The global demand for Lithium Market is presumed to reach the market size of nearly USD 29.45 Billion by 2032 from USD 9.2 Billion in 2023 with a CAGR of 13.8% under the study period 2024 - 2032. Regarding volume, the market was calculated XX Kilo Tons in 2023 and forecast to touch XX Kilo Tons by 2032 with a CAGR of XX% during 2024-2032.
Lithium is a chemical element with Li as a symbol and atomic number 3. It's a low-density metal present in the earth's crust. It is used in medicine for treating mental illness, eating disorders, and blood disorders. Additionally, lithium is also used for headache, alcoholism, epilepsy, diabetes, liver disease, kidney disorders, arthritis, seborrhea, and overactive thyroid. In addition to this, it has found application across energy storage, air treatment, greases and lubricants, and glasses and ceramics.
Market Dynamics
The increasing demand for electric vehicles across the globe is driving market growth. Increasing usage and demand for portable consumer electronics such as batteries is again accelerating market growth. In addition to this, rising demand from the glass-making industry as fluxing additives is further fuelling the market growth. However, the demand-supply gap in the lithium market is likely to hamper the market growth. Whereas, growing adoption in smart grid electricity is expected to create potential demand over the forecast period.
The report covers Porter's Five Forces Model, Market Attractiveness Analysis and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level.
Additionally, these tools also give inclusive assessment of each application/product segment in the global market of lithium.
Market Segmentation
The entire lithium market has been sub-categorized into type, traditional application, and end-user. The report provides an analysis of these subsets with respect to the geographical segmentation. This research study will keep marketer informed and helps to identify the target demographics for a product or service.
By Product
- Carbonates
- Hydroxide
- Others
By Application
- Automotive
- Consumer Electronics
- Grid Storage
- Glass & Ceramics
- Others
Regional Analysis
This section covers regional segmentation which accentuates on current and future demand for lithium market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand for individual application segment across all the prominent regions.
Global Lithium Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the lithium market include Albemarle Corporation, Ganfeng Lithium Co., Ltd., SQM S.A., Tianqi Lithium Corporation, Livent Corporation, Lithium Americas Corp, Pilbara Minerals, Orocobre Limited Pty Ltd, and Mineral Resources. This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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