 113: Chart on South Korea - Year-over-year growth 2022-2027 (%)
• Exhibit 114: Data Table on South Korea - Year-over-year growth 2022-2027 (%)

• 9.12 Germany - Market size and forecast 2022-2027 
• Exhibit 115: Chart on Germany - Market size and forecast 2022-2027 (thousand t)
• Exhibit 116: Data Table on Germany - Market size and forecast 2022-2027 (thousand t)
• Exhibit 117: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 118: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 119: Market opportunity by geography (thousand t)
• Exhibit 120: Market opportunity by geography (thousand t) - Volume

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 121: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 122: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 123: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 124: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 125: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 126: Matrix on vendor position and classification

• 12.3 Albemarle Corp.
• Exhibit 127: Albemarle Corp. - Overview
• Exhibit 128: Albemarle Corp. - Business segments
• Exhibit 129: Albemarle Corp. - Key news
• Exhibit 130: Albemarle Corp. - Key offerings
• Exhibit 131: Albemarle Corp. - Segment focus

• 12.4 Avalon Advanced Materials Inc. 
• Exhibit 132: Avalon Advanced Materials Inc. - Overview
• Exhibit 133: Avalon Advanced Materials Inc. - Product / Service
• Exhibit 134: Avalon Advanced Materials Inc. - Key offerings

• 12.5 Critical Elements Lithium Corp. 
• Exhibit 135: Critical Elements Lithium Corp. - Overview
• Exhibit 136: Critical Elements Lithium Corp. - Product / Service
• Exhibit 137: Critical Elements Lithium Corp. - Key offerings

• 12.6 Ganfeng Lithium Co. Ltd. 
• Exhibit 138: Ganfeng Lithium Co. Ltd. - Overview
• Exhibit 139: Ganfeng Lithium Co. Ltd. - Business segments
• Exhibit 140: Ganfeng Lithium Co. Ltd. - Key offerings
• Exhibit 141: Ganfeng Lithium Co. Ltd. - Segment focus

• 12.7 IGO Ltd.
• Exhibit 142: IGO Ltd. - Overview
• Exhibit 143: IGO Ltd. - Product / Service
• Exhibit 144: IGO Ltd. - Key offerings

• 12.8 Lithium Americas Corp. 
• Exhibit 145: Lithium Americas Corp. - Overview
• Exhibit 146: Lithium Americas Corp. - Business segments
• Exhibit 147: Lithium Americas Corp. - Key offerings
• Exhibit 148: Lithium Americas Corp. - Segment focus

• 12.9 Lithium Australia Ltd. 
• Exhibit 149: Lithium Australia Ltd. - Overview
• Exhibit 150: Lithium Australia Ltd. - Product / Service
• Exhibit 151: Lithium Australia Ltd. - Key news
• Exhibit 152: Lithium Australia Ltd. - Key offerings

• 12.10 Livent Corp.
• Exhibit 153: Livent Corp. - Overview
• Exhibit 154: Livent Corp. - Product / Service
• Exhibit 155: Livent Corp. - Key offerings

• 12.11 MGX Minerals Inc.
• Exhibit 156: MGX Minerals Inc. - Overview
• Exhibit 157: MGX Minerals Inc. - Product / Service
• Exhibit 158: MGX Minerals Inc. - Key offerings

• 12.12 Nemaska Lithium Inc.
• Exhibit 159: Nemaska Lithium Inc. - Overview
• Exhibit 160: Nemaska Lithium Inc. - Product / Service
• Exhibit 161: Nemaska Lithium Inc. - Key offerings

• 12.13 Orocobre Ltd.
• Exhibit 162: Orocobre Ltd. - Overview
• Exhibit 163: Orocobre Ltd. - Business segments
• Exhibit 164: Orocobre Ltd. - Key offerings
• Exhibit 165: Orocobre Ltd. - Segment focus

• 12.14 Pilbara Minerals Ltd. 
• Exhibit 166: Pilbara Minerals Ltd. - Overview
• Exhibit 167: Pilbara Minerals Ltd. - Product / Service
• Exhibit 168: Pilbara Minerals Ltd. - Key offerings

• 12.15 Pluspetrol Resources Corporation B.V. 
• Exhibit 169: Pluspetrol Resources Corporation B.V. - Overview
• Exhibit 170: Pluspetrol Resources Corporation B.V. - Product / Service
• Exhibit 171: Pluspetrol Resources Corporation B.V. - Key offerings

• 12.16 Shanghai Oujin Lithium Industrial Co. Ltd. 
• Exhibit 172: Shanghai Oujin Lithium Industrial Co. Ltd. - Overview
• Exhibit 173: Shanghai Oujin Lithium Industrial Co. Ltd. - Product / Service
• Exhibit 174: Shanghai Oujin Lithium Industrial Co. Ltd. - Key offerings

• 12.17 Tianqi Lithium Corp.
• Exhibit 175: Tianqi Lithium Corp. - Overview
• Exhibit 176: Tianqi Lithium Corp. - Product / Service
• Exhibit 177: Tianqi Lithium Corp. - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 178: Inclusions checklist
• Exhibit 179: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 180: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 181: Research methodology
• Exhibit 182: Validation techniques employed for market sizing
• Exhibit 183: Information sources

• 13.5 List of abbreviations 
• Exhibit 184: List of abbreviations

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