logo

Lithium Market Size (2024 - 2029)

The lithium market is projected to experience significant growth over the forecast period, driven by the increasing demand for electric vehicles and portable consumer electronics. Despite challenges such as the demand-supply gap, opportunities are anticipated from the expanding adoption of smart grid electricity. The market has rebounded to pre-pandemic levels after being adversely affected by COVID-19. The Asia-Pacific region leads in market consumption, with substantial contributions from countries like China, South Korea, and Japan.

Home Market Analysis Chemicals & Materials Research Metals and Minerals Research Metals Research Minor Metal Research Lithium Research Lithium Market Market Size

Market Size of Lithium Industry

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:
Lithium Market Summary
Study Period 2019 - 2029
Market Volume (2024) 0.71 Million LCE tons
Market Volume (2029) 1.72 Million LCE tons
CAGR (2024 - 2029) 19.57 %
Fastest Growing Market Europe
Largest Market Asia-Pacific

Major Players

Lithium Market Major Players

*Disclaimer: Major Players sorted in no particular order
setting-icon

Need a report that reflects how COVID-19 has impacted this market and its growth?

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:

Lithium Market Analysis

The Lithium Market size is estimated at 0.71 Million LCE tons in 2024, and is expected to reach 1.72 Million LCE tons by 2029, growing at a CAGR of 19.57% during the forecast period (2024-2029).

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.

Lithium Industry Segmentation

Lithium is a soft, silvery-white alkali metal with atomic number three and the symbol Li. The main sources of lithium are underground lithium-containing brine reservoirs and lithium-containing rocks, 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 16 countries across major regions. For each segment, the market sizing and forecasts have been carried out on the basis of volume (lithium carbonate equivalent (LCE) kilotons).

Type
Metal
Compound
Carbonate
Chloride
Hydroxide
Alloy
Application
Battery
Grease
Air Treatment
Pharmaceuticals
Glass/Ceramic (Including Frits)
Polymer
Other Applications
End-user Industry
Industrial
Consumer Electronics
Energy Storage
Medical
Automotive
Other End-user Industries
Geography
Production and Reserve Analysis
Australia
Chile
China
Argentina
Zimbabwe
United States
Other Regions
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
Need A Different Region Or Segment?
Customize Now

Lithium Market Size Summary

The lithium market is poised for significant growth, driven by the increasing demand for electric vehicles and the rising use of portable consumer electronics. The market, which experienced a downturn due to the COVID-19 pandemic, has rebounded to pre-pandemic levels. The Asia-Pacific region, particularly China, South Korea, and Japan, dominates the global market, with substantial consumption driven by the automotive and electronics industries. Lithium's primary application is in the production of lithium batteries, which are categorized into disposable and rechargeable types. These batteries are favored for their long life, high energy density, and versatility in applications ranging from medical devices to consumer electronics and electric vehicles. The growing adoption of smart grid electricity presents further opportunities for market expansion.

The global lithium market is characterized by a consolidated structure, with a few key players controlling a significant portion of the production output. Companies like Albemarle Corporation, SQM SA, Tianqi Lithium, Livent, and Allkem Limited are prominent in the industry. Recent strategic moves by these companies, such as investments in production capacity and partnerships to establish supply chains, underscore the industry's focus on meeting the burgeoning demand for lithium-ion batteries. The market's growth is also supported by the increasing penetration of electric vehicles, particularly in China, where the government anticipates a substantial rise in electric vehicle production. This trend is mirrored in South Korea and Japan, where consumer demand for alternative fuel technologies is on the rise, further fueling the demand for lithium.

Explore More

Lithium Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Accelerating Demand for Electric Vehicles

      2. 1.1.2 Increasing Usage and Demand by Portable Consumer Electronics

      3. 1.1.3 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Demand-supply Gap in the Lithium Market

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

    5. 1.5 Pricing Analysis

    6. 1.6 Technological Snapshot

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Metal

      2. 2.1.2 Compound

        1. 2.1.2.1 Carbonate

        2. 2.1.2.2 Chloride

        3. 2.1.2.3 Hydroxide

      3. 2.1.3 Alloy

    2. 2.2 Application

      1. 2.2.1 Battery

      2. 2.2.2 Grease

      3. 2.2.3 Air Treatment

      4. 2.2.4 Pharmaceuticals

      5. 2.2.5 Glass/Ceramic (Including Frits)

      6. 2.2.6 Polymer

      7. 2.2.7 Other Applications

    3. 2.3 End-user Industry

      1. 2.3.1 Industrial

      2. 2.3.2 Consumer Electronics

      3. 2.3.3 Energy Storage

      4. 2.3.4 Medical

      5. 2.3.5 Automotive

      6. 2.3.6 Other End-user Industries

    4. 2.4 Geography

      1. 2.4.1 Production and Reserve Analysis

        1. 2.4.1.1 Australia

        2. 2.4.1.2 Chile

        3. 2.4.1.3 China

        4. 2.4.1.4 Argentina

        5. 2.4.1.5 Zimbabwe

        6. 2.4.1.6 United States

        7. 2.4.1.7 Other Regions

      2. 2.4.2 Consumption Analysis

        1. 2.4.2.1 Asia-Pacific

          1. 2.4.2.1.1 China

          2. 2.4.2.1.2 India

          3. 2.4.2.1.3 Japan

          4. 2.4.2.1.4 South Korea

          5. 2.4.2.1.5 Australia & New Zealand

          6. 2.4.2.1.6 Rest of Asia-Pacific

        2. 2.4.2.2 North America

          1. 2.4.2.2.1 United States

          2. 2.4.2.2.2 Canada

          3. 2.4.2.2.3 Mexico

        3. 2.4.2.3 Europe

          1. 2.4.2.3.1 Germany

          2. 2.4.2.3.2 United Kingdom

          3. 2.4.2.3.3 France

          4. 2.4.2.3.4 Italy

          5. 2.4.2.3.5 Nordic Countries

          6. 2.4.2.3.6 Rest of Europe

        4. 2.4.2.4 South America

          1. 2.4.2.4.1 Brazil

          2. 2.4.2.4.2 Argentina

          3. 2.4.2.4.3 Rest of South America

        5. 2.4.2.5 Middle East and Africa

          1. 2.4.2.5.1 Saudi Arabia

          2. 2.4.2.5.2 South Africa

          3. 2.4.2.5.3 Rest of Middle East and Africa

Lithium Market Size FAQs

The Lithium Market size is expected to reach 0.71 million LCE tons in 2024 and grow at a CAGR of 19.57% to reach 1.72 million LCE tons by 2029.

In 2024, the Lithium Market size is expected to reach 0.71 million LCE tons.

Lithium Market Report Snapshots

Lithium Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)