Lithium Market Size

Statistics for the 2022 & 2023 Lithium market size, created by Mordor Intelligence™ Industry Reports. Lithium size report includes a market forecast to 2028 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Lithium Industry

Lithium Market Summary
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Study Period 2018 - 2028
Market Volume (2023) 0.59 Million LCE tons
Market Volume (2028) 1.44 Million LCE tons
CAGR (2023 - 2028) 19.57 %
Fastest Growing Market Europe
Largest Market Asia-Pacific

Major Players

Lithium Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Lithium Market Analysis

The Global Lithium Market size is expected to grow from 0.59 million LCE tons in 2023 to 1.44 million LCE tons by 2028, at a CAGR of 19.57% during the forecast period (2023-2028).

The market was negatively impacted by COVID-19 in 2020, as the first half of the year was affected by the lockdowns, causing unprecedented declines in monthly vehicle sales from February. Presently the market has reached pre-pandemic levels.

  • Over the short term, the major factors driving the market studied are the accelerating demand for electric vehicles and increasing usage and demand for portable consumer electronics.
  • However, rising concern over the demand-supply gap in the lithium market may hamper the market growth.
  • Nevertheless, the growing adoption of smart grid electricity is likely to be a major opportunity in the global lithium market over the forecast period.
  • Asia-Pacific dominates the market across the world, with the most substantial consumption from countries like China, South Korea, and Japan.