Lithium Industry Overview
The global lithium market size was valued at USD 6.83 billion in 2021 and is expected to reach USD 18.99 billion by 2030, registering a CAGR of 12.0% from 2022 to 2030.
Electrification of vehicles is projected to attract a significant volume of lithium-ion batteries, thus anticipated to drive the market over the forecast period. The automotive application segment is expected to witness substantial growth over the forecast period, driven by stringent regulations for ICE automakers imposed by government bodies to reduce carbon dioxide emissions from vehicles. This has shifted the interest of automakers toward producing EVs, which is anticipated to benefit the demand for lithium and related products. Government subsidies for EVs, along with investments in this space, are likely to act as an additional booster to the growth of the market.
Gather more insights about the market drivers, restrains and growth of the Global Lithium Market
The U.S. holds major significance in battery production after China, which makes it one of the key lithium-consuming countries in the world. The country has huge reserves of this important metal. According to the USGS, lithium resources from brines and minerals accounted for 7.9 million tons in the U.S., in 2020. However, the country mines only about 1.0% of the total demand in the world. In 2020, the production took place at only one location in the U.S., which is a brine operation in Nevada. However, the country is expected to boost its mining capabilities in the industry over the coming years.
The market players in the U.S. are focusing on getting a hold on the battery supply chain owing to the increasing production of EVs in the country and as transportation of batteries is dangerous. In 2018, the Interior Department listed lithium as a critical mineral, which paced up the mine permitting process. In January 2021, the Bureau of Land Management approved the Thacker Pass Mine proposed by Lithium Nevada Corporation. The mine is believed to serve as the largest source of the commodity supply in the U.S. and is expected to be able to produce about 60 kilotons of battery-grade carbonate by 2026.
Lithium Market Segmentation
Based on the Product Insights, the market is segmented into Carbonates, Hydroxide and Others.
- The carbonate product segment dominated the market and accounted for the largest share of over 57.0% in 2021, in terms of volume.
- Carbonates products are also used in the treatment of bipolar disorder. This compound is also used in batteries and has several applications in the construction sector for waterproofing slurries and as adhesives.
Based on the Application Insights, the market is segmented into Automotive, Consumer Electronics, Grid Storage, Glass & Ceramics and Others.
- The consumer electronics application segment is estimated to register the fastest CAGR of more than 15.00%, in terms of revenue, from 2022 to 2030.
- The segment is projected to grow owing to the increasing sales of electronic devices, such as mobile phones, laptops, cameras, portable radios, speakers, and Mp3 players, which make use of Li-ion batteries.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa
- Asia Pacific dominated the global market in 2021 and accounted for the largest volume share of more than 57.0% in 2021 owing to the rapidly developing automotive, glass, and consumer goods industries in countries, such as China, Japan, South Korea, and India.
- Europe accounted for the second-largest share of the global revenue in 2021 and is projected to witness steady growth from 2022 to 2030.
Market Share Insights:
- June 2021: Albemarle announced about opening an Innovation Center at its site in Kings Mountain, North Carolina, U.S. The center will aid in supporting the company’s carbonate and hydroxide products, and advanced energy storage materials product portfolio.
- July 2020: Khanij Bidesh India Ltd. (KABIL), a joint venture between the NALCO, Mineral Exploration, and Hindustan Copper signed a start-up agreement with Jujuy Energia y Mineria Sociedad del Estado (JEMSE) for the production & exploration of lithium.
Key Companies Profile:
The global market is consolidated with production concentrated in the hands of a few key manufacturers.
Some of the prominent players in the global lithium market include:
- Albemarle Corp.
- Ganfeng Lithium Co., Ltd.
- SQM S.A.
- Tianqi Lithium Corporation
- Livent Corp.
- Lithium Americas Corp.
- Pilbara Minerals
- Orocobre Limited Pty. Ltd.
- Mineral Resources
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