Market Size of Lithium Industry
|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|
*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.