USD 7.1 Billion
Report ID: SQMG20D2007 | Region: Global | Published Date: June, 2022 | Pages: 157
The Global Lithium Market size was valued at USD 7.1 Billion in 2021, and it is expected to reach a value of USD 15.45 Billion by 2028, at a CAGR of 11.75% over the forecast period (2022 - 2028).
The market for lithium-ion batteries is expected to be driven by the electrification of automobiles, which is expected to attract a significant volume of lithium-ion batteries over the forecast period.
The automotive application segment is expected to grow significantly during the forecast period, owing to government-imposed strict rules for ICE automakers to reduce carbon dioxide emissions from automobiles. This has switched automakers' focus to producing electric vehicles, which is expected to boost demand for lithium and related products. Government incentives for electric vehicles, as well as investments in the sector, are projected to accelerate the Lithium market growth.
Global Market Size
USD 7.1 Billion
Glass & Ceramics
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The Global Lithium Market is segmented based on Product, Application, and Region. Based on Product it is categorized into Carbonate, Hydroxide, and Others. Based on Application it is categorized into Batteries, Glass & Ceramics, Lubricant, Medical, Polymers, Metallurgy, and Others. Based on the region it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Product
In 2020, lithium carbonate (Li CO) dominated the market. It's also known as Li salt, and it's most commonly used to process metal oxides. Carbonate is the first chemical in the production cycle, derived from brines. It is used in the pharmaceutical sector to create drugs for treating bipolar disorder patients and preventing cluster headaches. Furthermore, Li CO is widely used in the automotive industry as a result of the increasing popularity of electric vehicles, offering a boost to the Lithium market growth. Battery advancements have fuelled a surge in demand for lithium hydroxide, which is expected to grow at the fastest rate over the forecast period. It's produced from a mixture of materials, including petroleum hard rocks and brines. Several manufacturers are building plants worldwide to increase their entire company and secure a position in the value chain. Albemarle, for example, began building on a Lihydroxide (LiOH) production plant in Kemerton, Western Australia, in March 2019 for USD 709.4 million. The plant will be able to generate up to 100,000 tonnes of premium battery-grade LiOH per year once it is fully operational.
Analysis by Application
In 2020, the batteries segment dominated the market, and this dominance is expected to continue over the forecast period. Li batteries come in a variety of active material combinations for the cathode, electrolyte, and anode. There are two types of batteries: main and secondary. Cameras, calculators, electronic games, watches, laptops, and other devices all need primary batteries. Portable computers, telephones, tablets, electric vehicles, cordless tools, and video cameras all require secondary batteries. The Li-ion battery industry will be driven by an increase in the sale of electric vehicles due to rising per capita disposable income and consumer preferences.
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During the forecast period, the Lithium market in North America is expected to grow at a high rate. As a result of more stringent regulatory rules, greener energy sources are being adopted at a faster rate, boosting the regional economy. The Environmental Protection Agency (EPA) has several schemes and financing initiatives in place to encourage the use of green and sustainable energy sources such as solar, wind, and geothermal. The growing popularity of solar panels has resulted in a significant increase in the need for cells and batteries to store energy.
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To supply excellent performance, production, and development of batteries, manufacturers are focusing on R&D developments. The US Department of Energy's (DOE) Argonne National Laboratory, in collaboration with the Hong Kong University of Science and Technology (HKUST), developed a novel particle-level cathode coating for LIBs in July 2020 to improve their safety and life. In addition, at Argonne National Laboratory, DOE researchers have opened the ReCell Site, a LIB recycling center. These recycled components can be employed in new batteries, decreasing production costs by 10% to 30% and lowering the overall cost of electric vehicles. XNRGI is a Li battery firm that specializes in next-generation energy storage. Grid-scale energy storage is provided by the business, which has also introduced a porous silicon XNRGI storage technology for rechargeable batteries.
Top Players Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. SQ identified the key dominating segments of the market by offerings and verticals.
During the forecast period, Companies that make electric vehicles and automobiles are continually changing their preferences based on cathode properties such as safety, stability, longevity, cost, and energy density. On a life-cycle basis, EVs are touted as a sustainable transportation option because they generate fewer GHG than conventional vehicles.
Scope of the Report/Market Inclusion-Exclusion
|Market size value in 2021||USD 7.1 Billion|
|Market size value in 2028||USD 15.45 Billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Lithium Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Lithium Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Lithium Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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