What are the Historical Developments and Current Growth Metrics of the Lithium Market?
The lithium market has seen considerable growth due to a variety of factors.
• The size of the lithium market has seen swift expansion over the previous years. It is set to expand from $7.75 billion in 2024 to $9.01 billion in 2025, with a compound annual growth rate (CAGR) of 16.3%.
Factors contributing to the growth during the historic period include the surge in consumer electronics, the expansion in portable electronics, increased use of renewable energy storage, and advancements in lithium-ion battery technology.
What Is The Projected Growth Of The Lithium Template Market?
The lithium market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the lithium market size is anticipated to witness swift expansion, with a projection of a value of $13.2 billion in 2029, and a compound annual growth rate (CAGR) of 10.0%.
The growth foreseen during this period can be credited to the ongoing rise of electric vehicles, broadening of renewable energy, governmental strategies and incentives, smart grid progression, and the augmentation of energy storage capacity. Key trends anticipated during this forecast period consist of improvements in lithium technologies, the solid-state lithium batteries, diversification of lithium resources, the incorporation of lithium in the aerospace industry, and decentralized energy solutions.
What Are The Key Drivers Fueling Growth In The Lithium Market?
Rising smartphone usage is projected to fuel the expansion of the lithium market. Smartphones are cellular phones enhanced with features not typically found in traditional phones, including an operating system, internet browsing capabilities, and software application functionality. They significantly influence the lithium market by increasing the need for lithium-ion batteries, a crucial component of these devices, thus promoting the progress of the lithium sector. For example, Uswitch Limited, a financial conduct authority based in the UK, reported that mobile connections in the UK surged to 71.8 million in February 2023, a rise of 3.8% from the preceding year, or virtually 2.6 million added connections. It is also anticipated that the UK's population will increase to 68.3 million by 2025, and about 95% of these people, roughly 65 million, will possess a smartphone. Consequently, this rise in smartphone usage is fuelling the growth of the lithium market.
What Are The Principal Market Segments In The Global Lithium Industry?
The lithium market covered in this report is segmented –
1) By Type: Glass/Ceramics, Greases / Lubricants, Chemical Synthesis, Portable Electronics & Other Handhelds, Hybrids, Battery Electric Vehicle (bevy), Grid, and Other Power Storage Applications
2) By Mining Type: Underground Mining, Surface Mining
Subsegments:
1) By Glass Or Ceramics: Glass Production, Ceramic Glazes, Specialty Glass Applications
2) By Greases Or Lubricants: Automotive Lubricants, Industrial Greases, High-Temperature Lubricants
3) By Chemical Synthesis: Pharmaceuticals, Polymers, Specialty Chemicals
4) By Portable Electronics And Other Handhelds: Smartphones, Laptops, Tablets
5) By Hybrids: Hybrid Electric Vehicles (HEVs), Plug-In Hybrid Electric Vehicles (PHEVs), Mild Hybrid Vehicles
6) By Battery Electric Vehicle (BEV): Passenger BEVs, Commercial BEVs, Electric Buses
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What Trends Are Shaping The Lithium Market?
Top firms engaged in the lithium market are concentrating their efforts on developing innovative batteries for residential use to strengthen their market position. These residential batteries are energy storage systems tailored to meet the needs of domestic users. For example, Kstar, a battery manufacturer based in China, introduced an all-in-one lithium-titanate (LTO) battery for home use in September 2022. These cutting-edge batteries are designed to deliver sustainable and reliable performance, with an exceptional 16,000 charging cycles, a significant 5.4 kWh storage capacity, and a high 90% depth of discharge. This development offers homeowners the opportunity to improve energy management and reduce reliance on the grid.
Who Are the Key Players In The Lithium Market?
Major companies operating in the lithium market include:
• Albemarle Corporation
• Sociedad Química y Minera
• FMC Corporation
• Sichuan Tianqi Lithium Industries Inc.
• Tianqi Lithium Corporation
• Livent Corporation
• Allkem Limited
• Jiangsu Ronghui General Lithium Industry Co. Ltd.
• Avalon Advanced Materials Inc.
• Lithium Americas Corp.
• EnerSys
• Ganfeng Lithium Co. Ltd.
• Mineral Resources Limited
• Neometals Ltd.
• Pilbara Minerals Limited
• Altura Mining Limited
• Bacanora Lithium Plc
• Critical Elements Lithium Corporation
• International Lithium Corp.
• Lithium Australia NL
• Lithium Power International Limited
• Nemaska Lithium Inc.
• North American Lithium Inc.
• Piedmont Lithium Limited
• Power Metals Corp.
• Pure Energy Minerals Limited
• Sayona Mining Limited
• Standard Lithium Ltd.
• Wealth Minerals Ltd.
What Are The Regional Insights Into The Lithium Market?
South America was the largest region in the lithium market in 2024. The regions covered in the lithium market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.
