Lithium Market

Lithium Market Overview

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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Major Lithium Market Drivers

Increasing deployment of lithium batteries in military and aerospace applications stands to be a major factor fueling the lithium market size. With the growing environmental concerns pertaining carbon emissions and strategic government norms, the adoption of electric vehicles has witnessed substantial boom. Thus, the growing demand for modern electric vehicles have increased the demand for lithium batteries, primarily owing to their lower production cost and high-performance delivery, strengthening the lithium market growth. For example, the Paris Agreement intends to decrease the greenhouse gas (GHG) emission by at least 40% by the end of 2030, under its 2030 climate and energy framework. In addition, the growing application of lithium in rechargeable batteries, steel & aluminum production grid storage and the innovations in the rechargeable batteries for mobile phones, digital cameras etc. will further expand the lithium market share.

Moreover, leading market players are increasing investing in the battery sector, which will drive the market growth as it is the main application of lithium batteries. For example, Albemarle, in June 2021, established an Innovation Center in Kings Mountain, North Carolina, U.S to support the company’s carbonate and hydroxide products, and innovated energy storage materials product portfolio. However, growing concerns about demand and supply gap might impede the global lithium market growth over the upcoming years.

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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 2021, Albemarle Corporation entered into two agreements with Yangtze River International Chemical Industrial Park in the Zhangjiagang Free Trade Zone and the Pengshan Economic Development Park in the Pengshan District for strategic investments in China to expand the lithium conversion capacity.
  • In 2021, Contemporary Amperex Technology Co., Limited. Procured Millennial Lithium, involved in the production of lithium, based in Canada, for USD 297.3 million.
  • In 2021, American Lithium Corp. acquired Plateau Energy Metals Inc., which is a leading company producing lithium, which enhanced the company’s Lithium Business.
  • 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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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)

    • By Product
    • By Application
    • US Market All-Up
    • Canada Market All-Up

  • Europe Lithium Market (Option 2: As a part of the free 25% customization)

    • By Product
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Lithium Market (Option 3: As a part of the free 25% customization)

    • By Product
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Lithium Market (Option 4: As a part of the free 25% customization)

    • By Product
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) 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