Lithium Industry Overview
The global lithium market size was valued at USD 6.83 billion in 2021 and is expected to reach USD 18.99 billion by 2030, registering a CAGR of 12.0% from 2022 to 2030.
Electrification of vehicles is projected to attract a significant volume of lithium-ion batteries, thus anticipated to drive the market over the forecast period. The automotive application segment is expected to witness substantial growth over the forecast period, driven by stringent regulations for ICE automakers imposed by government bodies to reduce carbon dioxide emissions from vehicles. This has shifted the interest of automakers toward producing EVs, which is anticipated to benefit the demand for lithium and related products. Government subsidies for EVs, along with investments in this space, are likely to act as an additional booster to the growth of the market.
Gather more insights about the market drivers, restrains and growth of the Global Lithium Market
The U.S. holds major significance in battery production after China, which makes it one of the key lithium-consuming countries in the world. The country has huge reserves of this important metal. According to the USGS, lithium resources from brines and minerals accounted for 7.9 million tons in the U.S., in 2020. However, the country mines only about 1.0% of the total demand in the world. In 2020, the production took place at only one location in the U.S., which is a brine operation in Nevada. However, the country is expected to boost its mining capabilities in the industry over the coming years.
The market players in the U.S. are focusing on getting a hold on the battery supply chain owing to the increasing production of EVs in the country and as transportation of batteries is dangerous. In 2018, the Interior Department listed lithium as a critical mineral, which paced up the mine permitting process. In January 2021, the Bureau of Land Management approved the Thacker Pass Mine proposed by Lithium Nevada Corporation. The mine is believed to serve as the largest source of the commodity supply in the U.S. and is expected to be able to produce about 60 kilotons of battery-grade carbonate by 2026.
Lithium Market Segmentation
Based on the Product Insights, the market is segmented into Carbonates, Hydroxide and Others.
Based on the Application Insights, the market is segmented into Automotive, Consumer Electronics, Grid Storage, Glass & Ceramics and Others.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa
Market Share Insights:
Key Companies Profile:
The global market is consolidated with production concentrated in the hands of a few key manufacturers.
Some of the prominent players in the global lithium market include:
Order a free sample PDF of the Lithium Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Web: https://www.grandviewresearch.com
Media ContactCompany Name: Grand View Research, Inc.Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.Email: Send EmailPhone: 1888202951Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United StatesCity: San FranciscoState: CaliforniaCountry: United StatesWebsite: https://www.grandviewresearch.com/industry-analysis/lithium-market