Lithium Market - Growth, Trends, and Forecast (2020 - 2025)

The market is segmented by Type (Metal, Compound, and Alloy), Traditional Application (Battery, Lubricant, Aluminum Smelting & Alloy, Air Treatment, Medical, Glass & Ceramics, Metallurgy, Polymer, and Others), End-user Industry (Industrial, Consumer Electronics, Electric Vehicle, Energy Storage, and Medical), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East & Africa)

Market Snapshot

Study Period:

2016-2025

Base Year:

2019

Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

CAGR:

10 %

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Market Overview

The market for lithium is anticipated to register a CAGR of over 10% during the forecast period. Key factors driving the market growth include the accelerating demand for electric vehicles, growing usage and demand from portable consumer electronics, increasing demand from the glass-making industry, and many others.

  • The growing adoption of electric vehicles (EVs) is driven by the rising concerns for the environment, as these vehicles help reduce carbon emission levels. Governments across the world are implementing stringent emission norms, to control and reduce carbon emissions, thereby augmenting the growth of the market.
  • On the flipside, the demand supply gap in the lithium market is expected to hinder the growth of the market.

Scope of the Report

The lithium market report includes:

Type
Metal
Compound
Carbonate
Chloride
Hydroxide
Alloy
Traditional Application
Battery
Lubricant
Aluminum Smelting & Alloy
Air Treatment
Medical
Glass & Ceramics
Metallurgy (Iron & Steel Coatings)
Polymer
Others
End-user Industry
Industrial
Consumer Electronics
Electric Vehicle
Energy Storage
Medical
Geography
Production and Reserve Analysis
Australia
Chile
China
Argentina
Zimbabwe
Portugal
Brazil
United States
Consumption Analysis
Asia-Pacific
China
India
Japan
South Korea
Australia & New Zealand
ASEAN Countries
Rest of Asia-Pacific
ASEAN Countries
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
France
Russia
Nordic Countries
Rest of Europe
South America
Brazil
Argentina
Chile
Rest of South America
Middle-East & Africa
Saudi Arabia
South Africa
Rest of Middle-East & Africa

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Key Market Trends

Electric Vehicles to Drive the Market Growth

  • Electric vehicles have been increasingly used in most developed economies, and are fast replacing traditional vehicles. Lithium batteries can be categorized into two segments, namely, disposable and rechargeable. Disposable lithium batteries use lithium in the metallic form, as an anode, and these batteries have a long life (high charge density) compared to other standard batteries.
  • Lithium is used in high-energy density, rechargeable lithium-ion batteries, which power the batteries in full-electric, plug-in hybrid, and hybrid vehicles (EVs, PEV, and HEVs), respectively. Due to the growth in EV technology, as well as concerns over increased CO2 pollution from combustion engines and rising fuel costs, lithium has been put into widespread use in EV batteries.
  • The major regions in which the production of electric vehicles is prominent include the European countries, such as Norway, Iceland, Sweden, and Belgium, among others. It is estimated that Norway accounted for almost one-third of the total market share in 2018. This is expected to see a sharp surge in the coming years, due to the environment viable nature of electric vehicles, over other petrol/diesel-based cars in the automotive sector.
  • Lithium-ion battery used in electric vehicles has a rechargeable nature and commendable lifetime. Moreover, EVs can also use rapid charging points that can top up the batteries to 80% capacity in around 30 minutes. All the aforementioned factors have helped electric vehicles gain popularity.
  • Some of the major manufacturers of EV battery are Tesla, Nissan, General Motors, Volkswagen, and BMW, among others.
  • All the aforementioned factors are expected to drive the global market, during the forecast period.

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Asia-Pacific Region to Dominate the Market

  • Asia-Pacific region is the largest consumer of lithium, globally, with majority of the consumption coming from China.
  • China has salt lakes in Qinghai province, spodumene resources mainly in Xinjiang and Sichuan province, and lepidolite in Jiangxi province.
  • The Indian lithium industry is expected to witness significant growth in the region, during forecast period, after China.
  • Rise in technological developments and increasing need for cleaner energy sources have brought Li-ion batteries on the forefront across various industries, as well as end-use sectors.
  • Japan is one of the prominent regions for the lithium battery market, along with China and Korea, occupying a 96% market share in terms of battery capacity shipments.
  • Lithium carbonate consumption decreased, owing to slower than anticipated growth of lithium-ion batteries in electric vehicles, and the continued transfer of lithium-ion battery manufacturing plants from Japan to China.
  • Japan’s lithium metal consumption decreased, owing to the relocation of primary battery manufacturing plants from Japan to Indonesia.
  • Emerging economies are expected to increase the consumption of lithium in various end-use products.
  • Owing to the increasing population, increase in regional acceptance of solar thermal and solar electric technologies (renewable heat) in emerging countries, such as Pakistan, Bangladesh, Nepal, Sri Lanka, Cambodia, Laos, etc., are expected to increase the consumption of lithium in energy storage, in the coming years. 

