Coherent Market Insights

Lithium Market to Surpass US$ 19.2 Bn By 2028

Lithium Market to Surpass US$ 19.2 Bn By 2028 - Coherent Market Insights

Publish In: Jun 28, 2022

Lithium is a valuable raw material for electric vehicles. One of the most important aspects of lithium battery safety is the lack of toxic gases. Lithium batteries contain no hydrogen, oxygen, or caustic electrolytes. Because lithium batteries contain no caustic liquid, they can be stored safely in confined spaces without any worry of a leak or explosion. Also, lithium batteries do not require active cooling and venting. A battery with lithium can last up to 20 years.

Market Statistics:

The global lithium market is estimated to account for US$ 6.8 Billion in terms of value by the end of 2021.

Global Lithium Market: Drivers

Growing demand for lithium from glass industry as it helps in reduce overall cost of glass production is expected to foster market growth. Lithium carbonate and lithium oxide are the two lithium products widely used in glass industry. Lithium decreases the viscosity and melting point of the glass, leading to increased efficiencies of furnaces.

Global Lithium Market: Opportunities

Increasing lithium mining activities is expected to offer bright market opportunities over the forecast period. According to the United States Geological Survey, lithium resources from brines and minerals accounted for 7.9 million tons in the U.S., in 2021. However, the country mines only about 1.0% of the total demand in the world. In 2021, the production took place at only one location in the U.S., which is a brine operation in Nevada

Global Lithium Market: Restraints

Environmental concern and recycling factor is expected to limit the market growth of lithium. Extraction of lithium has significant environmental and social impact due to water depletion and pollution. Thus, release of such toxic chemicals via air emission, spills, and leaching may harm the ecosystem. This is expected to curb the market growth.

Lithium Market - Impact of Coronavirus (Covid-19) Pandemic

Manufacturing or assembling organizations are facing lot of difficulties in this pandemic circumstance. Many organizations have temporarily shut down while others are crawling to proceed with their activities. This had created gap in supply and demand for lithium-based products which had adverse impact on lithium production industry.

To know the latest trends and insights prevalent in the Global Lithium Market, click the link below:

Key Takeaways:

The global lithium market was valued at US$ 6.8 Billion in 2021 and is forecast to reach a value of US$ 19.2 Billion by 2030 at a CAGR of 12.2% between 2022 and 2030.

Battery application segment held dominant position in the global lithium market in 2021, accounting for 70.2% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.

Global  Lithium Market Trends:

Increasing government initiatives to meet the growing demand for lithium will contribute to the market growth. For instance, in June 2021, The United States, Canada and other countries have established a new partnership aimed at securing the supply of critical minerals, which are essential for clean energy and other technologies, as global demand for them rises. Demand for the minerals, such as nickel, lithium and cobalt, is projected to expand significantly in the coming decades. The minerals are key inputs in batteries, electric vehicles, wind turbines, and solar panels, and are also used in products ranging from computers to household appliances.

Growing demand for Lithium Carbonate (Li2CO3) from construction sector where it is used in waterproofing slurries and as adhesives is expected to be emerging trend in the market. Lithium Carbonate (Li2CO3) is commercially available as anhydrous and monohydrate. This is expected to expand the market size in the near future.

Global Lithium Market: Competitive Landscape   

  1. Albemarle Corporation
  3. Ganfeng Lithium Co. Ltd
  4. Lithium Asutralia NL
  5. Livent
  6. Mineral Resources
  8. Sichuan Yahua Industrial Group Co. Ltd
  9. SQM SA
  10. Tianqi Lithium
  11. Avalon Advanced Materials Inc.
  12. Pilbara Minerals

Global Lithium Market: Recent Developments

  1. In September 2021, Ganfeng Lithium Co. Ltd announced that it has agreed to sell the company’s remaining 8.58% stake in the Mariana lithium salar project in Argentina to a subsidiary of Ganfeng Lithium. Ganfeng will make a cash payment of USD 13.16 million for the sale.
  2. In MAR 2021, BMW signed a EUR 285 million lithium supply deal with Livent for the supply of lithium directly to BMW’s battery cell manufacturers from 2022 onward.
  3. In November 2021, Livent extended its supply agreement with American electric vehicle (EV) company Tesla through the end of 2021.
  4. In November 2021, Livent announced its plans to form a joint venture with The Pallinghurst Group to buy Canada’s Nemaska lithium project


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