Lithium

Lithium Market by Type (Compound, Metal), Application (Air Treatment, Aluminum Smelting & Alloy, Battery), End User - Global Forecast 2024-2030

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[190 Pages Report] The Lithium Market size was estimated at USD 6.98 billion in 2023 and expected to reach USD 7.82 billion in 2024, at a CAGR 12.13% to reach USD 15.57 billion by 2030.

Lithium Market
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Lithium is a vital component in various industries due to its high electrochemical potential and energy density. Applications of lithium range from batteries, glass & ceramics, lubricants & greases, air treatment, and polymer production to niche applications. With an increasing focus on adopting clean energy solutions worldwide, lithium has gained significant traction in energy storage applications for grid-connected systems. Ongoing shift towards sustainable transportation solutions and government incentives promoting green technology adoption increasing the utilization of lithium across the globe. Increasing environmental concerns associated with lithium mining, such as water scarcity and habitat destruction, also pose threats to the market's sustainable growth. In addition, fluctuations in raw material prices and high investment costs for setting up processing facilities can impact the overall profitability and expansion of the lithium industry. Innovations in battery chemistry and production methods that enable higher energy densities and longer cycle lives create lucrative opportunities for market growth. Promising prospects include solid-state batteries that overcome limitations associated with traditional liquid-electrolyte-based cells. Further, new recycling methods address concerns regarding sustainable sourcing of raw materials while promoting a circular economy approach.

Lithium Market - Global Forecast 2024-2030
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Type: Increasing adoption of lithium compounds due to their widespread use in rechargeable batteries

Lithium compounds are chemical substances that contain lithium in combination with other elements. Some widely used lithium compounds include lithium carbonate, lithium hydroxide, and lithium chloride. These compounds have various applications across industries, such as energy storage, lubricants, pharmaceuticals, and glass manufacturing. Lithium metal is a soft, silvery-white alkali element known for its lightweight and high electrochemical potential. Its primary need stems from applications in the aerospace industry, where it is used as an alloying agent to produce lightweight, high-strength materials. Additionally, there is growing interest in lithium metal batteries, which offer higher energy density and improved safety compared to traditional lithium-ion batteries.

Application: Inclination towards sustainable transportation solutions increasing lithium utilization for batteries

Lithium is widely used in air treatment applications, particularly in products designed to control humidity in enclosed spaces. In these applications, lithium chloride and bromide salts are employed as desiccants due to their effective moisture absorption properties. Lithium plays a significant role in aluminum smelting and alloy production, where it is used as a fluxing agent for reducing melting points and improving alloy properties. This enhances the overall efficiency of material processing while minimizing energy consumption. The battery industry represents one of the most prominent application segments for lithium, with lithium-ion batteries being essential components for electric vehicles (EVs), consumer electronics, and renewable energy storage systems. Their high energy density, long cycle life, and low self-discharge rates make them preferable compared to other battery chemistries. Lithium compounds including lithium carbonate and lithium fluoride, are used in the glass and ceramics industry as fluxing agents, helping reduce melting points, viscosity, and thermal expansion coefficients of materials. This enhances the overall production process while improving product durability. Lithium is utilized as a thickening agent in lubricating greases due to its high chemical stability, compatibility with various base oils, and water resistance properties. These attributes make lithium-based greases suitable for applications across automotive, industrial equipment, and machinery markets. In the medical field, lithium is used primarily for mood stabilizing and treating bipolar disorder due to its effectiveness in managing manic episodes and preventing relapses. Lithium finds applications in metallurgy as an alloying element in steel production for enhancing strength, hardness, toughness, and machinability. Additionally, it's employed as a deoxidizer to remove impurities during metal production.

End User: Growing adoption of lithium in automotive and consumer electronics sectors

In the automotive industry, lithium is primarily utilized in electric vehicle (EV) batteries due to its high energy density and lightweight nature. With the global push towards sustainable mobility solutions and government incentives for EV adoption, the demand for lithium-based batteries is expected to increase. Lithium compounds including lithium carbonate and lithium hydroxide are widely used in chemical synthesis processes due to their strong reactivity. The manufacture of grease products using lithium soaps also accounts for a significant share of the market's consumption. The consumer electronics industry utilizes lithium-ion batteries in various devices like smartphones, laptops, smartwatches, and other portable gadgets. The need for longer-lasting batteries with faster charging capabilities drives this segment's preference for lithium. Lithium is used in healthcare for treating bipolar disorder as a mood stabilizer due to its ability to balance brain chemicals. Beyond mental health treatments, lithium also plays a role in pharmaceutical manufacturing processes as a catalyst and reagent.

Regional Insights

In the Americas, the United States and Canada are driving the demand for lithium as they focus on electric vehicle (EV) adoption. Companies in North America are investing in local lithium supply chain development to reduce dependence on foreign sources. The US government's support of clean energy initiatives further bolsters this demand. Lithium consumption in the European Union is growing exponentially with increasing EV production and renewable energy storage systems. The EU has implemented stringent environmental regulations that promote EV usage and battery recycling technologies. APAC countries, including China, Japan, and India, are expanding the EV market, and renewable energy policies contribute to the growing demand for lithium. The APAC region is witnessing growth with its rapid industrialization and growing consumer base. Innovations such as solid-state batteries and advanced energy storage systems drive lithium usage.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Lithium Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Lithium Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments
  • Hertz Lithium Unveils Plans to Acquire Canuck Lithium Corp.

