Global Lithium Market Size and Forecast 2024-2033|ResMed Inc., Fisher And Paykel Healthcare Corporation Limited, Natus Medical Incorporated, Compumedics Limited, Somnoware Healthcare Systems Inc

The Lithium Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Lithium Global Market Report 2024, The lithium market size has grown strongly in recent years. It will grow from $6.29 billion in 2023 to $6.92 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to consumer electronics boom, portable electronics growth, renewable energy storage, lithium-ion battery advancements

The lithium market size is expected to see strongly grown in the next few years. It will grow to $10.44 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to continued growth in electric vehicles, renewable energy expansion, government initiatives and incentives, smart grid development, increasing energy storage capacity. Major trends in the forecast period include advancements in lithium technologies, solid-state lithium batteries, diversification of lithium sources, integration of lithium in aerospace, decentralized energy solutions

An increase in smartphone adoption is expected to propel the growth of the lithium market going forward. A smartphone refers to a cellular phone with a built-in computer and other functionality not previously present in phones, such as an operating system (OS), web browsing, and the ability to run software programs. Smartphones play a significant role in the lithium market by driving demand for lithium-ion batteries, which are essential for these devices, contributing to the growth of the lithium industry. For instance, in February 2023, according to Uswitch Limited, a UK-based financial conduct authority, mobile connections in the UK reached 71.8 million, showing a 3.8% increase from the previous year, totaling approximately 2.6 million additional connections. Furthermore, it is projected that the UK’s population will expand to 68.3 million by 2025, with an estimated 95% of the population, or around 65 million individuals, owning a smartphone. Therefore, the increase in smartphone adoption is driving the growth of the lithium market.

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The lithium market covered in this report is segmented –

1) By Type: Glass/Ceramics, Greases / Lubricants, Chemical Synthesis, Portable Electronics & Other Handhelds, Hybrids, Battery Electric Vehicle (bevy), Grid, and Other Power Storage Applications

2) By Mining Type: Underground Mining, Surface Mining

The use of renewable energy is helping Magnesite companies to reduce energy consumption and control emissions in the mines. As the solar or wind projects are built close to the mine sites, the cost of connecting to the power grid is also reduced. Site-appropriate renewable energy sources are reliable, consistent, and also economical, which is the major trend in the Magnesite market.

The lithium market report table of contents includes:

1. Executive Summary

2. Lithium Market Characteristics

3. Lithium Product/Service Analysis -Product/Service Examples

4. Lithium Market Trends And Strategies

5. Lithium Market – Macro Economic Scenario

26. Egypt Lithium Market

27. Lithium Market Competitive Landscape And Company Profiles

28. Global Lithium Market Competitive Benchmarking

29. Global Lithium Market Competitive Dashboard

30. Key Mergers And Acquisitions In The Lithium Market

Top Major Players: