Lithium Metal Market to Reach $13.5 Billion, Globally, by 2032 at 12.1% CAGR: Allied Market Research

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Aug 18, 2023, 10:05 ET

The global lithium metal market is driven by an increase in demand from the electric vehicle industry. The demand for EVs is increasing as governments and consumers worldwide prioritize sustainable transportation, subsequently boosting the demand for lithium metal.

PORTLAND, Ore, Aug. 18, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Lithium Metal Market by Source (Salt Brine Deposits, Lithium-Rich Clays), By Application (Batteries, Alloys, Intermediate, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the lithium metal market was valued at $4.3 billion in 2022 and is estimated to reach $13.5 billion by 2032, exhibiting a CAGR of 12.1% from 2023 to 2032.

The global lithium metal market is a pivotal landscape within the global business arena, driven by the escalating demand for lithium-ion batteries across various industries, including electronics, automotive, and renewable energy. As these sectors continue to expand, the need for high-performance, energy-dense batteries has intensified, propelling the demand for lithium metal—a key component in battery production. Companies operating in the lithium metal market are witnessing a dynamic landscape marked by technological advancements, supply chain challenges, and evolving regulatory frameworks. Strategic partnerships, investments in research and development, and efforts to ensure a sustainable and efficient supply of lithium metal are crucial for businesses aiming to capitalize on the growing market opportunities and address the increasing environmental concerns associated with resource extraction and battery disposal.

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Prime determinants of growth

The proliferation of smartphones, laptops, tablets, and other portable electronic devices drives the growth of the global lithium metal market. However, there have been concerns about potential supply constraints due to the limited number of lithium metal producers and the time it takes to bring new lithium metal mining operations online. This supply-demand imbalance can lead to price volatility and affect the availability of lithium for various industries. This factor is projected to restrain the growth of the lithium metal market during the forecast period.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$4.3 billion
Market Size in 2032	$13.5 billion
CAGR	12.1 %
No. of Pages in Report	400
Segments covered	Source, Application, and Region.
Drivers	Escalating demand from the electric vehicle (EV) industry Energy Storage Solutions Increase in demand for industrial applications
Opportunities	Sustainable mining and recycling Diversification of lithium metal sources
Restraints	Supply and demand imbalance Geopolitical Factors

Covid-19 Scenario

The lithium metal market was negatively impacted due to the wake of the COVID-19 pandemic, owing to its dependence on the aerospace, portable electronics, industrial, and other sectors. The pandemic disrupted supply chains worldwide, including those in the lithium industry.
However, the demand for products and technologies that use lithium, such as electric vehicles and renewable energy storage systems, witnessed an incline as economies reopened and economic activities resumed.
The demand for electric vehicles has remained the same post-COVID-19 as consumers and governments continue to focus on sustainability and reduce carbon emissions, leading to increased demand for lithium-ion batteries.

The salt brine deposits segment to maintain its lead position during the forecast period

Based on source, the salt brine deposits segment accounted for the largest share in 2022, contributing to around three-fourths of the global lithium metal market revenue. The lithium industry is focusing on extensive R&D to explore new technologies and applications for lithium. While lithium metal from salt brine deposits may not be commonly used nowadays, advancements in battery technology or other specialized applications are projected to create new opportunities for its utilization in the future. The Lithium-Rich Clays segment, on the other hand, would cite the fastest CAGR OF 12.3% by 2032.

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The batteries segment to maintain its lead position during the forecast period

Based on the application, the batteries segment accounted for the largest share in 2022, contributing to nearly three-fifths of the global lithium metal market revenue. The global shift toward electric vehicles is one of the primary drivers of the increase in demand for lithium metal used for producing lithium-ion batteries. There is a growing focus on transitioning from fossil-fuel-powered vehicles to electric cars as countries and regions aim to reduce carbon emissions and combat climate change. Furthermore, the widespread use of smartphones, laptops, tablets, and other portable electronic devices has contributed significantly to the demand for lithium metal for producing lithium-ion batteries. The same segment is also projected to showcase the fastest CAGR of 12.4% from 2023 to 2032.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-thirds of the global lithium metal market and is projected to register the highest CAGR of 12.2% during the forecast period. The rapid pace of urbanization and industrial development in countries like China and India has led to increased demand for consumer electronics and portable devices. This surge in demand for smartphones, laptops, and other electronic gadgets has driven the need for lithium-ion batteries, which utilize lithium metal. Moreover, the Asia-Pacific region is also home to significant lithium metal resources, particularly in Australia. Developing these local resources contributes to securing a stable supply of lithium metal for the region's growing industries.

Leading Market Players: -

TIANQUI LITHIUM INDUSTRIES INC.
SHENZHEN CHENGXIN LITHIUM GROUP CO., LTD.
SQM S.A.
PIEDMONT LITHIUM
A123 SYSTEMS LLC
GANFENG LITHIUM CO., LTD.
LIVENT
ALLKEM LIMITED
ALBEMARLE CORPORATION.
MINERAL RESOURCES LIMITED

The report provides a detailed analysis of these key players in the global lithium metal market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase their flair in the industry.

Want to Access the Statistical Data and Graphs, Key Players' Strategies:
https://www.alliedmarketresearch.com/lithium-metal-market/purchase-options

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