Latest News- Lithium Market: Batteries is expected to lead the Application segment during 2023-2027

The Lithium Market is being driven by Surge in demand from diversified applications

The Lithium Market is expected to grow at a CAGR of 25% during 2022 and 2027. During this period, the market is also expected to show a growth of 1066.47 thousand t. The global lithium market has experienced significant expansion in production capacity over the past decade, driven by increasing demand from end-user applications, particularly batteries, ceramics and glass, and lubricating greases. In line with this trend, Chilean lithium producer and miner SQM has announced plans to ramp up production capacity. From mid-2022, SQM will produce 180,000 metric tons per year of lithium carbonate and 30,000 metric tons per year of lithium hydroxide. Further expansion is planned, with production capacity expected to reach 210,000 metric tons per year of lithium carbonate and 40,000 metric tons per year of lithium hydroxide from 2023. This significant increase in production capacity underscores the market's continued growth trajectory and the increasing importance of lithium as a key input in various industries. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Batteries
  • Ceramics and glass
  • Grease
  • Polymer
  • Others
• Product
  • Carbonate
  • Hydroxide
  • Others
• Geography
  • APAC
    • China
    • Japan
    • South Korea
  • North America
    • US
  • Europe
    • Germany
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Surge in demand from diversified applications
• Rise in demand from developing countries
• Increased demand from EVs industry

However, the market also witnesses some limitations, which are as follows:

• Rise in availability of substitute products
• Lack of recharging infrastructure
• Toxicity of lithium hydroxide

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Market Scope in Lithium Market Research Report

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Research Analysis Overview

The Lithium market is experiencing significant growth due to the increasing demand for renewable energy storage and electric vehicles. Single-use batteries are a major application, but backward integration into mining and metallurgy is also important for performance metrics and reducing greenhouse gas emissions. Safety standards are crucial for transportation electrification, including hybrid vehicles and ion charging. Ion disposal and sustainable production are key considerations for the life cycle of lithium-ion batteries. Applications extend to grid-scale energy storage, lubricants, medical uses, and polymer industries. Metallurgy applications and safety concerns continue to drive research and innovation.

Market Research Overview

The global lithium market is a significant segment of the larger USD1.5 trillion global diversified metals and mining industry, as identified by Technavio. This market encompasses businesses involved in the production or extraction of various metals and minerals, including lithium, as well as diversified mining operations. Key commodities within the non-ferrous metals sector include lead, nickel, tin, titanium, zinc, cobalt, mercury, tungsten, beryllium, bismuth, cerium, cadmium, niobium, indium, gallium, germanium, lithium, selenium, tantalum, tellurium, vanadium, and zirconium. Regulatory scrutiny and environmental concerns, particularly regarding carbon dioxide emissions, have led to increased focus on more sustainable and efficient mining and production methods for these essential resources. Companies producing lithium-ion batteries, such as rechargeable polymer cells, are experiencing significant growth due to the increasing demand for electric vehicles and portable electronics. Technavio calculates the market size based on the combined revenue generated by these companies.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/