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From 2022's estimated value of USD 37. billion, the worldwide lithium market is expected to expand at a CAGR of 22.1% from 2023's USD 22.2 billion to 2030's USD 89.9 billion.
Over the forecast period, the electrification of automobiles is expected to be the primary driver of the lithium-ion battery market. Stringent requirements for ICE automakers enforced by government bodies to minimise carbon dioxide emissions from automobiles are likely to generate significant growth in the automotive application market over the forecast period. Demand for lithium and related materials is expected to increase as a result of the automotive industry's renewed focus on developing electric vehicles (EVs).
The company claims that their ion exchange technology may increase mining output by a factor of two while cutting processing time in half. Although there are several steps involved in recovering lithium, the increasing popularity of lithium-ion batteries means that demand may soon exceed supply. Therefore, scientists are concentrating on developing novel extraction and recycling technologies. Batteries are processed to remove lithium compounds in various steps and procedures. Extraction is further broken down into hydrometallurgy, pyrometallurgy, and electrochemical extraction, and the process begins with pre-treatment. Less than one percent of lithium is recycled at present, despite increasing focus on recycling and the development of various recycling processes.
Since the shipping of batteries is risky, market actors in the U.S. are concentrating on establishing a stranglehold over the battery supply chain in response to the rising EV production in the country. The Interior Department designated lithium as a key mineral in 2018, speeding up the approval time for new lithium mines. The Bureau of Land Management granted Lithium Nevada Corporation permission to build the Thacker Pass Mine in January 2021. By 2026, the mine is projected to have produced around 60 kilotons of battery-grade carbonate, making it the largest source of commodities supply in the United States.
The EV market will be profoundly affected by the recent developments in the automotive industry. Due to technology developments, minimal carbon emissions, inexpensive maintenance, a smoother drive, the convenience of charging at home, reduced engine sound, and great fuel economy, EVs are intended to replace conventional transport methods. Electric vehicles are useful for lowering greenhouse gas emissions and air pollution in urban areas. Government regulations pertaining to vehicle emissions are becoming increasingly stringent, and as a result, the demand for high-performance, low-emission, fuel-efficient automobiles is increasing. The International Energy Agency (IEA) estimates that annual sales of electric vehicles will reach 14 million in 2019, up from 10 million in 2022. In 2022, electric vehicles accounted for 14% of worldwide vehicle sales; in 2020, they were expected to account for 18%. Rapid technological advancements in the electrification of trucks, buses, and two- or three-wheeled vehicles have led to a sharp increase in the demand for electric cars.
The extraction of lithium has serious social and environmental consequences, most notably the depletion of water resources and the introduction of pollution. Toxic chemicals are also needed for metal processing. Air emissions, leaching, and spills of such harmful compounds pose a threat to the environment, agriculture, and human health. Metal mining always results in soil degradation and contamination of the atmosphere. The Argentine populace has complained that the operations have polluted the water supply. The issue of recycling products is also a source of worry. The lack of lithium recycling can be traced back to a number of factors, including low collection rates, price fluctuations, and high recycling costs. Due to its extremely reactive, combustible, and poisonous nature, the potential for product recycling is limited.
Report Coverage
Global Lithium research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Lithium report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Lithium competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Lithium market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Lithium market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Lithium market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Albemarle Corp., Ganfeng Lithium Co., Ltd., SQM S.A., Tianqi Lithium Corp., Livent Corp., Lithium Americas Corp., Pilbara Minerals, Orocobre Ltd. Pty. Ltd., Mineral Resources
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Lithium market based on the below-mentioned segments:
Global Lithium Market, By Product
Carbonates
Hydroxide
Others
Global Lithium market, By Application
Automotive
Consumer Electronics
Grid Storage
Glass & Ceramics
Others
Global Lithium market, Regional Analysis
Over the forecast period, the electrification of automobiles is expected to be the primary driver of the lithium-ion battery market. Stringent requirements for ICE automakers enforced by government bodies to minimise carbon dioxide emissions from automobiles are likely to generate significant growth in the automotive application market over the forecast period. Demand for lithium and related materials is expected to increase as a result of the automotive industry's renewed focus on developing electric vehicles (EVs).
