Lithium Market 2021 Future Development Status Recorded during 2030

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The global Lithium market size is expected to be worth around US$ 10.2 billion by 2030, according to a new report by Vision Research Reports.

The global Lithium market size was valued at US$ 5.7 billion in 2020 and is anticipated to grow at a CAGR of 15.8% during forecast period 2021 to 2030.

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Lithium Market (By Product: Carbonates, Hydroxide; By Application: Automotive, Consumer electronics, Grid storage, Glass & ceramics) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030

Report Coverage

Report Scope Details
Market Size US$ 10.2 Billion by 2030
Growth Rate CAGR of 15.8% From 2021 to 2030
Base Year 2021
Forecast Period 2021 to 2030
Segments Covered Product, Application
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Companies Mentioned Albemarle Corporation; Ganfeng Lithium Co., Ltd.; SQM S.A.; Tianqi Lithium Corporation; Livent Corporation; Lithium Americas Corp; Pilbara Minerals; Orocobre Limited Pty Ltd; Mineral Resources

Growth Factors

Rising investments in lithium mining and related technologies are projected to remain a key trend for 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. The investment was announced in February 2020. 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.

By Product Analysis

The carbonate product segment dominated the market and accounted for the largest share of over 58.0% in 2020, in terms of volume. Lithium carbonate (Li2CO3) is the most stable inorganic compound and is used in forming other compounds, such as Lithium Hydroxide (LiOH) and even pure metal.

LiOH is a white hygroscopic crystalline material and an inorganic compound mostly used by lithium-ion battery manufacturers; it is commercially available as anhydrous and monohydrate. It has usage in transportation applications in the manufacturing of submarines and spacecraft. Many automotive players are inclined to adopt LiOH for battery manufacturing, which is expected to benefit market growth positively.

By Application Analysis

The consumer goods segment dominated the market and accounted for the largest revenue share of 13.9% in 2020. The segment is projected to grow owing to increasing sales of electronic devices, such as mobile phones, laptops, cameras, portable radios, speakers, and mp3 players, which make use of lithium batteries.

Single-use, non-rechargeable lithium batteries are found in remote controllers, handheld games, cameras, and smoke detectors. Rechargeable lithium-polymer cells are used in cell phones, laptops, toys, digital cameras, small and large appliances, tablets e-readers, and power tools.

The developed countries worldwide are investing increasingly in the deployment of energy storage systems based on lithium-ion batteries; thus, fueling the growth of the lithium market.

By Regional Analysis

Asia Pacific dominated the market and held the largest volume share of 57.3% in 2020 owing to the rapidly developing automotive, glass, and consumer goods industries in countries such as China, Japan, South Korea, and India.

Europe accounted for the second-largest share of the market in 2020 and is projected to witness a volume-based CAGR of 7.8% from 2021 to 2030. The growth of the market in Europe can be attributed to the increasing production of EVs in the region.

Key PlayerS

  • Albemarle Corporation
  • Ganfeng Lithium Co., Ltd.
  • SQM S.A.
  • Tianqi Lithium Corporation
  • Livent Corporation
  • Lithium Americas Corp
  • Pilbara Minerals
  • Orocobre Limited Pty Ltd
  • Mineral Resources

Market Segmentation

  • By Product
    • Carbonates
    • Hydroxide
    • Others
  • By Application
    • Automotive
    • Consumer electronics
    • Grid storage
    • Glass & ceramics
    • Others
  • Regional
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
    • Asia Pacific
      • China
      • Japan
      • South Korea
    • Central & South America
    • MEA

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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