Lithium Market Size, Share, Growth Analysis, By Product(Carbonate, Hydroxide, Others), By Application(Batteries, Glass & Ceramics, Lubricant, Medical), By Region - Industry Forecast 2024-2031

Lithium Market size was valued at USD 6.67 billion in 2019 and is poised to grow from USD 7.49 billion in 2023 to USD 21.28 billion by 2031, growing at a CAGR of 12.3% in the forecast period (2024-2031).

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. 'FMC Corporation', 'Livent', 'Albemarle Corporation', 'SQM (Sociedad Química y Minera de Chile)', 'Tianqi Lithium Corporation', 'Ganfeng Lithium Co., Ltd.', 'Lithium Americas Corp.', 'Jiangxi Ganfeng Lithium Co., Ltd.', 'Nemaska Lithium Inc.', 'Pilbara Minerals Limited', 'Orocobre Limited', 'Mineral Resources Limited', 'Galaxy Resources Limited', 'Eramet SA', 'POSCO', 'China Molybdenum Co., Ltd.', 'Rare Earth Minerals PLC', 'Bacanora Lithium PLC', 'Neometals Ltd.', 'Altura Mining Limited'

Electric vehicles use lithium-ion batteries as a source of power. The widespread usage of electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) has grown exponentially lithium-ion battery adoption, which is expected to continue to increase in the future. Consumer acceptance of EVs has contributed to the growth of the Lithium market for these energy-saving, pollution-reducing vehicles. The number of electric vehicles is steadily increasing, owing to benefits such as reduced vehicle engine service, reduced usage of hazardous oil waste, reduced pollution caused by fuel combustion engines, and the advancement of battery tech. Electric vehicles are seen as the automobile industry's and transportation systems' future.; their increased adoption will eventually increase the demand for lithium-ion batteries.

Rapid developments in rechargeable batteries for laptops, cell phones, electric cars, and digital cameras, fuelled by the growth of the Li-ion battery industry, are expected to increase product demand. The Lithium market is expected to grow due to rising demand for batteries, lubricants, glass and ceramics, foundry, and other products. The increased use of hybrid and electric vehicles, high-drain portable gadgets, and energy storage technologies has had a significant impact on market growth. The rising popularity of electric vehicles can be attributed to increased environmental concerns, as EVs cut carbon emissions.

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.