The Global Lithium Market is Projected to Reach 543.3 Lithium Carbonate Equivalent Metric Tons by 2024

Shifting Demand from Traditional Sectors towards High-Growth Battery-based Emerging Applications to Drive Growth in the Global Lithium Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Lithium market. The global Lithium market is projected to reach 543.3 Lithium Carbonate Equivalent Metric Tons by 2024, driven primarily by the growing demand for lithium batteries in electric vehicles, consumer electronics, and renewable energy storage systems. Sustained demand from traditional applications such as glass and ceramics and greases also foster growth in the lithium market.

Lithium, a soft and silver-white alkali metal, is found commonly in plants, animals, human body and soil. Generally, lithium is extracted from sedimentary rocks, brine and pegmatites. Lithium is one of the lightest among all metals and the least dense of all elements, and remains solid at room temperature. Lithium is known to react vigorously with water, and burns with a white flame. Given its reactivity and instability, lithium is not found freely in nature and occurs only in the form of compounds. Lithium can form several organic as well as inorganic compounds, such as oxide, hydride, carbide, hydroxide and nitride, among others. Due to its unique properties, lithium and lithium compounds are used in various end-use sectors including batteries, greases, glass and ceramics, air treatment, aluminum, pharmaceuticals, polymers and lithium-alloy, among others

Over the years, the primary application area of lithium has been changing continuously. While initially lithium found primary use in the field of medicine, the later years recorded strong demand for lithium in applications such as glass and ceramics, industrial greases, primary batteries, casting powders, air treatment, and aluminum smelting, among others. Such traditional sectors have been the main drivers of growth in the global lithium market for several years. Over the past decade, lithium demand has benefitted immensely from the increasing penetration of portable electronic devices such as tablets, smartphones and wearable devices, and the resultant demand for rechargeable, high-capacity batteries. However the main factor driving growth in the market is the emergence of lithium ion batteries as the leading type of portable power storage technology. Driven by the rapidly declining production cost of lithium-ion batteries, future demand for lithium will be propelled by high-growth emerging applications, particularly in electric vehicles (EVs) and renewable energy or grid storage systems.

The exponential gains registered by sustainable technologies including solar power and electric vehicles in the recent years have created robust demand for lithium-ion batteries. With sales of EVs growing across the world driven by the stringent regulations regarding carbon emissions, steady decline in battery costs, and rising investments in expanding charging infrastructure network, the demand for Li-ion batteries and hence lithium materials is expected to grow at a rapid rate in the coming years. In addition, the growing concerns over pollution and climate change attributed to fossil fuel emissions and greenhouse gases are driving the world to shift towards renewable energy sources. However, given the intermittencies of renewable energy sources such as solar and wind power, there is a need for energy storage systems to ensure uninterrupted power supply. This is in turn propelling adoption of Li-ion batteries for balancing the demand-supply scenario and to ensure system flexibility to deal with intermittency of renewable power generation.

As stated by the new market research report on Lithium, China represents the largest regional market, worldwide. China is also forecast to register the fastest CAGR of 15.4% over the analysis period. China will continue to lead the global lithium market in terms of demand, due to its position as a leading producer of batteries, accumulators, air conditioning units, and lubricants, among others. The country’s leadership in the electric vehicles market, and the subsequent increase in production of lithium batteries, is also fueling demand for lithium. China’s leading position in the production of consumer electronic devices and equipment also drives demand for lithium batteries and lithium compounds. 

Major players in the market include Albemarle Corporation, Altura Mining Ltd., FMC Lithium, Galaxy Resources Limited, Jiangxi Ganfeng Lithium Co. Ltd., Lithium Americas Corporation , Millennial Lithium Corp., Nemaska Lithium Inc., Neometals Ltd., Orocobre Limited, Pilbara Minerals Ltd., Sichuan Tianqi Lithium Industries, and Sociedad Química y Minera de Chile S.A, among others.

The research report titled “Lithium: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), China, Asia-Pacific (South Korea and Rest of Asia-Pacific), Middle East & Africa, and Latin America. The market is analyzed by the following End-Use Segments - Glass & Ceramics, Air Treatment & Pharmaceuticals, Metallurgical Powders, Greases, Batteries and Others.

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