Lithium Market Is Expected To Expand At A CAGR Of 12.0% From 2022 To 2030

 Lithium Industry Overview

The global lithium market size is expected to reach USD 18.99 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 12.0% from 2022 to 2030. Rising investments in lithium mining and related technologies are projected to remain a key trend in the market. Lithium mining is witnessing rapid growth as its demand is accelerating owing to its application in batteries. The element is found in dry places that require thousands of liters of water for its mining. Considering the rising demand for elements and increasing usage of water required for its extraction, R&D is in place to find better alternative methods. For instance, in February 2020, funding of around USD 20 million by Bill Gates was provided to Lilac Solutions, a lithium mining technology firm located in the U.S.

 

According to the firm, its ion exchange technology is two times more efficient compared to the current mining process and requires a fraction of time. Lithium recycling is a complex process; however, with the rising penetration of Li-ion batteries, the demand may outpace supply. Therefore, researchers are focusing on extraction and recycling through various new technologies. Lithium compounds are extracted from batteries as per individual methods and stages. The stages are divided into pre-treatment and extraction stages; while extraction is again categorized into hydrometallurgy, pyrometallurgy, and electrochemical extraction. Despite the growing emphasis and development of different recycling technologies, less than 1% of lithium is recycled currently.

Over the last decade, the rise in usage of Li-ion battery storage has led to a decline in their prices by over 80%, leading to enhanced energy storage and paving the way for Electric Vehicles (EVs) to be commercially viable.

 

Lithium Market Segmentation

Grand View Research has segmented the global lithium market on the basis of product, application, and region:

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. Lithium Carbonate (Li2CO3) is the most stable inorganic compound and is used in forming other compounds, such as LiOH and even pure metal. Carbonates products are also used in the treatment of bipolar disorder. This compound is also used in batteriesand has several applications in the construction sector for waterproofing slurries and as adhesives.
  • Many automotive players are inclined to adopt LiOH for battery manufacturing, which is expected to benefit market growth positively. For instance, BMW Group signed an agreement with Ganfeng Lithium, a lithium extracting company in China, for supplying LiOH for battery cells owing to the rising penetration of EVs. Rising awareness regarding eco-friendly vehicles is driving the demand for EVs on account of which, BMW has planned to introduce 25 electrified models with Li-ion batteries.

 

Based on the Application Insights, the market is segmented into Automotive, Consumer Electronics, Grid Storage, Glass & Ceramics, and Others.

  • The consumer electronicsapplication 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. Characteristics, such as low weight, large energy storage, and small size are driving the demand for batteries; thus, positively influencing the growth of the segment.
  • Rechargeable lithium-polymer cells are used in cell phones, laptops, toys, digital cameras, small and large appliances, tablets e-readers, and power tools. These batteries are made from critical materials, such as cobalt, graphite, and lithium, and need to be handled with safety and precautions. Various developed countries are investing increasingly in the deployment of energy storage systems based on Li-ion batteries; thus, fueling the growth of the market.

 

Lithium Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The global market is consolidated with production concentrated in the hands of a few key manufacturers. Albemarle, SQM, Livent Corp., Orocobre Ltd., Ganfeng Lithium Co., Ltd., and Tianqi Lithium are amongst the key producers in the world. The manufacturers are mainly located in the Americas, Asia, and Australia. The market players compete against product quality, reliability, in terms of supply and customer service, and diversity in the product portfolio. Furthermore, market players are investing in the battery sector, which is the key application of lithium. For instance, in 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. 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

 

Order a free sample PDF of the Lithium Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

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Grand View Research, Inc.

Phone: 1-415-349-0058

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