The company claims that their ion exchange technology may increase mining output by a factor of two while cutting processing time in half. Although there are several steps involved in recovering lithium, the increasing popularity of lithium-ion batteries means that demand may soon exceed supply. Therefore, scientists are concentrating on developing novel extraction and recycling technologies. Batteries are processed to remove lithium compounds in various steps and procedures. Extraction is further broken down into hydrometallurgy, pyrometallurgy, and electrochemical extraction, and the process begins with pre-treatment. Less than one percent of lithium is recycled at present, despite increasing focus on recycling and the development of various recycling processes.
Since the shipping of batteries is risky, market actors in the U.S. are concentrating on establishing a stranglehold over the battery supply chain in response to the rising EV production in the country. The Interior Department designated lithium as a key mineral in 2018, speeding up the approval time for new lithium mines. The Bureau of Land Management granted Lithium Nevada Corporation permission to build the Thacker Pass Mine in January 2021. By 2026, the mine is projected to have produced around 60 kilotons of battery-grade carbonate, making it the largest source of commodities supply in the United States.
The EV market will be profoundly affected by the recent developments in the automotive industry. Due to technology developments, minimal carbon emissions, inexpensive maintenance, a smoother drive, the convenience of charging at home, reduced engine sound, and great fuel economy, EVs are intended to replace conventional transport methods. Electric vehicles are useful for lowering greenhouse gas emissions and air pollution in urban areas. Government regulations pertaining to vehicle emissions are becoming increasingly stringent, and as a result, the demand for high-performance, low-emission, fuel-efficient automobiles is increasing. The International Energy Agency (IEA) estimates that annual sales of electric vehicles will reach 14 million in 2019, up from 10 million in 2022. In 2022, electric vehicles accounted for 14% of worldwide vehicle sales; in 2020, they were expected to account for 18%. Rapid technological advancements in the electrification of trucks, buses, and two- or three-wheeled vehicles have led to a sharp increase in the demand for electric cars.
The extraction of lithium has serious social and environmental consequences, most notably the depletion of water resources and the introduction of pollution. Toxic chemicals are also needed for metal processing. Air emissions, leaching, and spills of such harmful compounds pose a threat to the environment, agriculture, and human health. Metal mining always results in soil degradation and contamination of the atmosphere. The Argentine populace has complained that the operations have polluted the water supply. The issue of recycling products is also a source of worry. The lack of lithium recycling can be traced back to a number of factors, including low collection rates, price fluctuations, and high recycling costs. Due to its extremely reactive, combustible, and poisonous nature, the potential for product recycling is limited.
Report Coverage
Global Lithium research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Lithium report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Lithium competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Lithium market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Albemarle Corp., Ganfeng Lithium Co., Ltd., SQM S.A., Tianqi Lithium Corp., Livent Corp., Lithium Americas Corp., Pilbara Minerals, Orocobre Ltd. Pty. Ltd., Mineral Resources | |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Lithium Market from 2021 to 2030.
- Market Forecast for Lithium Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Lithium competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Lithium
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Lithium market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Lithium market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Albemarle Corp., Ganfeng Lithium Co., Ltd., SQM S.A., Tianqi Lithium Corp., Livent Corp., Lithium Americas Corp., Pilbara Minerals, Orocobre Ltd. Pty. Ltd., Mineral Resources
Primary Target Market
- Market Players of Lithium
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Lithium market based on the below-mentioned segments:
Global Lithium Market, By Product
Carbonates
Hydroxide
Others
Global Lithium market, By Application
Automotive
Consumer Electronics
Grid Storage
Glass & Ceramics
Others
Global Lithium market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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