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 production capacity expansions over the past decade in response to increasing demand from end-user applications, particularly in the production of batteries, ceramics and glass, and lubricating greases. One notable example is Chilean lithium producer and miner SQM, which has recently increased its production capacity to 180,000 metric tons per year of lithium carbonate and 30,000 metric tons per year of lithium hydroxide, with plans to further expand to 210,000 metric tons per year of lithium carbonate and 40,000 metric tons per year of lithium hydroxide by 2023. This trend is expected to continue as demand for lithium in end-user products continues to grow in the coming decade. 

Get more information on Lithium Market by requesting a sample report

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

Benefits of Buying Global Lithium Market Research Report by Technavio

Rich Experience: 20+ years leading global market research, trusted insights across industries.

Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.

Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.

Market Scope in Lithium Market Research Report

Request Free Sample

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

The Lithium market encompasses mining and recycling of this essential metal for various applications, including renewable energy storage in rechargeable batteries for electric and hybrid vehicles. Safety is paramount in single-use batteries, leading to a focus on sustainability through backward integration and regulation. Lithium hydroxide and chloride are key forms, with innovation driving improvements in performance metrics, stability, and density. Sustainable production methods reduce greenhouse gas emissions throughout the life cycle. Metallurgy, lubricant, polymer, and medical applications also utilize lithium, with safety standards governing ion disposal and charging. Grid-scale energy storage and solid-state technologies are advancing, while sustainability remains a priority in mining, manufacturing, and transportation electrification. Sulfur, air, and other elements play roles in lithium's various applications, with ongoing research and development addressing performance and safety concerns.

Market Research Overview

The global lithium market is a significant segment of the larger USD1.7 trillion global diversified metals and mining industry, according to Technavio's market research. This sector 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 category include lithium, cobalt, nickel, zinc, and tin, among others. Companies in this sector generate revenue from the mining and processing of these resources, which are essential for manufacturing carbonate for batteries used in electric vehicles and various other applications, such as smoke detectors and remote controllers. The transition to renewable energy sources and the increasing demand for carbon-neutral technologies are driving the growth of the lithium market, which in turn is contributing to the expansion of the global diversified metals and mining industry. Additionally, the reduction of carbon dioxide emissions is a critical factor in the growth of the lithium market, as lithium-ion batteries offer a more sustainable alternative to traditional energy storage solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/