Lithium market outlook: Five key factors

The Lithium Global Market Report 2023 by The Business Research Company, provides lithium market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Lithium Global Market Report 2023, the market size is expected to grow from $6.2 billion in 2022 to $7.25 billion in 2023 at a compound annual growth rate (CAGR) of 16.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of lithium is expected to grow from $13.85 billion in 2027 at a CAGR of 17.5%.

The growth in the lithium market is due to the increasing use of autonomous hauling systems trucks in the mining industry, which is significantly enhancing production efficiency and reducing turnaround time.

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The lithium market is segmented:

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

2) By Mining Type: Underground Mining, Surface Mining

The Lithium market includes revenues earned by entities by producing glass, aluminum products, and batteries. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The lithium market report table of contents includes: