Enjoy complimentary customisation on priority with our Enterprise License!
The lithium market size is valued to increase by 1066.47 thousand t, at a CAGR of 25% from 2022 to 2027. Surge in demand from diversified applications will drive the lithium market.
Get Key Insights on Market Forecast (PDF) Request Free Sample
The lithium industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD thousand t" for the period 2023-2027, as well as historical data from 2017-2021 for the following segments.
The batteries segment is estimated to witness significant growth during the forecast period.
The market is experiencing continuous evolution, with the batteries segment leading the way due to surging demand from electric vehicles (EVs), consumer electronics, and grid-scale energy storage applications. Lithium-ion batteries, renowned for their high energy density, low weight, and size, are at the forefront of this growth. Government regulations and subsidies for EVs further fuel market expansion. By 2025, the lithium-ion battery market is projected to grow significantly, driven by the escalating need for these batteries in the EV industry and the declining costs of battery technology. Advanced electrode manufacturing techniques, fast charging capabilities, and battery cell design innovations are shaping the future of lithium-ion batteries.
The Batteries segment was valued at USD 148.29 thousand t in 2017 and showed a gradual increase during the forecast period.
Material science advancements, including battery safety standards, electrolyte formulation, and cathode material composition, are also crucial to enhancing battery performance and longevity. For instance, cycle life testing, impedance spectroscopy, and x-ray diffraction analysis are essential for understanding battery degradation mechanisms and improving battery production processes. With a focus on energy storage systems integration, battery pack assembly, and battery management systems, the industry is poised to deliver high-performance, safe, and cost-effective energy storage solutions.
APAC is estimated to contribute 70% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
See How Lithium Market Demand is Rising in APAC Request Free Sample
The market is experiencing significant growth due to the increasing demand from various sectors, particularly automobile, construction, and industrial applications. This trend is driven by the rising popularity of electric vehicles (EVs) in countries such as China, Japan, India, and Indonesia. According to recent reports, the APAC region is projected to dominate the market, accounting for over 50% of the total demand. China, in particular, is expected to lead this growth, with its commitment to reducing urban pollution and expanding EV infrastructure.
Japan, home to major EV manufacturers like Toyota, Honda, and Nissan, is another significant contributor to the market's expansion. The increasing adoption of lithium-ion batteries in various industries, coupled with the government initiatives and private investments in EV infrastructure, is fueling the market's robust growth trajectory.
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The market is experiencing significant growth due to the increasing demand for improved lithium-ion batteries. These batteries are essential for powering various electronic devices, electric vehicles, and renewable energy storage systems. The focus on enhancing battery energy density and cycle life is driving innovation in the industry. One area of research is lithium extraction from brine, which offers a sustainable and cost-effective solution. Another key development is the advancement of solid-state battery electrolyte, which promises to increase battery safety and energy density. Cathode material stability improvements and anode material surface modification are also crucial for next-generation battery technologies. High power lithium-ion batteries and fast charging battery chemistries are in high demand, and safe lithium-ion battery design is a top priority for manufacturers. Advanced battery diagnostics and predictive modeling battery degradation are essential for optimizing battery performance and extending their lifespan. Additionally, lithium-ion battery recycling processes are being developed to minimize waste and reduce the environmental impact of battery production. Sustainable lithium-ion battery production is a critical aspect of the market. Companies are investing in research and development to create eco-friendly production methods and reduce the carbon footprint of lithium extraction and battery manufacturing. In conclusion, the market is witnessing significant advancements in lithium-ion battery technology. These innovations include lithium extraction from brine, solid-state battery electrolyte development, cathode material stability improvements, anode material surface modification, next-generation battery technologies, high power lithium-ion batteries, fast charging battery chemistries, safe lithium-ion battery design, advanced battery diagnostics, lithium-ion battery recycling processes, and sustainable lithium-ion battery production. These developments are essential for meeting the growing demand for lithium-ion batteries and reducing their environmental impact.
The lithium market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the lithium market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape of Lithium Industry
Companies are implementing various strategies, such as strategic alliances, lithium market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
Albemarle Corp. - The company specializes in producing alpha methylstyrene, a key monomer for manufacturing high-performance ABS plastics, contributing significantly to the global industry's growth and innovation.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Lithium Market insights. See full methodology.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
172 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 25% |
|
Market growth 2023-2027 |
1066.47 thousand t |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
24.38 |
|
Key countries |
US, Canada, Germany, UK, Italy, France, China, India, Japan, Egypt, Oman, Argentina, KSA, UAE, and Brazil |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
What is the expected growth of the Lithium Market between 2023 and 2027?
1066.47 thousand t, at a CAGR of 25%
What segmentation does the market report cover?
The report is segmented by Application (Batteries, Ceramics and glass, Grease, Polymer, and Others), Product (Carbonate, Hydroxide, Metal, Chloride, and Others), Geography (APAC, North America, Europe, South America, and Middle East and Africa), Source (Brine and Hardrock), and End-user Industry (Automotive, Electronics, Energy Storage, Aerospace, Industrial, Healthcare, and Others)
Which regions are analyzed in the report?
APAC, North America, Europe, South America, and Middle East and Africa
What are the key growth drivers and market challenges?
Surge in demand from diversified applications, Rise in availability of substitute products
Who are the major players in the Lithium Market?
Albemarle Corp., Avalon Advanced Materials Inc., Critical Elements Lithium Corp., Ganfeng Lithium Co. Ltd., IGO Ltd., Lithium Americas Corp., Lithium Australia Ltd., Livent Corp., MGX Minerals Inc., Mineral Resources Ltd., Nemaska Lithium Inc., Neometals Ltd., Orocobre Ltd., Perseus Mining Ltd., Pilbara Minerals Ltd., Pluspetrol Resources Corporation B.V., Sayona Mining Ltd., Sociedad Quimica y Minera de Chile SA, Tianqi Lithium Corp., and Shanghai Oujin Lithium Industrial Co. Ltd.
We can help! Our analysts can customize this lithium market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Market Segmentation by Source
9 Market Segmentation by End-user Industry
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Get the report (PDF) sent to your email within minutes.
Complimentary full Excel data with your report purchase.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
