LITHIUM COMPOUND MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• On June 11, 2021, Ganfeng Lithium announced to increase in its Li2CO3 product by 600,000 tons original time as demand for the commodity used in electric-vehicle batteries increased. The company will vend around USD 630 million in new shares to boost capacity and fund implicit investments.
• On April 27, 2022, SQM increased its lithium carbonate production capacity to 180,000 metric tons per year, while working towards 210,000 tons by early 2023
• In September 2022, Lithium Americas Corporation entered into a strategic collaboration agreement with Green Technology Metals (GT1). The collaboration aimed to leverage the expertise of both parties towards the joint development of a strategically located, integrated lithium chemicals business in North America.
• In February 2023, Lithium Americas Corporation announced the closing of the initial US$320 million tranche of the previously announced $650 million equity investment by General Motors (GM). This investment made GM Lithium the largest shareholder and offtake partner in the U.S. The proceeds from GM's investment will be used to accelerate the development of the Thacker Pass project in Nevada, which is the largest known lithium resource in the U.S. and is fully permitted to begin construction. Lithium Americas expects to close the second and final tranche of the investment following the anticipated separation of its U.S. and Argentine businesses in the second half of 2023.

*Definition: The lithium compounds market consists of various industrial lithium chemicals that are used to produce lithium-ion batteries for electric vehicles, consumer electronics, and energy storage systems. Some of the major lithium compounds traded in this market include lithium carbonate, lithium hydroxide, lithium chloride, lithium fluoride, lithium bromide, and others. These lithium compounds are used as precursors to manufacture cathode and electrolyte materials for lithium-ion batteries.