Lithium Market 2021-2024: Growth Drivers, Business Statistics, Top Region with Share, and Revenue Analysis


The “Lithium Market” Report provides a thorough examination of the market. The Lithium Market research investigates how firms in the Lithium Market are reacting to changing market conditions by examining major industry strategies. The report covers current top players are recognised and rated based on their market shares. It also includes data on leading manufacturers, market segmentation by types, applications, and geographic regions. Market capacity, production, consumption, sales, and revenue are all discussed in this Lithium market report.

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Competitor Analysis:

Lithium market covers the vision of competitor analysis by product types, market share, applications, sales and revenue. It covers the top key players like –

  • Albemarle Corporation
  • Altura Mining Limited
  • Avalon Advanced Materials Inc.
  • Critical Elements Corporation
  • FMC Corporation (FMC Lithium)
  • Galaxy Resources Limited
  • Jiangxi Ganfeng Lithium Co. Ltd
  • Lithium Americas
  • Nemaska Lithium
  • Neometals Ltd
  • Orocobre Limited
  • Sayona Mining Limited
  • Sichuan Tianqi Lithium Industries Inc.
  • SQM
  • Novo Litio Ltd

    Market Overview:

  • The market for lithium is anticipated to register a CAGR of 10.10% during the forecast period (2019-2024). Key factors driving the market growth include the accelerating demand for electric vehicles, growing usage and demand from portable consumer electronics, increasing demand from the glass-making industry, and many others.
  • – The growing adoption of electric vehicles (EVs) is driven by the rising concerns for the environment, as these vehicles help reduce carbon emission levels. Governments across the world are implementing stringent emission norms, to control and reduce carbon emissions, thereby augmenting the growth of the market.
  • – SQM has been facing the threat of early termination of lease, due to an arbitration case at its Atacama operations unit. New supply facilities are also facing challenges and delays, such as at Orocobre’s operations in Argentina, which is estimated to produce 200 kilo metric ton/annum of advanced stage development capacity by 2020. However, this is too short to meet the estimated demand growth during the forecast period, which is likely to create an impact on lithium prices in the next few years, thus hindering the market growth.
  • – Grid management is a concept where service providers use energy storage to help distribute grid facilities smartly, resiliently, and reliably. Most of the grid management projects being developed are trial projects. The grid management projects are expected to start in the next few years, thus drastically increasing the usage of lithium-ion batteries for energy storage. These applications are projected to act as an opportunity for the market, in the future.<

    Key Market Trends:

    Emerging Market of Electric Vehicles

    – Electric vehicles have been increasingly used in most developed economies, and are fast replacing traditional vehicles. Lithium batteries can be categorized into two segments, namely, disposable and rechargeable. Disposable lithium batteries use lithium in the metallic form, as an anode, and these batteries have a long life (high charge density) compared to other standard batteries.
    – Lithium is used in high-energy density, rechargeable lithium-ion batteries, which power the batteries in full-electric, plug-in hybrid, and hybrid vehicles (EVs, PEV, and HEVs), respectively. Due to the growth in EV technology, as well as concerns over increased CO2 pollution from combustion engines and rising fuel costs, lithium has been put into widespread use in EV batteries.
    – The major regions in which the production of electric vehicles is prominent include the European countries, such as Norway, Iceland, Sweden, and Belgium, among others. It is estimated that Norway accounted for almost one-third of the total market share in 2018. This is expected to see a sharp surge in the coming years, due to the environment viable nature of electric vehicles, over other petrol/diesel-based cars in the automotive sector.
    – Lithium-ion battery used in electric vehicles has a rechargeable nature and commendable lifetime. Moreover, EVs can also use rapid charging points that can top up the batteries to 80% capacity in around 30 minutes. All the aforementioned factors have helped electric vehicles gain popularity.
    – Some of the major manufacturers of EV battery are Tesla, Nissan, General Motors, Volkswagen, and BMW, among others.
    – All the aforementioned factors are expected to drive the global market, during the forecast period.

    Asia-Pacific Region to Dominate the Market

    In 2018, the Asia-Pacific region was the largest consumer of lithium, globally, with majority of the consumption coming from China. China has salt lakes in Qinghai province, spodumene resources mainly in Xinjiang and Sichuan province, and lepidolite in Jiangxi province. The Indian lithium industry is expected to witness significant growth in the region, during forecast period, after China. Rise in technological developments and increasing need for cleaner energy sources have brought li-ion batteries on the forefront across various industries, as well as end-use sectors. Japan is one of the prominent regions for the lithium battery market, along with China and Korea, occupying a 96% market share in terms of battery capacity shipments. Lithium carbonate consumption decreased, owing to slower than anticipated growth of lithium-ion batteries in electric vehicles, and the continued transfer of lithium-ion battery manufacturing plants from Japan to China. Japan’s lithium metal consumption decreased, owing to the relocation of primary battery manufacturing plants from Japan to Indonesia. Emerging economies are expected to increase the consumption of lithium in various end-use products. Owing to the increasing population, increase in regional acceptance of solar thermal and solar electric technologies (renewable heat) in emerging countries, such as Pakistan, Bangladesh, Nepal, Sri Lanka, Cambodia, Laos, etc., are expected to increase the consumption of lithium in energy storage, in the coming years.

