Lithium Market Size, Growth, Outlook | Forecast Analysis 2028

 

Lithium Market

The Lithium Market is expected to grow at a significant CAGR during the forecast period (2021-2028).

The factors driving the growth of Lithium Market includes growing application of lithium in developing grease lubricants, rechargeable batteries, steel & aluminum production grid storage. Moreover, the increasing demand for electric and hybrid vehicles, rising technological innovations in mobile phones and digital cameras and the continuous expansion of renewable energy sector, are some of the important factors augmenting the Lithium Market Growth across the globe. As per the data available at Statista, total 607,600 light weighted electric vehicles were sold in the United States in 2021 primarily due to strong demand for Tesla’s Model 3 Sudan, witnessing 83% increase in the total sales as compared to the previous year, which will further boost the Lithium Market Share globally. In addition, the growing environmental concerns about carbon emissions and favorable Government policies for the production of lithium-ion batteries, are expected to supplement the Lithium Market size in the approaching years.

However, safety concerns regarding transportation of used batteries, is hampering the Global Lithium Market.

The prominent players operating in the market are Albemarle, FMC Corporation, SQM, LSC Lithium Corporation Neo Lithium Corporation, U.S. Lithium Corp, Tianqi Lithium, Ganfeng Lithium Co. Ltd., LITHIUM EXPLORATION GROUP and General Lithium Corp among others.

Product – Segment Analysis

As per Lithium Market Forecast, the lithium carbonate segment is projected to dominate the market over the forecast period attributed to its increasing application in pharmaceutical industry for treating bipolar disorder.

According to Lithium Market Analysis, the lithium hydroxide segment is expected to grow at promising rate over the forecast period owing to its increased application in developing lithium-ion batteries and growing demand for automobiles around the world.

Application – Segment Analysis

Based on application, the automotive industry is predicted to dominate the market during the forecast period due to increasing demand for electric vehicles.

Regional: Segment Analysis

According to Lithium Market Report, the Asia Pacific region is predicted to capture a sizeable market share over the forecast period owing to increased demand for environment friendly passenger vehicles, growing application of lithium in power and consumer electronics and significant rise in Foreign Direct Investments in manufacturing sector.

Market Segmentation

Global Lithium Market by Product

  • Carbonate
  • Hydroxide
  • Others

Global Lithium Market by Application

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

Global Lithium Market by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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