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Lithium Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Lithium Market is segmented by Type (Metal, Compound, and Alloy), Application (Battery, Grease, Air Treatment, Pharmaceuticals, Glass/Ceramic (including Frits), Polymer, and Other Applications), End-user Industry (Industrial, Consumer Electronics, Energy Storage, Medical, Automotive, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for Lithium in volume ( LCE kilo tons) for all the above segments.

Market Snapshot

Lithium Market Overview
Study Period: 2017-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >19 %
Lithium Market Companies

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Market Overview

The global lithium market was valued at more than 400 LCE kiloton in 2021. The market is estimated to increase at a CAGR greater than 19% during the forecast period (2022 to 2027).

For the foreseeable future, lithium-ion will be the leading technology in the electric vehicle (EV) industry. With the surging fuel prices across the world and increasing pollution levels in the environment, many countries across the globe have started investing in lithium-ion technology which is used as a substitute for conventional fuel vehicles in the market. With lesser manufacturing costs and high-performance delivery, lithium batteries are considered to be the best choice in modern electric vehicles. With growing applications of lithium batteries in aerospace and military operations, the market is considered to grow in the forecasted period.

  • Major factors driving the market studied are the accelerating demand for electric vehicles​ and increasing usage and demand by portable consumer electronics​.​
  • On the flip side, rising concern over the demand-supply gap in the lithium market might hamper the market growth. ​
  • Whereas the growing adoption of smart grid electricity is likely to be a major opportunity in the global lithium market over the forecast period.​

Scope of the Report

Lithium is a soft, silvery-white alkali metal with atomic number 3 and the symbol Li. The main sources of lithium are underground lithium-containing brine reservoirs and lithium-containing rock, such as spodumene. The lithium market is segmented by type, application, end-user industry, and geography. By type, the market is segmented into metal, compound, and alloy. By application, the market is segmented into battery, grease, air treatment, pharmaceuticals, glass/ceramic (including frits), polymer, and other applications. By end-user industry, the market is segmented into industrial, consumer electronics, energy storage, medical, automotive, and other end-user industries. The report also covers the market size and forecasts for the lithium market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kilo tons).

Type
Metal
Compound
Carbonate
Chloride
Hydroxide
Alloy
Application
Battery
Grease
Air Treatment
Pharmaceuticals
Glass/Ceramic (including Frits)
Polymer
Other Applications ( Electronics, Battery operated cycles, high speed trains,Industrial usages)
End-user Industry
Industrial
Consumer Electronics
Energy Storage
Medical
Automotive
Other End-user Industries
Geography
Production and Reserve Analysis
Australia
Chile
China
Argentina
Zimbabwe
Canada
United States
Other Countries
Consumption Analysis
Asia-Pacific
China
India
Japan
South Korea
Australia & New Zealand
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
NORDIC Countries
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Electric Vehicles to Drive the Market Growth

  • The automobile industry is quickly evolving, pushing companies to cope with new issues on a regular basis. Electric vehicle demand is growing throughout the world, while buyers also desire automobiles with greater customization possibilities.
  • EV sales have exploded, with increases in all three major car markets: China, the United States, and Europe.
  • Despite the disruption created by Covid-19, the EV market has been able to thrive, displaying its resilience. This has been aided by political incentives. In the United States, for example, President Joe Biden announced a USD 174 million investment to encourage electric car adoption, from charging infrastructure to boosting the federal tax credit, as well as his proposed new objective of 50% electrification by 2030.
  • While total UK car manufacturing fell by over 7% to 859,575 cars in 2021, the lowest level since 1956, the number of electric vehicles produced climbed by over 30% over the previous year, according to the Society of Motor Manufacturers and Traders' (SMMT) end-of-year report.
  • By 2030, the UK government intends to prohibit the sale of new internal combustion engine (ICE) automobiles, with the exception of hybrid versions that utilise both electric and gas power by 2035. According to the SMMT, if the UK automobile manufacturing sector is to stay internationally competitive, it will require at least 60 GWh of gigafactory battery capacity by 2035.
  • All the above said factors are expected to increase the demand for lithium in the electric vehicles segment.
Lithium Market Share

Asia-Pacific Region to Dominate the Market

  • In recent years the Asia Pacific area, the electric car sector has seen tremendous growth. This is evidenced by the fact that the area accounts for the greatest percentage of global battery electric car sales.
  • In the first half of 2021, China's output and newly installed capacity for power batteries increased year over year, owing to a significant expansion in the country's new energy vehicle (NEV) industry.
  • According to the China Automotive Manufacturers Association (CAAM), the total output of power batteries increased by 217.5 percent year on year to 74.7GWh in January-June 2021. In the first half of 2021, installed volumes increased by 200.3 percent to 52.5 GWh.
  • The top three firms for installed volumes during January-June 2021 were China's largest battery producer CATL, second-largest battery and NEV manufacturer BYD, and South Korean battery producer LG Chem, with 25.76GWh, 7.65GWh, and 4.72GWh, respectively, accounting for 49.1%, 14.6%, and 9% of the total.
  • Demand in the consumer electronics industry was strong, but it was also mature and stable. Makers of storage solutions for homes, industries, and hospitals, as well as 5G mobile stations, place a high demand on battery manufacturers and, as a result, machinery providers.
  • All these factors are expected to see a rise in demand for the lithium ion market in the forecasted years
Lithium Market Forecast

Competitive Landscape

The global lithium market is consolidated in nature with the top five players holding more than 80% share of the global production outputs. Some of the major players in the market include (not in any particular order) Albemarle Corporation, SQM SA, Tianqi Lithium, Livent, and Allkem Limited, among others.

