What Is The Current and Historic Market Size Analysis Of The Lithium Metal Market?
The lithium metal market has seen considerable growth due to a variety of factors.
• The size of the lithium metal market has witnessed a substantial expansion in recent times. The projections indicate a rise from $3.07 billion in 2024 to $3.63 billion in 2025 at a compound annual growth rate (CAGR) of 18.1%.
The observed growth in the historic era can be traced back to the proliferation of electric vehicles (EVs), rising interest in renewable energy, growing demand for consumer electronics, and the development of the aerospace and defense sectors.
What are the Market Size and Expected Growth Rates for the Lithium Metal Market?
The lithium metal market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for considerable expansion in the lithium metal market size in the coming years. It is projected to surge to $6.61 billion by 2029 with a compound annual growth rate (CAGR) of 16.2%.
The reasons behind the anticipated growth during the forecast period can be credited to an increase in demand for medical gadgets, investments in supply chains, government schemes, and heightened consumer consciousness. Forecasts for the period also underline key trends such as technological breakthroughs, improvements in battery technology, recycling and sustainability initiatives, along with innovations in lithium extraction.
Which Key Drivers Are Propelling The Lithium Metal Market's Growth?
The growth of the lithium metal market is predicted to skyrocket due to the increasing global acceptance of electric vehicles. These vehicles which are powered by electricity stored in batteries, rely on this energy as opposed to traditional fuels like diesel or gasoline. Lithium metal is a critical element in the manufacture of lithium-ion batteries, the main power source for electrical vehicles. For example, data from the France-based autonomous intergovernmental organization, the International Energy Agency’s Global EV Outlook 2022 report, revealed a near doubling of electric vehicle sales from 2021 with a record 10.2 million units sold in 2022. The report further projected sales of electric car vehicles around the world to reach approximately 14 million units in 2023, reflecting a growth rate of 35%. Consequently, the global embrace of electric vehicles is set to steer the lithium metal market. The lithium metal market is also going to experience an upward trend due to the escalating demand for consumer electronics worldwide. Consumer electronics, which refer to electronic devices designed for everyday personal or professional use, also make use of lithium metal. This metal is vital for consumer electronics as it powers lithium-ion batteries used in various devices such as laptops, smartphones and other portable gadgets, due primarily to its high energy density and long-term performance. For instance, the Japan Electronics and Information Technology Industries Association, a Japan-based trade association, reported that the total electronic equipment production in Japan reached $52.36 million (¥771,457 million) in May 2023. Furthermore, the production of consumer electronics reached $2.17 million (¥32,099 million) in May 2023, a leap from $1.71 billion (¥25,268 million) in May 2022. Hence, the surging demand for consumer electronics around the world is also forecasted to fuel the lithium metal market.
What Are The Key Segments Within The Global Lithium Metal Market?
The lithium metal market covered in this report is segmented –
1) By Source: Salt Lake Brine, Lithium Ores
2) By Application: Lithium Ion-Anode Material, Alloy, Intermediates, Other Applications
3) By End-User: Batteries, Metal Processing, Pharmaceutical, Other End-Users
Subsegments:
1) By Salt Lake Brine: Lithium Carbonate, Lithium Hydroxide
2) By Lithium Ores: Spodumene, Lepidolite, Petalite
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What Trends Are Reshaping The Future Of The Lithium Metal Market?
Key players in the lithium metal market are striving to innovate superior lithium materials to fortify their market presence. Superior lithium materials are those used to produce lithium batteries with high energy densities. For example, MontaVista Energy Technologies Corporation, a China-based firm that specializes in the development of materials and production procedures for lithium metal batteries, unveiled the METARY P series in March 2023. This series is known for its high power and exceptionally high-specific energy. The METARY P Series cells utilize a lithium metal anode and an ideally suited non-flammable liquid electrolyte to provide a high specific energy of over 400 Wh/kg. This not only supports an extended flight time for commercial drones, but also provides high specific power to safely lift and maneuver the drone at high speeds.
Who Are the Key Players In The Lithium Metal Market?
Major companies operating in the lithium metal market are:
• Sociedad Quimica Y Minera S.A
• Albemarle Corporation
• Eramet Group
• Ganfeng Lithium Co. Ltd.
• FMC Corporation
• Mineral Resources Ltd.
• Mineral Resources Ltd.
• Sichuan Yahua Industrial Group Co. Ltd.
• Shenzhen Chengxin Lithium Group Co. Ltd.
• Advanced Metallurgical Group NV
• Pilbara Minerals Ltd.
• Livent Corporation
• Allkem Limited
• Spectrum Chemical Mfg. Corp.
• Tianqi Lithium Corp
• Bisley International LLC
• Lithium Americas Corp.
• Neometals Ltd.
• American Elements Corp
• China Energy Lithium Co. Ltd.
• Savannah Resources PLC
• TruGroup Inc.
• Chemical-Metallurgical Plant Open Joint Stock Co.
• Otto Chemie Pvt. Ltd.
• Li-Metal Corp.
What Are The Regional Insights Into The Lithium Metal Market?
Asia-Pacific was the largest region in the lithium metal market in 2024. The regions covered in lithium metal market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