    Hertz Lithium Inc. has recently entered into a Definitive Agreement, a share exchange agreement, with Canuck Lithium Corp. and its shareholders. This agreement marks a transformative transaction for Hertz Lithium, as it aims to acquire all the outstanding common shares of Canuck, solidifying its position as a key player in the lithium industry. This acquisition provides Hertz Lithium with an opportunity to leverage synergies, optimize operational efficiencies, and add significant value to its existing portfolio. [Published On: 2023-10-04]

  • Imerys and British Lithium announce a strategic partnership to accelerate development of UK’s largest lithium deposit

    Imerys S.A. has acquired an 80% stake in British Lithium, a private company that has developed a process to produce battery-grade lithium carbonate from Cornish granite. By leveraging Imerys' resources and British Lithium's technology and infrastructure, the joint venture plans to target a mine life exceeding 30 years and produce enough lithium carbonate for 500,000 electric vehicles annually by the end of the decade. [Published On: 2023-06-29]

  • Albemarle invests Australian dollar 1 billion in lithium hydroxide project expansion

    Albemarle is investing Australian dollar 1 billion in two new processing trains at its Kemerton plant in Western Australia. This investment effectively doubled the forecast annual output of lithium hydroxide to 100,000 metric tonnes per annum. [Published On: 2023-06-06]

Key Company Profiles

The report delves into recent significant developments in the Lithium Market, highlighting leading vendors and their innovative profiles. These include Albemarle Corporation, ALLKEM LIMITED, American Lithium Corp., Avalon Advanced Materials Inc., Bacanora Lithium, China Energy Lithium Co., Ltd., CNNC Jianzhong Nuclear Fuel Co., Ltd., Critical Elements Lithium Corporation, Galaxy Resources Limited, Ganfeng Lithium Co., Ltd., Li-Metal Corp., Lithium Americas Corp., LIVENT, Mineral Resources Limited, Morella Corporation Limited, Nemaska Lithium Inc., Neometals Ltd., Orocobre Limited Pty. Ltd., Pilbara Minerals Limited, Rio Tinto, Sayona Mining Limited, Sigma Lithium Ltd., SQM SA, and Tianqi Lithium Holdings Pty Ltd..

Market Segmentation & Coverage

This research report categorizes the Lithium Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Type
    • Compound
    • Metal
  • Application
    • Air Treatment
    • Aluminum Smelting & Alloy
    • Battery
    • Glass & Ceramics
    • Lubricant
    • Medical
    • Metallurgy
  • End User
    • Automotive
    • Chemicals
    • Consumer Electronics
    • Healthcare
    • Pharmaceuticals

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

The report offers valuable insights on the following aspects:

  1. Market Penetration: It presents comprehensive information on the market provided by key players.
  2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
  3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
  4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
  5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

  1. What is the market size and forecast of the Lithium Market?
  2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Lithium Market?
  3. What are the technology trends and regulatory frameworks in the Lithium Market?
  4. What is the market share of the leading vendors in the Lithium Market?
  5. Which modes and strategic moves are suitable for entering the Lithium Market?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Lithium Market, by Type
  7. Lithium Market, by Application
  8. Lithium Market, by End User
  9. Americas Lithium Market
  10. Asia-Pacific Lithium Market
  11. Europe, Middle East & Africa Lithium Market
  12. Competitive Landscape
  13. Competitive Portfolio
  14. List of Figures [Total: 22]
  15. List of Tables [Total: 296]
  16. List of Companies Mentioned [Total: 24]
The Lithium Rush: Demands and Predictions for the Future
October 9, 2023
BLOG
The Lithium Rush: Demands and Predictions for the Future
Lithium-ion batteries have revolutionized the way we power up our portable consumer electronics. From smartphones to laptops to electric cars, lithium has become essential to modern life. With the rise of electric cars and the continued growth of the portable electronics market, the demand for lithium is only set to increase. In this blog post, we will look at the current state of the lithium market, its uses, and its future predictions.

Lithium is a chemical element known for its lightness and ability to store energy in a compact, efficient form. It is the main component of lithium-ion batteries, which are used to power up a wide range of portable electronic devices.

One major driving force behind the growing demand for lithium-ion batteries is the rise of electric and hybrid cars. The automotive industry is one of the biggest consumers of lithium, with electric vehicles (EVs) relying on lithium-ion batteries as their main energy storage unit. As more countries aim for a greener future and higher adoption rates for EVs, the demand for lithium will only increase.

In addition to the automotive industry, the portable electronics market is also a significant consumer of lithium-ion batteries. Laptops, smartphones, wearables, and other portable devices all rely on lithium to power up their battery life and store energy efficiently. With more people using these devices every year, the demand for lithium-ion batteries is expected to rise significantly.

Despite the increasing demand for lithium, the market has been volatile owing to fluctuations in supply and demand. The majority of the world's lithium is sourced from countries such as Chile, Argentina, and Australia, with China being the biggest consumer and producer of lithium-ion batteries. However, there are concerns about the impact of lithium mining on the environment and local communities, leading to stricter regulations and increased exploration of new sources.

As we continue to rely on technology for everyday life, the demand for lithium is only set to grow. The automotive and portable electronics industries are significant consumers of lithium-ion batteries, with projections for exponential growth in the coming years. While there are concerns about the impact of lithium mining and its potential environmental impact, the exploration of new sources and stricter regulations can help mitigate any issues. As we move forward into a greener, technology-driven future, lithium is set to remain a critical component in our daily lives.

Frequently Asked Questions
  1. How big is the Lithium Market?
    Ans. The Global Lithium Market size was estimated at USD 6.98 billion in 2023 and expected to reach USD 7.82 billion in 2024.
  2. What is the Lithium Market growth?
    Ans. The Global Lithium Market to grow USD 15.57 billion by 2030, at a CAGR of 12.13%
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