Lithium Market Growth, Striking Opportunities, And Forecasts To 2030

Lithium Market Growth & Trends

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.

U.S. lithium market size, by product, 2020 - 2030 (USD Million)

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 batteries and has several applications in the construction sector for waterproofing slurries and as adhesives. LiOH is a white hygroscopic crystalline material and an inorganic compound mostly used by battery manufacturers; it is commercially available as anhydrous and monohydrate.
  • It has usage in transportation applications in the manufacturing of submarines and spacecraft. In addition, rapid development in battery technologies is propelling the demand for LiOH, thus, driving market growth. Many automotive players are inclined to adopt LiOH for battery manufacturing, which is expected to benefit market growth positively.

Based on the Application Insights, the market is segmented into Automotive, Consumer Electronics, Grid Storage, Glass & Ceramics, 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.
  • 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
  • Central & South America
  • Middle East & Africa

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.

Key Companies Profile & Market Share Insights

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.

Some of the prominent players operating in the global lithium market include,

  • Albemarle Corporation
  • Ganfeng Lithium Co., Ltd.
  • SQM S.A.
  • Tianqi Lithium Corporation
  • Livent Corporation
  • 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.

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