The Global Lithium Market reached USD 9.3 billion in 2023 and is projected to grow to USD 38.8 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 19.5% during the forecast period from 2024 to 2031.
The electric vehicle (EV) sector is a primary catalyst for the expansion of the lithium market. Lithium-ion batteries are indispensable for EVs, providing both efficiency and extended driving ranges. With a heightened emphasis on sustainability and the shift towards cleaner transportation solutions, the demand for EVs is anticipated to escalate, consequently driving up the demand for lithium.
Governments across the Asia-Pacific region are actively supporting the lithium industry through substantial investments in research and development, infrastructure, and financial backing. China, in particular, has witnessed remarkable growth in the EV sector. As of May 4, 2023, China alone sold approximately 6.8 million EVs, solidifying its position as the world's largest EV market for eight consecutive years. This growth can be attributed to robust government support, substantial subsidies, tax incentives, and other policy measures aimed at bolstering both EV supply and demand.
Lithium is a critical component of EV batteries and plays a pivotal role in China's EV ecosystem. Chinese companies are heavily focused on advancing the development and production of lithium-ion batteries, including LFP batteries, which have significantly contributed to the expansion of the EV market. China's strategic control over essential battery materials has also positioned it advantageously in the global lithium market.
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Lithium Market Dynamics:
The rise in demand for electric vehicles (EVs) is driving significant growth in the lithium market. Lithium-ion batteries, renowned for their high energy density, enable efficient energy storage in a compact, lightweight form, surpassing other battery technologies. This capability translates into extended driving ranges and superior performance for EVs. Additionally, lithium batteries offer rapid charge-discharge capabilities, facilitating quicker charging times and reducing overall charging needs for electric vehicles.
An illustrative example is Luxembourg-based Livista's announcement on June 18, 2023. Livista unveiled plans to establish a specialized lithium refinery dedicated to manufacturing batteries for electric vehicles. The facility aims to refine 40,000 tons of lithium, a crucial component in lithium-ion batteries. This strategic initiative responds to the soaring demand for EVs and the critical need for a stable lithium supply. Livista's project aligns with efforts to advance sustainable and environmentally friendly mobility solutions, ensuring a reliable source of lithium to support the expanding electric vehicle market.
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Market Segmentation:
By Type: Alloys, Metal, Chloride, Carbonate, Hydroxide.
By Application: Batteries, Lubricants, Automotive Parts, Aluminum Smelting & Alloys, Medical, Glass and Glass Ceramics, Air Treatment, Metallurgy, Polymers.
By End User: Consumer Electronics, Electric Vehicles, Energy Storage, Industrial.
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Lithium Market Key Players:
Key Players are Albemarle, Altura Mining Limited, Avalon Advanced Materials Inc, FMC, Critical Elements Corporation, Galaxy Resources Limited, Jiangxi Ganfeng Lithium Co. Ltd, Lithium Americas, Sichuan Tianqi Lithium Industries, SQM.
Global Lithium Market News:
Mitsubishi Logisnext Americas group launched the Triathlon Lithium-ion battery and charger solutions on March 20, 2023, specifically tailored for the UniCarriers product line of forklifts. These innovative battery solutions will be offered as factory-installed options for most UniCarriers Class I and III forklift models across North and Latin America.
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