The global lithium market is experiencing significant growth, with a reported valuation of USD 37.8 billion in 2022, projected to reach USD 26.88 billion by 2024, and anticipated to surge to USD 134.02 billion by 2032. This represents a robust compound annual growth rate (CAGR) of 22.1% over the forecast period from 2024 to 2032.

Several factors contribute to this rapid expansion, primarily the rise in rechargeable battery advancements. As demand for sustainable energy solutions grows, lithium-ion batteries have become crucial for powering modern devices such as laptops, mobile phones, electric vehicles (EVs), and digital cameras. The shift towards clean energy, particularly the global push for electric vehicles and renewable energy storage solutions, is expected to sustain and accelerate lithium demand.

List of Key Players Profiled in the Report

• Albemarle Corporation (U.S.)
• SQM S.A. (Chile)
• Tianqi Lithium (Australia)
• Jiangsu Ronghui General Lithium Industry Co., Ltd. (China)
• Ganfeng Lithium Co., Ltd. (China)
• Sigma Lithium (Canada)
• American Lithium Corp. (Canada)
• Livent (U.S.)
• Avalon Advanced Materials (Canada)
• Sayona Mining Limited (Australia)

Segments

Lithium Carbonate (Li2CO3) Led as it is Widely Used in the Pharmaceutical Industry

On the basis of product, the market is segmented into carbonate, hydroxide, chloride, metal, and others. Lithium carbonate (Li2CO3) held the majority part in 2022 as carbonate is extracted from brines and is the first compound in the production chain. It is widely used in pharmaceutical industry in making medicines for cluster headaches.

Batteries Led as it is Used in Numerous Combinations of Active Materials

Based on application, the market is segmented into batteries, glass & ceramics, lubricant, polymers, metallurgy, medical, air treatment, and others. Batteries segment accounted for the dominating market share in 2020 and is set to dominate in the future as LIBs are used in numerous combinations of active materials for cathode, electrolyte, and anode.

Automobile Industry to Lead Due to High Usage

Based on end-user, the market is segmented into automotive, consumer electronics, industrial, energy storage, and others. The automobile industry is dominating as lithium-ion battery technology is being used as an alternative source of energy.

The consumer electronics segment is also set to grow as LIBs are used under rechargeable gadgets to store proper energy-to-weight ratios and high open-circuit voltage.

Geographically, the market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Drivers and Restraints

Increasing Adoption of Electric Vehicles to Drive Market Trajectory

Increasing adoption of electric vehicles is expected to drive the lithium market growth. The evolution of the automobile industry has massive impact on EVs. They are designed to replace to replace the traditional methods of travelling with technological advancements, low carbon emission, low maintenance, smoother drive, convenience of charging at home, reduced engine sound, and high fuel economy. Batteries play a very important role for Hybrid Electric Vehicles (HEVS), all-Electric Vehicles (EVS), and Plug-in Hybrid Electric Vehicles (PHEVs).

However, environmental concerns and recycling are anticipated to hinder market development.

Regional Insights

Asia Pacific Led the Market Due to Wide Usage of the Product in the Industrial and Commercial Sectors

Asia Pacific dominated the lithium market share due to wide usage of the product in the industrial and commercial sectors. The sectors include power, consumer electronics, chemical, industrial, general manufacturing, and others. Easy availability of the raw materials is considered one of the driving factors supporting the market growth.

North America is also expected to have considerate market growth due to the adoption of clean energy sources due to stringent regulatory rules.

Information Source: https://www.fortunebusinessinsights.com/lithium-market-104052

Competitive Landscape

Albemarle Corporation has a Strong Presence in North America which is Driving the Competition in the Market

Key market players are Albemarle, SQM S.A., Tianqi Lithium, Jiangsu Ronghui General Lithium Industry Co., Ltd., and others. Market players are involved in capacity expansion, new product launches, joint ventures, acquisitions, and partnerships to have a competitive edge.  Albemarle Corporation has a strong presence in North America, which is driving the competition in the market.

Key Industry Development

• January 2024- Ganfeng Lithium Co., Ltd. invested USD 2.14 billion for the development of two new battery factories. The two new factories are set to increase its production capacities by 34 GWh. This facility will add to manufacturing, which is expected to grow to around 100 GWh annually.