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Lithium Industry Overview
The global lithium market size was valued at USD 6.83 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 12.0% from 2022 to 2030.
Electrification of vehicles is projected to attract a significant volume of lithium-ion batteries, thus anticipated to drive the market over the forecast period. The automotive application segment is expected to witness substantial growth over the forecast period, driven by stringent regulations for ICE automakers imposed by government bodies to reduce carbon dioxide emissions from vehicles. This has shifted the interest of automakers toward producing EVs, which is anticipated to benefit the demand for lithium and related products. Government subsidies for EVs, along with investments in this space, are likely to act as an additional booster to the growth of the market.
Gather more insights about the market drivers, restrains and growth of the Global Lithium Market
The U.S. holds major significance in battery production after China, which makes it one of the key lithium-consuming countries in the world. The country has huge reserves of this important metal. According to the USGS, lithium resources from brines and minerals accounted for 7.9 million tons in the U.S., in 2020. However, the country mines only about 1.0% of the total demand in the world. In 2020, the production took place at only one location in the U.S., which is a brine operation in Nevada. However, the country is expected to boost its mining capabilities in the industry over the coming years.
The market players in the U.S. are focusing on getting a hold on the battery supply chain owing to the increasing production of EVs in the country and as transportation of batteries is dangerous. In 2018, the Interior Department listed lithium as a critical mineral, which paced up the mine permitting process.
Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.
- Battery Market - The global battery market size was valued at USD 108.4 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 14.1% from 2020 to 2027. The market growth is attributed to the high demand for automotive applications. The automotive application includes rechargeable batteries used in non-rechargeable batteries and electric vehicles.
- Lithium-ion Battery Market - The global lithium-ion battery market size was valued at USD 41.97 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 18.1% from 2022 to 2030. The automobile sector is expected to witness significant growth owing to the rising adoption of electric vehicles.
Lithium Market Segmentation
Grand View Research has segmented the global lithium market on the basis of product, application, and region:
Lithium Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
- Carbonates
- Hydroxide
- Others
Lithium Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
- Automotive
- Consumer Electronics
- Grid Storage
- Glass Ceramics
- Others
Lithium Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
- 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.
- January 2021: The Bureau of Land Management approved the Thacker Pass Mine proposed by Lithium Nevada Corporation. The mine is believed to serve as the largest source of the commodity supply in the U.S. and is expected to be able to produce about 60 kilotons of battery-grade carbonate by 2026.
Key Companies profiled:
Some prominent players 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.
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.
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