Recent Developments

  • In October 2021, Albemarle Corporation has announced the signing of two agreements for strategic investments in China in support of the expansion of its lithium conversion capacity, including agreement signature with Yangtze River International Chemical Industrial Park in the Zhangjiagang Free Trade Zone (Jiangsu province), and the Pengshan Economic Development Park in the Pengshan District (Sichuan province).
  • In September 2021, Contemporary Amperex Technology Co., Limited. has announced to buy Millennial Lithium, engaged in the production of lithium, based in Canada, with a sum worth of USD 297.3 million.
  • In May 2021, American Lithium Corp. has completed the acquisition of Plateau Energy Metals Inc., which is engaged in the production and supply of lithium, thereby had enhanced the company's Lithium Business.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Accelerating Demand for Electric Vehicles

      2. 4.1.2 Increasing Usage and Demand by Portable Consumer Electronics

      3. 4.1.3 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Demand-supply Gap in the Lithium Market

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Pricing Analysis

    6. 4.6 Technological Snapshot

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Metal

      2. 5.1.2 Compound

        1. 5.1.2.1 Carbonate

        2. 5.1.2.2 Chloride

        3. 5.1.2.3 Hydroxide

      3. 5.1.3 Alloy

    2. 5.2 Application

      1. 5.2.1 Battery

      2. 5.2.2 Grease

      3. 5.2.3 Air Treatment

      4. 5.2.4 Pharmaceuticals

      5. 5.2.5 Glass/Ceramic (including Frits)

      6. 5.2.6 Polymer

      7. 5.2.7 Other Applications ( Electronics, Battery operated cycles, high speed trains,Industrial usages)

    3. 5.3 End-user Industry

      1. 5.3.1 Industrial

      2. 5.3.2 Consumer Electronics

      3. 5.3.3 Energy Storage

      4. 5.3.4 Medical

      5. 5.3.5 Automotive

      6. 5.3.6 Other End-user Industries

    4. 5.4 Geography

      1. 5.4.1 Production and Reserve Analysis

        1. 5.4.1.1 Australia

        2. 5.4.1.2 Chile

        3. 5.4.1.3 China

        4. 5.4.1.4 Argentina

        5. 5.4.1.5 Zimbabwe

        6. 5.4.1.6 Canada

        7. 5.4.1.7 United States

        8. 5.4.1.8 Other Countries

      2. 5.4.2 Consumption Analysis

        1. 5.4.2.1 Asia-Pacific

          1. 5.4.2.1.1 China

          2. 5.4.2.1.2 India

          3. 5.4.2.1.3 Japan

          4. 5.4.2.1.4 South Korea

          5. 5.4.2.1.5 Australia & New Zealand

          6. 5.4.2.1.6 Rest of Asia-Pacific

        2. 5.4.2.2 North America

          1. 5.4.2.2.1 United States

          2. 5.4.2.2.2 Canada

          3. 5.4.2.2.3 Mexico

        3. 5.4.2.3 Europe

          1. 5.4.2.3.1 Germany

          2. 5.4.2.3.2 United Kingdom

          3. 5.4.2.3.3 France

          4. 5.4.2.3.4 Italy

          5. 5.4.2.3.5 NORDIC Countries

          6. 5.4.2.3.6 Rest of Europe

        4. 5.4.2.4 South America

          1. 5.4.2.4.1 Brazil

          2. 5.4.2.4.2 Argentina

          3. 5.4.2.4.3 Rest of South America

        5. 5.4.2.5 Middle-East and Africa

          1. 5.4.2.5.1 Saudi Arabia

          2. 5.4.2.5.2 South Africa

          3. 5.4.2.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share(%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Albemarle Corporation

      2. 6.4.2 ALLKEM LIMITED

      3. 6.4.3 Altura Mining

      4. 6.4.4 Avalon Advanced Materials Inc

      5. 6.4.5 Ganfeng Lithium Co. Ltd

      6. 6.4.6 Lithium Australia NL

      7. 6.4.7 Livent

      8. 6.4.8 Mineral Resources

      9. 6.4.9 MORELLA CORPORATION LIMITED

      10. 6.4.10 Pilbara Minerals

      11. 6.4.11 Sichuan Yahua Industrial Group Co., Ltd.

      12. 6.4.12 SQM SA

      13. 6.4.13 Tianqi Lithium

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Growing Adoption in Smart Grid Electricity

**Subject to Availability

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Frequently Asked Questions

The Lithium Market market is studied from 2017 - 2027.

The Lithium Market is growing at a CAGR of >19% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2021.

Albemarle Corporation, SQM S.A., Tianqi Lithium, Livent, Allkem Limited are the major companies operating in Lithium Market.

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