The global Lithium Market size is expected to reach USD 18.99 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 12.8% from 2024 to 2030. Rising investments in lithium mining and related technologies are projected to remain a key trend in the market. Lithium mining is witnessing rapid growth as its demand is accelerating owing to its application in batteries. The element is found in dry places that require thousands of liters of water for its mining. Considering the rising demand for elements and increasing usage of water required for its extraction, R&D is in place to find better alternative methods. For instance, in February 2020, funding of around USD 20 million by Bill Gates was provided to Lilac Solutions, a lithium mining technology firm located in the U.S.
According
to the firm, its ion exchange technology is two times more efficient compared
to the current mining process and requires a fraction of time. Lithium
recycling is a complex process; however, with the rising penetration of Li-ion
batteries, the demand may outpace supply. Therefore, researchers are focusing
on extraction and recycling through various new technologies. Lithium compounds
are extracted from batteries as per individual methods and stages. The stages
are divided into pre-treatment and extraction stages; while extraction is again
categorized into hydrometallurgy, pyrometallurgy, and electrochemical
extraction. Despite the growing emphasis and development of different recycling
technologies, less than 1% of lithium is recycled currently.
Over
the last decade, the rise in usage of Li-ion battery storage has led to a decline
in their prices by over 80%, leading to enhanced energy storage and paving the
way for Electric Vehicles (EVs) 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 a critical
factor for investors. As per the International Energy Agency, new companies in
clean energy have attracted significant investments during the COVID-19
pandemic. Early-stage Venture Capital (VC) investments reduced slightly in the
first half of 2020. However, these investments recovered quickly, with record
investments from the third quarter of 2020.
List of Key Players in Lithium Market
- Albemarle Corp.
- Ganfeng Lithium Co., Ltd.
- SQM S.A.
- Tianqi Lithium Corporation
- Livent Corp.
- Lithium Americas Corp.
- Pilbara Minerals
- Orocobre Limited Pty. Ltd.
- Mineral Resources
Related Press
Release@ Lithium
Market Report
Lithium Market Report Highlights
- In terms of
revenue, the hydroxide product segment is projected to register the
fastest CAGR from 2024 to 2030. The rapid development of battery
technologies is projected to remain a key driver for the segment
- Automotive
was the largest application segment in 2023. The rising penetration of
Electric Vehicles (EVs) along with stringent emission regulations by
government bodies is the key focus area for market vendors
- The consumer
electronics segment is projected to witness the highest CAGR over the
forecast period, in terms of revenue, due to the high demand for
electronic products, such as smartphones, tablets, laptops, wearables,
portable speakers, and tablets
- Asia Pacific
was the largest regional market in 2023, in terms of both volume and
revenue. The growth of the region can be attributed to the heavy
investments in lithium mining as well as lithium-ion battery technologies
- In terms of
volume, Europe accounted for the second-largest market share in 2023. The
growth of the region is attributable to the rising penetration of EVs and
growing concerns about Greenhouse Gas (GHG) emissions
Lithium Market Report Scope
|
Report Attribute |
Details |
|
Market
size value in 2024 |
USD 9.03
billion |
|
Revenue
forecast in 2030 |
USD 18.99
billion |
|
Growth
Rate |
CAGR of 12.8%
from 2024 to 2030 |
|
Base year
for estimation |
2023 |
|
Historical data |
2018 - 2022 |
|
Forecast period |
2024 - 2030 |
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Lithium Market Segmentation
Grand
View Research has segmented the global lithium market report based on product,
application, and region
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 Billion, 2018 - 2030)
- North
America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Central
& South America
- Middle East
& Africa
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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