Introduction of the Lithium Market Report

Lithium is a soft, silvery-white alkali metal and the lightest one among all metals. It is highly reactive & flammable, so it should be kept in a vacuum or inert atmosphere/liquid. It is mainly present in ocean water & thus obtained from brines. Lithium & its compounds find several industrial applications like ceramics, lithium grease lubricants, flux additives for iron, steel & aluminium production, and lithium, lithium-ion batteries. Their salts are beneficial as mood stabilizers & anti-depressants for treating bipolar disorder.

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Market Dynamic

Key Drivers and Emerging Trends

The increasing adoption of EVs across the globe is a crucial factor for the high demand for lithium-ion batteries propelling the growth of the lithium market. This is due to, continuous increase in sales in the global EV market, which was around 8 million in 2019 and is expected to reach 50 million by 2025 as cited by International Energy Agency. Moreover, lithium battery applications in grid storage & handheld devices will further accelerate the growth of the lithium market. Also, the application of lithium salt as a mood stabilizer drug due to neurological effects of the ion in the human body is also a key factor to enhance the global market growth. Furthermore, several industrial applications of lithium & its compounds like heat resistant ceramics, high strength to weight alloys used in aircraft will increase the demand for the lithium market.

According to Centre Energy Finance Council, the global energy-storage market is expected to grow to a 2.5 Twh annual deployment by 2030. This will be due to high usage of grid scales for energy storage and will be driven primarily by electric mobility, along with the deployment of stationary energy storage. As of today, this growth is expected to be based on the growing use of lithium-ion batteries, which could account for as much as 80 percent of total energy storage deployment.

Restraint in the Lithium Market

However, due to hike in lithium prices, which may slow down the growth of the global lithium market.

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Product – Segment Analysis

Based on the lithium products, lithium carbonate accounts for the highest growth in 2020 owing to its use in pharmaceutical industry for treatment of bipolar disorder. In contrast, lithium hydroxide is expected to grow at the fastest rate in the global lithium market during the forecast period 2021-2028, owing to the ease of processing in battery applications. Still, it has lesser growth due to the high cost of production. However, its primary use in battery applications is gaining investor’s & automaker’s attraction for a considerable investment.

Application – Segment Analysis

Based on lithium’s use in various industries, the automotive industry is projected to capture the highest growth over the forecast period in the global lithium market due to the rising need for clean & economic mobility solutions & increased growth in EVs production. Grid storage is another crucial area expected to achieve the fastest growth over the forecast period due to the high energy efficiency, long life cycle, and high energy storage properties of lithium-ion batteries used on a grid-scale.

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Regional – Segment Analysis:

Based on the region, the Asia Pacific region is witnessed to grow at a higher landscape growth in the global lithium market in 2020 due to the rising adoption of lithium among consumer goods & automotive. In India, the adoption of EVs by people & many automobile manufacturers entering the EV segment like Hyundai, MG, Tata, Audi, etc., is the crucial factor in making India a prominent market for lithium-ion batteries. Europe region is projected to hold a substantial growth in the global lithium market in 2019 due to the high production of EVs. Australia is the major supplier of lithium as it has the hard rock in abundance owing to one of the most extensive lithium deposits in the country.

Top Market Players

Various notable players operating in the market include Albemarle, FMC Corporation, SQM, Tianqi Lithium, Ganfeng Lithium Co. Ltd., General Lithium Corp, LITHIUM EXPLORATION GROUP, LSC Lithium Corporation Neo Lithium Corporation, U.S. Lithium Corp, among others.

Key Developments:

• • In July 2021, specialty chemicals company Albemarle Corporation opened a Battery Materials Innovation Centre (BMIC) at its Kings Mountain, North Carolina, site. The BMIC is expected to be fully operational and will support Albemarle’s lithium hydroxide, lithium carbonate, and advanced energy storage materials growth platforms.
  • In Sep 2020, Albemarle partnered in 2 projects – one is a production pathway to go from lithium chloride to lithium hydroxide directly, whereas the other is to examine how lithium salts can improve cathode performance & extend battery life.

Segments covered in the Report:

The global lithium market has been segmented based on product, applications, and regions. Based on product, the market is segmented into Hydroxide, Carbonate, and others. Based on applications, the market is segmented into automotive, consumer goods, grid storage and others. 

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Key questions answered in this research report:

• • At what pace is global lithium market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Lithium market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Lithium market?
  • Which Product generated maximum revenues in 2019 and identify the most promising Product during the forecast period?
  • What are the various application areas of global lithium market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2020
Market Forecast Period	2021-2028
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Product, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Albemarle, FMC Corporation, SQM, Tianqi Lithium, Ganfeng Lithium Co. Ltd., General Lithium Corp, LITHIUM EXPLORATION GROUP, LSC Lithium Corporation, Neo Lithium Corporation, U.S. Lithium Corp among others.; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Lithium Market by Product

• • Carbonate
  • Hydroxide
  • Others

Global Lithium Market by Application

• • Automotive
  • Consumer Goods
  • Grid Storage
  • Glass & Ceramics
  • Others

Global Lithium Market by Region

• • North America Lithium Market (Option 1: As a part of the free 25% customization)
    • North America Lithium Market by Product
    • North America Lithium Market by Application
    • US Lithium Market All-Up
    • Canada Lithium Market All-Up
  • Europe Lithium Market (Option 2: As a part of the free 25% customization)
    • Europe Lithium Market by Product
    • Europe Lithium Market by Application
    • UK Lithium Market All-Up
    • Germany Lithium Market All-Up
    • France Lithium Market All-Up
    • Spain Lithium Market All-Up
    • Rest of Europe Lithium Market All-Up
  • Asia-Pacific Lithium Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Lithium Market by Product
    • Asia-Pacific Lithium Market by Application
    • China Lithium Market All-Up
    • India Lithium Market All-Up
    • Japan Lithium Market All-Up
    • Rest of APAC Lithium Market All-Up
  • RoW Lithium Market (Option 4: As a part of the free 25% customization)
    • RoW Lithium Market by Product
    • RoW Lithium Market by Application
    • Brazil Lithium Market All-Up
    • South Africa Lithium Market All-Up
    • Saudi Arabia Lithium Market All-Up
    • UAE Lithium Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Lithium Market All-Up

Major Players Operating in the Lithium (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Albemarle
  • FMC CORPORATION
  • SQM
  • Tianqi Lithium
  • Ganfeng Lithium Co. Ltd.
  • General Lithium Corporation
  • LITHIUM EXPLORATION GROUP
  • LSC Lithium Corporation
  • Neo Lithium Corporation
  • S. Lithium Corporation