The lithium market is estimated to be valued at USD 52.74 Bn in 2024, exhibiting a compound annual growth rate (CAGR) of 17.5% from 2024 to 2031.  The lithium market has been growing steadily over the past few decades and is expected to explode in the coming years due to the increasing demand for lithium-ion batteries. Lithium is a key component in these batteries that power a variety of devices ranging from cell phones to electric vehicles. As countries aim for decarbonization and a transition towards clean energy sources, there has been a massive uptick in EV production and sales worldwide. This increasing shift towards electrification across industries like automotive as well as growing consumer electronics market is expected to sustain the high growth trajectory of the lithium market in the long run. However, supply issues could act as bottlenecks if mining and production activities are not accelerated in step with the fast-rising demand.

Market Dynamics:

The lithium market is driven by a strong demand from the lithium-ion battery sector underpinned by growth in EVs and energy storage systems globally. World governments are announcing pleas to ban sales of internal combustion engine vehicles to meet climate change targets, turbocharging the EV adoption. However, limited lithium reserves and mining capacities constrain the supply response. Furthermore, the long gestation periods required for developing new mines pose challenges. Rising geopolitical tensions and trade conflicts pose additional risks to the supply chain. On the bright side, initiatives to develop advanced batteries with reduced lithium content as well as improve recovery rates from scrap batteries can help overcome resource constraints to some extent. Overall, opportunities abound for lithium miners and producers to scale up operations and meet the massive anticipated demand.

Key Features of the Study:

• This report provides in-depth analysis of the global lithium market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year.
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global lithium market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include Albemarle Corp., Ganfeng Lithium Co., Ltd., SQM S.A., Tianqi Lithium Corporation, Livent Corp., Lithium Americas Corp., Pilbara Minerals, Orocobre Limited Pty. Ltd., Mineral Resources Group Co., Ltd., Avalon Advanced Materials Inc., Sichuan Yahua Industrial Group Co. Ltd, Morella Corporation Limited, Mineral Resources, Ganfeng Lithium Co. Ltd, and Allkem Limited.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• The global lithium market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global lithium market.

Detailed Segmentation-

• By Type:
• • Carbonates
  • Hydroxide
  • Others
• By Application:
• • Automotive
  • Consumer Electronics
  • Grid Storage
  • Glass & Ceramics
  • Others
• By Region:
• • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles:
• • Albemarle Corp.
  • Ganfeng Lithium Co., Ltd.
  • SQM S.A.
  • Tianqi Lithium Corporation
  • Livent Corp.
  • Lithium Americas Corp.
  • Pilbara Minerals
  • Orocobre Limited Pty. Ltd.
  • Mineral Resources Group Co., Ltd.
  • Avalon Advanced Materials Inc.
  • Sichuan Yahua Industrial Group Co. Ltd
  • Morella Corporation Limited
  • Mineral Resources
  • Ganfeng Lithium Co. Ltd
  • Allkem Limited