Lithium Market Size, Share & Trends Analysis Report By Product (Carbonate, Hydroxide), By Application (Automotive, Consumer Goods, Grid Storage), By Region (APAC, EU, North America), And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the lithium market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for lithium market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of lithium market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Lithium Market Categorization:

The lithium market was categorized into three segments, namely product (Carbonates, Hydroxide), application (Automotive, Consumer Electronics, Grid Storage, Glass & Ceramics), and regions (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa)

Segment Market Methodology:

The lithium market was segmented into product, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The lithium market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into nine countries, namely, the U.S.; Canada; Mexico; Germany; France; China; India; Japan; South Korea.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Lithium market companies & financials:

The lithium market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Albemarle - Albemarle Corporation was incorporated in 1993 in Virginia and is headquartered in Charlotte, North Carolina, U.S. The company is a leading manufacturer and supplier of specialty chemicals catered to various end markets. The company's operations are segmented into three reportable segments: Lithium, Bromine Specialties, and Catalysts. The company’s lithium extraction activities are carried out through solar evaporation of ponds at the Salar de Atacama in Chile and in Silver Peak, U.S. The lithium brine obtained from Salar de Atacama is later processed into lithium carbonate and lithium chloride in a plant in Le Negra, Chile, and the lithium from Silver Peak is processed into lithium carbonate at a plant in Silver Peak itself.

• Ganfeng Lithium Co., Ltd. - Ganfeng Lithium Co., Ltd. is a Chinese manufacturer of lithium-based products. The company was formed in 2000 is headquartered in Jiangxi Province, China. The company serves various industries, including electric vehicles, pharmaceuticals, chemicals, energy storage, and 3C (Computer, Communication, and Consumer Electronics) products. The company has the capability to extract lithium from ore, brine, and recycled materials. The company offers more than 40 lithium and other metal compounds. It has three reportable segments: Lithium Compound and lithium Metal, Lithium Battery, and Others. The company has mines in Ireland, China, Mexico, Australia, and Argentina. The company's metal smelting and compound processing units are located in Jiangxi Province, China. Also, downstream segments, including lithium battery manufacturing and battery recycling plants, are located in Jiangxi, Guangdong, Zhejiang, and other provinces of China.

• General Lithium Corp - General Lithium Corporation was established in 2006 and is headquartered in Jiangsu Province, China. The company is engaged in R&D, production, and sales of lithium products. It provides industrial-grade and battery-grade lithium carbonate, high-purity lithium carbonate, and lithium iron phosphate, among others. The products are mainly catered to the battery industry. The company's annual production capacity of battery-grade lithium carbonate and lithium hydroxide is 6,000 tons and 2,000 tons, respectively. General Lithium (Tibet) Tech Corporation, General Lithium (Jiujiang) Tech Corporation, and General Lithium (Yichang) Corporation are the subsidiaries of General Lithium Corporation. General Lithium (Tibet) Tech Corporation, or Tibet Ronghui Lithium Industry Technology Co., Ltd., was established in 2014 and is located in Qinghai Province. Its annual production capacity for high-purity lithium carbonate and lithium iron phosphate is 1,500 tons and 5,000 tons, respectively. General Lithium (Jiujiang) Tech Corporation, or Jiujiang Ronghui Lithium Industry Technology Co., Ltd., was established in June 2016 and is located in Jiangxi Province. Its annual lithium carbonate and hydroxide production capacity is 8,000 tons each. General Lithium (Yichang) Corporation, or Yichang Ronghui Lithium New Material Co., Ltd., was established in June 2018.

• Lithium Exploration Group - Lithium Exploration Group (Formerly, Mariposa Resources, Ltd.) was founded in 2006 and is headquartered in Arizona, U.S. On November 30, 2010, the company changed its name to “Lithium Exploration Group, Inc. On October 31, 2017, the company was acquired by Alternet Systems. The acquisition aimed to enhance and expand Alternet Systems' lithium energy storage solution footprint. The company is engaged in the acquisition and development potential of lithium brines and other precious metals. The company is testing its SonCav Technology for use in the oil and gas industry. Also, it is focusing on the acquisition of oil and gas-related assets in Western Canada and Southwest Louisiana.

• LSC Lithium Corporation - LSC Lithium Corporation was founded in 2009 and is headquartered in British Columbia, Canada. The company is engaged in the production and supply of lithium products. On March 15, 2019, the company was acquired by Pluspetrol Resources for CAD 111 million (~USD 88.2 million), after which LSC Lithium Corporation became a private entity. Its tenements are located at the intersection of Argentina, Bolivia, and Chile. The company is focused on developing its major projects, such as the Pozuelos-Pastos Grandes Project, Rio Grande, and Salinas Grandes. It has a land package portfolio of around 300,000 hectares, which represents extensive lithium prospective Salar holdings in Argentina.

• Lithium Australia NL - Lithium Australia NL was founded in 2007 and is headquartered in West Perth, Western Australia. The company has developed technologies, including SiLeach and LieNA, for the conversion of all lithium silicates and unused fines from spodumene processing to lithium chemicals. With these chemicals, the company intends to produce advanced materials for global battery and stationary energy storage systems in Australia. A wholly owned subsidiary of the company, VSPC Ltd, provides cathode material production. The other subsidiary, Envirostream, provides recycling technologies for lithium batteries.

• Neo Lithium Corporation - Neo Lithium Corporation was founded in 2016 and is headquartered in Toronto, Canada. The company is involved in exploration operations. Its main business activities are the exploration and development of resource properties in Argentina. The subsidiaries of the company are Argentina Liex S.A. and Ontario Inc. The company has only one reportable segment and two geographical segments; Argentina and Canada.

• SQM S.A. - SQM S.A. (Sociedad Química y Minera) was founded on June 11, 1968, and is currently headquartered in Santiago, Chile. The company has divided its products into six categories, which are specialty plant nutrients, iodine and its derivatives; lithium and its derivatives; potassium chloride and potassium sulfate; industrial chemicals and other commodity fertilizers. Its products are catered to the health, food, technology, and clean energy industries.

• Tianqi Lithium Corporation - Tianqi Lithium Corporation was founded on October 16, 1995, and is headquartered in Chengdu, China. It is a vertically integrated company with a key focus on serving and supporting the sustainable development of lithium-ion battery technologies. It has global prominence in the lithium industry. Its key businesses are lithium resource investment, lithium concentrate extraction, and the production of advanced lithium specialty compounds. The company's resources and production assets are present in Australia, Chile, and China. Its resources in the Greenbushes mine in Western Australia and Cuola mine in Sichuan ensure the supply of lithium raw materials. The company operates three chemical plants in China Shehong, Sichuan; Zhangjiagang, Jiangsu; and Tongliang, Chongqing. Other operations are being carried out at Kwinana, Western Australia, and Anju, Sichuan.

• Galaxy Resources Limited - Galaxy Resources Limited was established in 2012 and is headquartered in Applecross, Western Australia. The company is engaged in the production and development of lithium products. The company owns an operational hard rock mine and a concentrator in Western Australia. Also, it owns a Tier-1 development project in Argentina and a hard rock spodumene project in Canada. The company is currently working on three projects.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Lithium Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Lithium Market Report Assumptions:

• The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.