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    Scope of the Report:

    This report studies the global Lithium market size, industry status and forecast, competition landscape and growth opportunity.

    Highlighted points of Lithium Market Report:

    • Varying dynamics of the Lithium industry.
    • Prospective changes in sales volumes and worldwide share growth in upcoming years
    • Lithium market report recognizes the key drivers of growth and challenges of the key industry players.
    • Competitors profiles along with product description, overview, and business data.
    • Complete analysis of market risks, opportunities, limitations, and growth of the market.
    • Market driving and restraining factors.
    • Delivers information on the historical and current market size and the future potential of the market.
    • Lithium market report provides comprehensive analysis of the market with respect to market dynamics, competitive analysis, and upcoming trends of market.

    Key Benefits of this Lithium Market report:

    • The Lithium market report provides a comprehensive analysis of the current trends and future estimations in the world mining equipment market to identify the potential investment pockets.
    • The Lithium market report presents information regarding key drivers, restraints, and opportunities with a detailed impact analysis.
    • Quantitative analysis of the current trends and forecasts to 2024 is provided to showcase the financial competency of the Lithium market.
    • Porter’s Five Force model of the industry and SWOT analysis illustrate the potency of the buyers & suppliers.
    • Value chain analysis provides a clear understanding of the roles of stakeholders involved.

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    Detailed TOC of Lithium Market Report:

    1.1 Study Deliverables
    1.2 Study Assumptions
    1.3 Scope of the Study



    4.1 Drivers
    4.1.1 Accelerating Demand for Electric Vehicles
    4.1.2 Increasing Usage and Demand by Portable Consumer Electronics (Batteries)
    4.1.3 Rising Demand from the Glass-making Industry
    4.2 Restraints
    4.2.1 Demand Supply Gap in the Lithium Market
    4.2.2 Floundering Lithium Producing Start-ups
    4.3 Industry Value Chain Analysis
    4.4 Porters Five Forces Analysis
    4.4.1 Bargaining Power of Suppliers
    4.4.2 Bargaining Power of Consumers
    4.4.3 Threat of New Entrants
    4.4.4 Threat of Substitute Products and Services
    4.4.5 Degree of Competition

    5.1 Type
    5.1.1 Metal
    5.1.2 Compound Carbonate Chloride Hydroxide
    5.1.3 Alloy
    5.2 Traditional Application
    5.2.1 Battery
    5.2.2 Lubricant
    5.2.3 Aluminum Smelting & Alloy
    5.2.4 Air Treatment
    5.2.5 Medical
    5.2.6 Glass & Ceramics
    5.2.7 Metallurgy (Iron & Steel Coatings)
    5.2.8 Polymer
    5.2.9 Other Traditional Applications
    5.3 End-user Industry
    5.3.1 Industrial
    5.3.2 Consumer Electronics
    5.3.3 Electric Vehicle
    5.3.4 Energy Storage
    5.3.5 Medical
    5.4 Geography
    5.4.1 Asia-Pacific China India Japan South Korea Australia & New Zealand ASEAN Countries Rest of Asia-Pacific
    5.4.2 North America United States Canada Mexico
    5.4.3 Europe Germany United Kingdom Russia France Nordic Countries Rest of Europe
    5.4.4 South America Brazil Argentina Chile Rest of South America
    5.4.5 Middle East & Africa Saudi Arabia South Africa Rest of Middle East & Africa

    6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
    6.2 Market Share Analysis**
    6.3 Strategies Adopted by Leading Players
    6.4 Company Profiles
    6.4.1 Albemarle Corporation
    6.4.2 Altura Mining Limited
    6.4.3 Avalon Advanced Materials Inc.
    6.4.4 Critical Elements Corporation
    6.4.5 FMC Corporation (FMC Lithium)
    6.4.6 Galaxy Resources Limited
    6.4.7 Jiangxi Ganfeng Lithium Co. Ltd
    6.4.8 Lithium Americas
    6.4.9 Nemaska Lithium
    6.4.10 Neometals Ltd
    6.4.11 Orocobre Limited
    6.4.12 Sayona Mining Limited
    6.4.13 Sichuan Tianqi Lithium Industries Inc.
    6.4.14 SQM
    6.4.15 Novo Litio Ltd

    7.1 Growing Adoption in Smart Grid Electricity
    7.2 Aerospace and Defense Sector: Blue Ocean Market

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