June 25, 2024

Lithium Market Size to Rise USD 28.45 Billion by 2033

The global lithium market size is projected to surpass around US$ 28.45 billion by 2033 and is anticipated to grow at a CAGR of 12.50% from 2024 to 2033.

Lithium Market Size 2024 to 2033

Key Points

  • Asia-Pacific contributed 59% of market share in 2023.
  • North America is estimated to expand the fastest CAGR between 2024 and 2033.
  • By product, the carbonate segment has held the largest market share of 55% in 2023.
  • By product, the hydroxide segment is anticipated to grow at a remarkable CAGR of 13.3% between 2024 and 2033.
  • By application, the automotive segment generated over 41% of market share in 2023.
  • By application, the consumer electronics segment is expected to expand at the fastest CAGR over the projected period.

The market volume with the help of widespread quantitative and qualitative insights, and forecasts of the market. This report presents breakdown of market into forthcoming and niche segments. Additionally, this research study gauges market revenue growth and its drift at global, regional, and country from 2021 to 2033. This research report evaluates lithium market on a global and regional level. It offers thorough analysis of market status, growth and forecast of the global lithium market for the period from 2021 to 2033.

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Lithium Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 12.50%
Global Market Size in 2023 USD 8.8 Billion
Global Market Size by 2033 USD 28.45 Billion
Largest Market Asia Pacific
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Product and By Application
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Market Overview

This lithium market report studies market dynamics, status and outlook especially in North America, Europe and Asia-Pacific, Latin America, Middle East and Africa. This research report offers scenario and forecast (revenue/volume). This report also studies global market prominence, competitive landscape, market share, growth rate market dynamics such as drivers, restraints and opportunities, and distributors and sales channel.

This research study also integrates Market Chain analysis and Porter’s Five Forces Analysis. Further, this report offers competitive scenario which comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.

Read Also: US Healthcare Facilities Management Market Size, Growth, Report 2033

Recent Developments

  • In November of 2023, ExxonMobil initiated the drilling process for its inaugural lithium well in Arkansas, a region rich in lithium deposits. The company’s objective is to commence lithium production by 2027 and, by 2030, achieve the capacity to supply lithium for the manufacturing of batteries for more than one million electric vehicles annually.
  • Around the same time in September 2023, Gotion High-tech Co Ltd., a prominent Chinese battery manufacturer, unveiled plans to construct a lithium battery manufacturing facility in Manteno, Illinois, U.S., with a substantial investment totaling USD 2 billion.
  • Additionally, in September 2023, the Office of the Assistant Secretary for Industrial Base Policy inked an agreement with Albemarle, focusing on the latter’s expansion endeavors in lithium mining and production. This agreement, facilitated through the Manufacturing Capability Expansion and Investment Prioritization (MCEIP) office, carries a value of USD 90 million. Albemarle’s strategic plan involves reopening its Kings Mountain, N.C. mine between 2025 and 2030, contributing to the augmentation of domestic lithium production.

Lithium Market Companies

  • Albemarle Corporation
  • SQM (Sociedad Química y Minera de Chile)
  • Tianqi Lithium Corporation
  • Ganfeng Lithium
  • FMC Corporation
  • Livent Corporation
  • Jiangxi Ganfeng Lithium Co., Ltd.
  • Lithium Americas Corp.
  • Galaxy Resources Limited
  • Orocobre Limited
  • Pilbara Minerals Limited
  • Nemaska Lithium Inc.
  • Critical Elements Lithium Corporation
  • Altura Mining Limited
  • Mineral Resources Limited

Segments Covered in the Report

By Product

  • Carbonates
  • Hydroxide
  • Others

By Application

  • Automotive
  • Consumer Electronics
  • Grid Storage
  • Glass & Ceramics
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

Key Points Covered in lithium market Study:

  • Growth of lithium in 2022
  • Market Estimates and Forecasts (2017-2030)
  • Brand Share and Market Share Analysis
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Recommendation on Key Winning Strategies
  • COVID-19 Impact on Demand for lithium and How to Navigate
  • Key Product Innovations and Regulatory Climate
  • Lithium Consumption Analysis
  • lithium Production Analysis
  • lithium and Management

Research Methodology

A unique research methodology has been utilized by Precedence Research to conduct comprehensive research on the growth of the global lithium market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.

Precedence Research employs comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecast possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation that looks market from three different perspectives. Critical elements of methodology employed for all our studies include:

Preliminary data mining

Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.

Technical issues and trends are obtained from surveys, technical symposia and trade journals. Technical data is also gathered from intellectual property perspective, focusing on white space and freedom of movement. Market dynamics with respect to drivers, restraints, pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.

Statistical model

Our market estimates and forecasts are derived through simulation models. A unique model is created customized for each study. Gathered information for market dynamics, technology landscape, application development and pricing trends is fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, and market experience and domain expertise.

Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of technology landscape, regulatory frameworks, economic outlook and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the market as well as ensuring minimal errors. Some of the parameters considered for forecasting include:

  • Market drivers and restrains, along with their current and expected impact
    • Raw material scenario and supply v/s price trends
    • Regulatory scenario and expected developments
    • Current capacity and expected capacity additions up to 2030

We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.

Primary validation

This is the final step in estimating and forecasting for our reports. Exhaustive primary interviews are conducted, on face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters.

Primary interviews not only help in data validation, but also provide critical insights into the market, current business scenario and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Market Participants (KIPs) which typically include:

  • Market leading companies
    • Raw material suppliers
    • Product distributors
    • Buyers

The key objectives of primary research are as follows:

  • To validate our data in terms of accuracy and acceptability
    • To gain an insight in to the current market and future expectations

Secondary Validation

Secondary research sources referred to by analysts during the production of the global lithium market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and market white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of Precedence Research’s study on the lithium market as primary methods.

Why should you invest in this report?

If you are aiming to enter the global lithium market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for lithium are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

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