June 15, 2024

Lithium Market Size to Cross USD 28.45 Billion by 2033

The global lithium market size accounted for US$ 8.8 billion in 2023 and is projected to reach around USD 28.45 billion by 2033, growing 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.

Report Summary

The global lithium market report provides a Point-by-Point and In-Depth analysis of global market size, regional and country-level market size, market share, segmentation market growth, competitive landscape, sales analysis, opportunities analysis, strategic market growth analysis, the impact of domestic and global market key players, value chain optimization, trade regulations, recent developments, product launches, area marketplace expanding, and technological innovations.

The study offers a comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales in the lithium market across the globe.

A comprehensive estimate on the lithium market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of lithium during the forecast period. Price point comparison by region with global average price is also considered in the study.

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Lithium Market Scope

Report CoverageDetails
Growth Rate from 2024 to 2033CAGR of 12.50%
Global Market Size in 2023USD 8.8 Billion
Global Market Size by 2033USD 28.45 Billion
Largest MarketAsia Pacific
Base Year2023
Forecast Period2024 to 2033
Segments CoveredBy Product and By Application
Regions CoveredNorth America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Key Highlights:

Reports Coverage: It incorporates key market sections, key makers secured, the extent of items offered in the years considered, worldwide containerized lithium market and study goals. Moreover, it contacts the division study gave in the report based on the sort of item and applications.

Market Outline: This area stresses the key investigations, market development rate, serious scene, market drivers, patterns, and issues notwithstanding the naturally visible pointers.

Market Production by Region: The report conveys information identified with import and fare, income, creation, and key players of every single local market contemplated are canvassed right now.

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

Market Players

The report includes the profiles of key lithium market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information, key development in past five years.

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

Regional Segmentation

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
  • Latin America (Brazil and Rest of Latin America)
  • Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Research Methodology

Secondary Research

It involves company databases such as Hoover’s: This assists us to recognize financial information, the structure of the market participants and industry’s competitive landscape.

The secondary research sources referred in the process are as follows:

  • Governmental bodies, and organizations creating economic policies
  • National and international social welfare institutions
  • Company websites, financial reports and SEC filings, broker and investor reports
  • Related patent and regulatory databases
  • Statistical databases and market reports
  • Corporate Presentations, news, press release, and specification sheet of Manufacturers

Primary Research

Primary research includes face-to-face interviews, online surveys, and telephonic interviews.

  • Means of primary research: Email interactions, telephonic discussions and Questionnaire-based research etc.
  • In order to validate our research findings and analysis, we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology (Premium Insights)

