What is the present valuation and projected CAGR of the lithium market?
The lithium market size has grown rapidly in recent years. It will grow from $7.75 billion in 2024 to $9.01 billion in 2025 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to the consumer electronics boom, portable electronics growth, renewable energy storage, and lithium-ion battery advancements.
The lithium market size is expected to see rapid growth in the next few years. It will grow to $13.2 billion in 2029 at a compound annual growth rate (CAGR) of 10.0%. 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, and 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, and decentralized energy solutions.
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What key drivers have fueled the lithium market’s development over the years?
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.
What is the segmentation for the lithium market?
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
Subsegments:
1) By Glass Or Ceramics: Glass Production, Ceramic Glazes, Specialty Glass Applications
2) By Greases Or Lubricants: Automotive Lubricants, Industrial Greases, High-Temperature Lubricants
3) By Chemical Synthesis: Pharmaceuticals, Polymers, Specialty Chemicals
4) By Portable Electronics And Other Handhelds: Smartphones, Laptops, Tablets
5) By Hybrids: Hybrid Electric Vehicles (HEVs), Plug-In Hybrid Electric Vehicles (PHEVs), Mild Hybrid Vehicles
6) By Battery Electric Vehicle (BEV): Passenger BEVs, Commercial BEVs, Electric Buses
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Who are the most influential companies in the lithium market?
Major companies operating in the lithium market include Albemarle Corporation, Sociedad Química y Minera, FMC Corporation, Sichuan Tianqi Lithium Industries Inc., Tianqi Lithium Corporation, Livent Corporation, Allkem Limited, Jiangsu Ronghui General Lithium Industry Co. Ltd., Avalon Advanced Materials Inc., Lithium Americas Corp., EnerSys, Ganfeng Lithium Co. Ltd., Mineral Resources Limited, Neometals Ltd., Pilbara Minerals Limited, Altura Mining Limited, Bacanora Lithium Plc, Critical Elements Lithium Corporation, International Lithium Corp., Lithium Australia NL, Lithium Power International Limited, Nemaska Lithium Inc., North American Lithium Inc., Piedmont Lithium Limited, Power Metals Corp., Pure Energy Minerals Limited, Sayona Mining Limited, Standard Lithium Ltd., Wealth Minerals Ltd.
Which market trends are set to define the future of the lithium market?
Major companies operating in the lithium market are increasing their focus on introducing innovative residential-use batteries to gain a competitive edge in the market. Residential-use batteries are energy storage systems designed for household applications. For instance, in September 2022, Kstar, a China-based battery manufacturing company, launched all-in-one lithium-titanate (LTO) batteries for residential use. These new batteries aim to deliver enduring and dependable performance, boasting a remarkable 16,000 charge cycles, a substantial 5.4 kWh storage capacity, and an impressive 90% depth of discharge, empowering homeowners to enhance energy management and decrease grid dependency.
What are the key regional dynamics of the lithium market, and which region leads in market share?
South America was the largest region in the lithium market in 2024. The regions covered in the lithium market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.
What Does The Lithium Market Report 2025 Offer?
The lithium market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Lithium refers to the process of mining lithium and its compounds. Lithium extraction is a series of chemical procedures that isolate lithium from a material and transform it into a form that may be sold. Brine, or water with a high concentration of lithium carbonate, is frequently used to recover lithium. One of the main sources of lithium carbonate is subsurface brines that are confined in the Earth’s crust.
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