Lithium is a soft, silvery-white metal that is used in a wide range of applications, including batteries, ceramics, glass, lubricants, and pharmaceuticals. The lithium market has been growing rapidly in recent years, driven by the increasing demand for lithium-ion batteries in electric vehicles (EVs) and renewable energy storage systems. In addition, the growing demand for consumer electronics, such as smartphones and laptops, has also contributed to the growth of the lithium market.
The global lithium market is expected to continue to grow at a rapid pace, with some estimates suggesting that the market is projected to be worth USD 6.62 billion by 2028, registering a CAGR of 8.1% during the forecast period (2023 – 2028). The growth is mainly driven by the increasing adoption of EVs and the rapid expansion of renewable energy, which requires large-scale energy storage solutions.
Leading Players
The major players in the lithium market include Albemarle Corporation, SQM, and Tianqi Lithium Corporation, who are responsible for a large portion of global production. Other companies, such as Tesla, are also investing in lithium production as they look to secure their supply chains for batteries.
Market Segmentation
The Global Lithium Market is segmented into the following types;
By Product Type
- Lithium hydroxide
- Lithium carbonate
- Lithium chloride
- Butyllithium
- Lithium metal
- Others
By Application
- Energy storage
- Greases
- Frits
- Glasses and ceramics
- Air treatment
- Adhesives
- Others
Overall, the lithium market is a dynamic and rapidly growing industry that is expected to play an important role in the transition to a more sustainable and renewable energy future. However, it is also facing some challenges that will need to be addressed in order to ensure its long-term sustainability.
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