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Competitive Landscape

The lithium market is oligopoly, with four of the major players accounting for more than 90% of the market. Key players in the lithium market include Ganfeng Lithium Co.,Ltd., Albemarle Corporation, Todos los derechos reservados SQM S.A., Tianqi Lithium, Livent, Avalon Advanced Materials Inc., Critical Elements Lithium Corporation, Lithium Americas Corp., and Sayona Mining Limited, among others.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Accelerating Demand for Electric Vehicles

      2. 4.1.2 Increasing Usage and Demand by Portable Consumer Electronics (Batteries)

      3. 4.1.3 Rising Demand from the Glass-making Industry

    2. 4.2 Restraints

      1. 4.2.1 Demand Supply Gap in the Lithium Market

      2. 4.2.2 Floundering Lithium Producing Start-ups

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Metal

      2. 5.1.2 Compound

        1. 5.1.2.1 Carbonate

        2. 5.1.2.2 Chloride

        3. 5.1.2.3 Hydroxide

      3. 5.1.3 Alloy

    2. 5.2 Traditional Application

      1. 5.2.1 Battery

      2. 5.2.2 Lubricant

      3. 5.2.3 Aluminum Smelting & Alloy

      4. 5.2.4 Air Treatment

      5. 5.2.5 Medical

      6. 5.2.6 Glass & Ceramics

      7. 5.2.7 Metallurgy (Iron & Steel Coatings)

      8. 5.2.8 Polymer

      9. 5.2.9 Others

    3. 5.3 End-user Industry

      1. 5.3.1 Industrial

      2. 5.3.2 Consumer Electronics

      3. 5.3.3 Electric Vehicle

      4. 5.3.4 Energy Storage

      5. 5.3.5 Medical

    4. 5.4 Geography

      1. 5.4.1 Production and Reserve Analysis

        1. 5.4.1.1 Australia

        2. 5.4.1.2 Chile

        3. 5.4.1.3 China

        4. 5.4.1.4 Argentina

        5. 5.4.1.5 Zimbabwe

        6. 5.4.1.6 Portugal

        7. 5.4.1.7 Brazil

        8. 5.4.1.8 United States

      2. 5.4.2 Consumption Analysis

        1. 5.4.2.1 Asia-Pacific

          1. 5.4.2.1.1 China

          2. 5.4.2.1.2 India

          3. 5.4.2.1.3 Japan

          4. 5.4.2.1.4 South Korea

          5. 5.4.2.1.5 Australia & New Zealand

          6. 5.4.2.1.6 ASEAN Countries

          7. 5.4.2.1.7 Rest of Asia-Pacific

        2. 5.4.2.2 ASEAN Countries

          1. 5.4.2.2.1 United States

          2. 5.4.2.2.2 Canada

          3. 5.4.2.2.3 Mexico

          4. 5.4.2.2.4 Rest of North America

        3. 5.4.2.3 Europe

          1. 5.4.2.3.1 Germany

          2. 5.4.2.3.2 United Kingdom

          3. 5.4.2.3.3 France

          4. 5.4.2.3.4 Russia

          5. 5.4.2.3.5 Nordic Countries

          6. 5.4.2.3.6 Rest of Europe

        4. 5.4.2.4 South America

          1. 5.4.2.4.1 Brazil

          2. 5.4.2.4.2 Argentina

          3. 5.4.2.4.3 Chile

          4. 5.4.2.4.4 Rest of South America

        5. 5.4.2.5 Middle-East & Africa

          1. 5.4.2.5.1 Saudi Arabia

          2. 5.4.2.5.2 South Africa

          3. 5.4.2.5.3 Rest of Middle-East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Albemarle Corporation

      2. 6.4.2 Altura Mining

      3. 6.4.3 Avalon Advanced Materials Inc.

      4. 6.4.4 Critical Elements Lithium Corporation

      5. 6.4.5 Livent

      6. 6.4.6 Galaxy Resources Limited

      7. 6.4.7 Ganfeng Lithium Co.,Ltd.

      8. 6.4.8 Lithium Americas Corp.

      9. 6.4.9 Nemaska Lithium

      10. 6.4.10 Neometals Ltd

      11. 6.4.11 Orocobre Limited Pty Ltd

      12. 6.4.12 Sayona Mining Limited

      13. 6.4.13 Tianqi Lithium

      14. 6.4.14 Todos los derechos reservados SQM S.A.

      15. 6.4.15 Exore Resources Limited

  7. *List Not Exhaustive
  8. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Growing Adoption in Smart Grid Electricity

    2. 7.2 Aerospace & Defense Sector: Blue Ocean Market

** Subject to Availability

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