Lithium Market Size, Share & Trends Report

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

Report ID: GVR-4-68038-581-6
Number of Pages: 116
Format: Electronic (PDF)

Historical Range: 2018 - 2022
Industry: Advanced Materials

Market Segmentation

Lithium Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Carbonates
- Hydroxide
- Others
Lithium Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Automotive
- Consumer electronics
- Grid storage
- Glass & ceramics
- Others
Lithium Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- North America
  - North America Lithium Market, By Product
    - Carbonates
    - Hydroxide
    - Others
  - North America Lithium Market, By Application
    - Automotive
    - Consumer electronics
    - Grid storage
    - Glass & ceramics
    - Others
  - U.S.
    - U.S. Lithium Market, By Product
      - Carbonates
      - Hydroxide
      - Others
    - U.S. Lithium Market, By Application
      - Automotive
      - Consumer electronics
      - Grid storage
      - Glass & ceramics
      - Others
  - Canada
  - Mexico
    - Mexico Lithium Market, By Product
      - Carbonates
      - Hydroxide
      - Others
    - Mexico Lithium Market, By Application
      - Automotive
      - Consumer electronics
      - Grid storage
      - Glass & ceramics
      - Others
- Europe
  - Europe Lithium Market, By Product
    - Carbonates
    - Hydroxide
    - Others
  - Europe Lithium Market, By Application
    - Automotive
    - Consumer electronics
    - Grid storage
    - Glass & ceramics
    - Others
  - Germany
    - Germany Lithium Market, By Product
      - Carbonates
      - Hydroxide
      - Others
    - Germany Lithium Market, By Application
      - Automotive
      - Consumer electronics
      - Grid storage
      - Glass & ceramics
      - Others
  - France
- Asia Pacific
  - Asia Pacific Lithium Market, By Product
    - Carbonates
    - Hydroxide
    - Others
  - Asia Pacific Lithium Market, By Application
    - Automotive
    - Consumer electronics
    - Grid storage
    - Glass & ceramics
    - Others
  - China
    - China Lithium Market, By Product
      - Carbonates
      - Hydroxide
      - Others
    - China Lithium Market, By Application
      - Automotive
      - Consumer electronics
      - Grid storage
      - Glass & ceramics
      - Others
  - South Korea
  - Japan
    - Japan Lithium Market, By Product
      - Carbonates
      - Hydroxide
      - Others
    - Japan Lithium Market, By Application
      - Automotive
      - Consumer electronics
      - Grid storage
      - Glass & ceramics
      - Others
- Central & South America
  - Central & South America Lithium Market, By Product
    - Carbonates
    - Hydroxide
    - Others
  - Central & South America Lithium Market, By Application
    - Automotive
    - Consumer electronics
    - Grid storage
    - Glass & ceramics
    - Others
- Middle East & Africa
  - Middle East & Africa Lithium Market, By Product
    - Carbonates
    - Hydroxide
    - Others
  - Middle East & Africa Lithium Market, By Application
    - Automotive
    - Consumer electronics
    - Grid storage
    - Glass & ceramics
    - Others

Lithium Market Dynamics

Drivers: Growing demand for lithium-ion batteries

Lithium-ion (Li-ion) batteries have a broad application scope and are deployed in electronics, transportation, and energy storage systems. Existing applications of Li-ion batteries include smartphones, wearables, tablets & laptops, payment systems, buses, forklifts, gold carts, wheelchairs, bikes, toys, personal care products, cordless phones, power tools, and portable & stationary energy storage. Lithium-ion batteries are expected to grow fastest among the applications above due to the proliferation of electric vehicles (EVs).

Lithium-ion batteries have gained popularity in EVs because of their high energy per unit mass relative to other electric energy storage systems, such as solid-state, nickel hydride, lead acid, and ultracapacitors. It provides high energy efficiency, high power-to-weight ratio, optimal performance in high temperatures, and low self-discharge. In today's scenario, where sustainability is given precedence, lithium-ion batteries have the potential to be recycled.

The governmental push toward aligning itself with the global decarbonization goals, in line with the 2021 Paris Agreement, has accelerated the production of EVs across the world. Several incentives have been provided for EV sales and purchases. Further, automakers have committed to converting their existing production lines into EV production facilities by 2035. The exponential growth in the electric vehicles market is estimated to provide a lucrative opportunity to the producers of lithium-ion batteries, which, in turn, is expected to drive the growth of the lithium market.

Increasing investments in battery energy storage

Over the last decade, the rise in usage of lithium-ion battery storage has led to a decline in its prices by over 80%, leading to enhanced energy storage and paving the way for electric vehicles to be commercially viable. Government regulations and subsidies are working on expanding clean energy; thus, energy storage systems represent a huge opportunity for investors. However, expensive raw materials required to produce energy storage systems may remain critical for investors. In the first half of 2022, the corporate funding raised by energy companies was almost the same as the whole year of 2021. This indicates a healthy trend towards sustainable, affordable energy storage technology. As per the International Energy Agency, new companies in clean energy have attracted significant investments. For instance, Eolian, a U.S.-based energy investor, raised the highest amount of USD 925 million in VC funding during H1 2022 from banking groups such as MUFG and Banco Santander. Its portfolio includes the development pipeline of Able Grid, an energy storage developer it acquired in December 2021

Restraints: Supply constraints in lithium battery production

The adoption of electric vehicles is rising rapidly due to the increasing focus on reducing greenhouse gas emissions. Lithium-ion batteries is an essential component of such cars. The adoption rate of EVs is quickly increasing. However, the supply of lithium is limited by its current extraction and processing technologies – which are either time-consuming or expensive.

Lithium processing is a complex process, requiring huge investments in infrastructure. Lithium is extracted in two different ways, i.e., it is extracted from series of evaporation tanks or pumped from underground brine reservoirs. Recycling is another option to obtain lithium; however, the process is not currently commercially viable and is currently in the stage of R&D. New technologies and deposits worldwide are projected to fill the gap. However, the projected timelines for economic adoption may need to catch up to meet the rising demand.

Hence, demand for lithium may outstrip existing and currently proposed supply resources. As per Benchmark Mineral Intelligence, a deficit of 26 thousand tons that occurred in 2021 may widen to 1.1 million tons by 2030. By that time, global demand is expected to witness rapid growth. As per our estimates, the global demand is projected to reach 880.3 kilotons by 2030, exhibiting a CAGR of 11.5%. Unless there is rapid technology adoption of commercially viable processing methods, demand will continue to outpace supply at a wide pace.

What Does This Report Include?

This section will provide insights into the contents included in this lithium market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.

Lithium market qualitative analysis

Industry overview
Industry trends
Market drivers and restraints
Market size
Growth prospects
Porter’s analysis
PESTEL analysis
Key market opportunities prioritized
Competitive landscape
- Company overview
- Financial performance
- Product benchmarking
- Latest strategic developments

Lithium market quantitative analysis

Market size, estimates, and forecast from 2018 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance

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