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North America has established itself as the dominant region in the global lithium market. The region is expected to account for 35.7% of the market share in 2024. The U.S. is a key lithium importing nation and has consistently remains among the top three importers of lithium chemicals globally. The region is also a hub for lithium-ion battery production with major battery and EV manufacturers based in the U.S. and Canada. Several mining companies have lithium operations across states like Nevada, California, and Idaho, ensuring strong domestic supply. Moreover, the supportive policies for EVs and energy storage by the U.S. and Canadian governments are promoting investments in lithium mining and battery manufacturing capacities. The growing adoption of EVs and emphasis on decarbonization of transportation are projected to significantly boost lithium chemical demand in North America. Several automakers have announced billions of dollars of investments towards expanding their EV lineups, which will require a large and consistent supply of battery-grade lithium. The stable political environment and availability of skilled workforce make North America an attractive destination for building lithium-ion supply chains. Though import-reliant, efforts are ongoing to develop additional lithium resources and processing facilities. Security of lithium supply remains a priority for major economies in the region.
On the other hand, Asia Pacific has emerged as the fastest growing market for lithium globally. China, in particular, has established a dominant position across the lithium-ion battery and EV value chain in recent years. Several Chinese lithium producers such as Ganfeng Lithium and Tianqi Lithium have expanded operations overseas through acquisitions to boost exports and ensure security of supply. Meanwhile, countries like South Korea and Japan are also ramping up investments in lithium mining and battery cathode material projects, underscoring Asia Pacific's rise. The favorable policies supporting the adoption of new energy vehicles and energy storage systems in the region have been a major growth driver. With a large lithium-ion battery manufacturing capacity and burgeoning domestic EV market, Asia Pacific's leadership in the lithium market is likely to strengthen further over the coming years.
Lithium Market Report Snapshots
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