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Lithium Market 

5.1. COVID-19 Landscape: Lithium Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Lithium Market, By Product

8.1. Lithium Market Revenue and Volume, by Product, 2024-2033

8.1.1. Carbonates

8.1.1.1. Market Revenue and Volume Forecast (2021-2033)

8.1.2. Hydroxide

8.1.2.1. Market Revenue and Volume Forecast (2021-2033)

8.1.3. Others

8.1.3.1. Market Revenue and Volume Forecast (2021-2033)

Chapter 9. Global Lithium Market, By Application

9.1. Lithium Market Revenue and Volume, by Application, 2024-2033

9.1.1. Automotive

9.1.1.1. Market Revenue and Volume Forecast (2021-2033)

9.1.2. Consumer Electronics

9.1.2.1. Market Revenue and Volume Forecast (2021-2033)

9.1.3. Grid Storage

9.1.3.1. Market Revenue and Volume Forecast (2021-2033)

9.1.4. Glass & Ceramics

9.1.4.1. Market Revenue and Volume Forecast (2021-2033)

9.1.5. Others

9.1.5.1. Market Revenue and Volume Forecast (2021-2033)

Chapter 10. Global Lithium Market, Regional Estimates and Trend Forecast

10.1. North America

10.1.1. Market Revenue and Volume Forecast, by Product (2021-2033)

10.1.2. Market Revenue and Volume Forecast, by Application (2021-2033)

10.1.3. U.S.

10.1.3.1. Market Revenue and Volume Forecast, by Product (2021-2033)

10.1.3.2. Market Revenue and Volume Forecast, by Application (2021-2033)

10.1.4. Rest of North America

10.1.4.1. Market Revenue and Volume Forecast, by Product (2021-2033)

10.1.4.2. Market Revenue and Volume Forecast, by Application (2021-2033)

10.2. Europe

10.2.1. Market Revenue and Volume Forecast, by Product (2021-2033)

10.2.2. Market Revenue and Volume Forecast, by Application (2021-2033)

10.2.3. UK

10.2.3.1. Market Revenue and Volume Forecast, by Product (2021-2033)

10.2.3.2. Market Revenue and Volume Forecast, by Application (2021-2033)

10.2.4. Germany

10.2.4.1. Market Revenue and Volume Forecast, by Product (2021-2033)

10.2.4.2. Market Revenue and Volume Forecast, by Application (2021-2033)

10.2.5. France

10.2.5.1. Market Revenue and Volume Forecast, by Product (2021-2033)

10.2.5.2. Market Revenue and Volume Forecast, by Application (2021-2033)

10.2.6. Rest of Europe

10.2.6.1. Market Revenue and Volume Forecast, by Product (2021-2033)

10.2.6.2. Market Revenue and Volume Forecast, by Application (2021-2033)

10.3. APAC

10.3.1. Market Revenue and Volume Forecast, by Product (2021-2033)

10.3.2. Market Revenue and Volume Forecast, by Application (2021-2033)

10.3.3. India

10.3.3.1. Market Revenue and Volume Forecast, by Product (2021-2033)

10.3.3.2. Market Revenue and Volume Forecast, by Application (2021-2033)

10.3.4. China

10.3.4.1. Market Revenue and Volume Forecast, by Product (2021-2033)

10.3.4.2. Market Revenue and Volume Forecast, by Application (2021-2033)

10.3.5. Japan

10.3.5.1. Market Revenue and Volume Forecast, by Product (2021-2033)

10.3.5.2. Market Revenue and Volume Forecast, by Application (2021-2033)

10.3.6. Rest of APAC

10.3.6.1. Market Revenue and Volume Forecast, by Product (2021-2033)

10.3.6.2. Market Revenue and Volume Forecast, by Application (2021-2033)

10.4. MEA

10.4.1. Market Revenue and Volume Forecast, by Product (2021-2033)

10.4.2. Market Revenue and Volume Forecast, by Application (2021-2033)

10.4.3. GCC

10.4.3.1. Market Revenue and Volume Forecast, by Product (2021-2033)

10.4.3.2. Market Revenue and Volume Forecast, by Application (2021-2033)

10.4.4. North Africa

10.4.4.1. Market Revenue and Volume Forecast, by Product (2021-2033)

10.4.4.2. Market Revenue and Volume Forecast, by Application (2021-2033)

10.4.5. South Africa

10.4.5.1. Market Revenue and Volume Forecast, by Product (2021-2033)

10.4.5.2. Market Revenue and Volume Forecast, by Application (2021-2033)

10.4.6. Rest of MEA

10.4.6.1. Market Revenue and Volume Forecast, by Product (2021-2033)

10.4.6.2. Market Revenue and Volume Forecast, by Application (2021-2033)

10.5. Latin America

10.5.1. Market Revenue and Volume Forecast, by Product (2021-2033)

10.5.2. Market Revenue and Volume Forecast, by Application (2021-2033)

10.5.3. Brazil

10.5.3.1. Market Revenue and Volume Forecast, by Product (2021-2033)

10.5.3.2. Market Revenue and Volume Forecast, by Application (2021-2033)

10.5.4. Rest of LATAM

10.5.4.1. Market Revenue and Volume Forecast, by Product (2021-2033)

10.5.4.2. Market Revenue and Volume Forecast, by Application (2021-2033)

Chapter 11. Company Profiles

11.1. Albemarle Corporation

11.1.1. Company Overview

11.1.2. Product Offerings

11.1.3. Financial Performance

11.1.4. Recent Initiatives

11.2. SQM (Sociedad Química y Minera de Chile)

11.2.1. Company Overview

11.2.2. Product Offerings

11.2.3. Financial Performance

11.2.4. Recent Initiatives

11.3. Tianqi Lithium Corporation

11.3.1. Company Overview

11.3.2. Product Offerings

11.3.3. Financial Performance

11.3.4. Recent Initiatives

11.4. Ganfeng Lithium

11.4.1. Company Overview

11.4.2. Product Offerings

11.4.3. Financial Performance

11.4.4. Recent Initiatives

11.5. FMC Corporation

11.5.1. Company Overview

11.5.2. Product Offerings

11.5.3. Financial Performance

11.5.4. Recent Initiatives

11.6. Livent Corporation

11.6.1. Company Overview

11.6.2. Product Offerings

11.6.3. Financial Performance

11.6.4. Recent Initiatives

11.7. Jiangxi Ganfeng Lithium Co., Ltd.

11.7.1. Company Overview

11.7.2. Product Offerings

11.7.3. Financial Performance

11.7.4. Recent Initiatives

11.8. Lithium Americas Corp.

11.8.1. Company Overview

11.8.2. Product Offerings

11.8.3. Financial Performance

11.8.4. Recent Initiatives

11.9. Galaxy Resources Limited

11.9.1. Company Overview

11.9.2. Product Offerings

11.9.3. Financial Performance

11.9.4. Recent Initiatives

11.10. Orocobre Limited

11.10.1. Company Overview

11.10.2. Product Offerings

11.10.3. Financial Performance

11.10.4. Recent Initiatives

Chapter 12. Research Methodology

12.1. Primary Research

12.2. Secondary Research

12.3. Assumptions

Chapter 13. Appendix

13.1. About Us

13.2. Glossary of Terms

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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