Lithium Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2022-2027

Report Code: CMR 30269 Report Format: PDF + Excel

Lithium Market Overview

The lithium market size is forecast to reach US$6.3 billion by 2027 after growing at a CAGR of 8.2% during 2022-2027. Lithium is a light, silvery metal with atomic number 3 and the symbol Li. A wide variety of lithium compounds such as lithium carbonate, lithium oxide, and lithium hydroxide are used in several high-end applications such as the production of batteries, synthetic rubber, pharmaceutical drugs, and lubricating greases. Lithium finds its extensive use in the manufacturing of large quantities of batteries for use in numerous electronic products such as laptops, tablets, electric toothbrushes, cell phones, and cameras. The demand for electronic products is increasing globally and this is expected to drive the market’s growth during the forecast period. For instance, according to the July 2021 stats by China.org.cn, exports in the consumer electronics segment recorded a growth trajectory for 12 months in a row. Furthermore, lithium is massively utilized in the production of lithium ion battery for electric vehicles in the automobile sector. The demand for electric vehicles is increasing globally with the rising concern related to vehicle emission and this is projected to influence the market’s growth during the forecast period. For instance, as per the data by European Automobile Manufacturers Association, the hybrid electric vehicles segment accounted for 11.9% of total car sales in 2020 compared to 5.7% in 2019. The harmful extraction process of lithium might hamper the market’s growth during the forecast period.

COVID-19 Impact 

The lithium market was deeply impacted due to the COVID-19 pandemic. Challenges such as disruption in the supply chain and procurement of raw material slowed down the business in the market. Market players implemented quick response models to withstand the severity of the pandemic. Moreover, the market’s growth was further hindered due to the low demand for lithium ion batteries in the automobile sector owing to the drop in vehicle production amid the pandemic. As per the data by The International Organization of Motor Vehicle Manufacturers (OICA), auto production globally dropped 16% due to the COVID-19 pandemic. The business in the market grew substantially due to the high demand for electronic products during the coronavirus pandemic. Going forward, the market is projected to witness robust growth owing to the increasing demand for electric vehicles and electronic products. 

Report Coverage 

The report: Lithium Market Report - Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Lithium Industry.

By Type: Lithium Carbonate, Lithium Hydroxide, Lithium Chloride, Lithium Bromide, Lithium Iodide, Lithium Oxide, Others.
By Application: Battery, Pharmaceutical Drugs, Industrial Scavenging, Synthetic Rubber, Fuel Cell, Glass and Ceramic Structures, Lubricating Greases, Air Treatment, Fine Chemicals, Concrete Admixture, Pool Water Treatment, Others.
By End Use: Automotive (Passenger Vehicle (PV), Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)), Electronics (Mobile Phones, Laptops, Cameras, Others), Aerospace (Commercial, Military), Construction (Residential, Commercial, Industrial, and Infrastructure), Chemicals, Healthcare & Pharmaceutical (Medical Devices, Medications, Surgical Tools, Hearing Aids, Others), Oil and Gas, Others.
By Geography: North America (USA, Canada, Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, Rest of Asia Pacific), South America (Brazil, Argentina, Colombia and Rest of South America), and RoW (Middle East and Africa). 

Key Takeaways: 

  • The Asia-Pacific region is expected to witness the highest demand for lithium owing to the increasing demand for electronic products in the region. According to the stats by India Brand Equity Foundation, the smartphones segment will witness robust growth in 2022, and the shipment of smartphones will reach 190-200 million units by 2022. 
  • Various market players are taking initiatives to expand their production facility which is further driving the market’s growth. For instance, in October 2021, Chinese battery manufacturer Contemporary Amperex Technology Co. Limited announced the opening of its new lithium ion battery production base in China. 
  • The electronics sector is dominating the lithium market, owing to the growing electronics sector. For instance, according to the September 2020 stats by the American Customer Satisfaction Index (ACSI), demand for PC in the US surged in the second quarter of 2020. 

Figure: Asia Pacific Lithium Market Revenue, 2021-2027 (US$ Billion) 

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Lithium Market Segment Analysis - By Application 

The battery application segment dominated the lithium market in 2021 and is growing at a CAGR of 8.6% during the forecast period. Lithium compounds such as lithium carbonate and lithium oxide are used in the production of non-rechargeable lithium primary batteries and lithium ion batteries in the automobile and electronics sector. The presence of these lithium compounds in the batteries enables fast charging and long-lasting batteries. The demand for the lithium ion battery has been on the rise in the last few years owing to the increasing demand for electronic products and electric vehicles globally and this is expected to influence the growth of the market during the forecast period. For instance, in October 2019, Maruti Suzuki collaborated with Denso Corp. and Toshiba Corp. to set up the first lithium-ion battery manufacturing plant in India for electric vehicles. Such development in the battery application segment is anticipated to stimulate the higher use of lithium, in turn driving the market’s growth during the forecast period. 

Lithium Market Segment Analysis - By End Use 

The electronics sector dominated the lithium market in 2021 and is growing at a CAGR of 9.1% during the forecast period. A wide range of lithium such as lithium carbonate, lithium oxide, and lithium hydroxide is used in the manufacturing of non-rechargeable lithium primary batteries and lithium ion batteries for use in several electronic products. The lithium compounds are used in the manufacturing of laptops, tablets, electric toothbrushes, cell phones, and multiple other electronic products. The electronic sector globally is displaying tremendous growth with increasing production and sales of electronic products and this is projected to contribute to the market’s growth during the forecast period. For instance, as per the statistics by Ericsson, smartphone subscription globally is on the rise and is anticipated to reach US$ 7 billion in 2027. Similarly, as per the Global Electric Market Outlook 2022 report by the German Electro and Digital Industry Association, China displayed growth in the electrical and electronic products industry during the pandemic. Such massive growth in the electronic sector globally is expected to augment the higher use of lithium in the batteries of electronic products, and this in turn will drive the market’s growth during the forecast period. 

Lithium Market Segment Analysis - By Geography 

The Asia-Pacific region held the largest market share in the lithium market in 2021, up to 34%. The high demand for lithium is attributed to the increasing demand for electronic products in the region. Lithium compounds such as lithium carbonate and lithium oxide are used in the production of lithium ion batteries for use in several electronic products such as laptops, tablets, electric toothbrushes, and cell phones. Lithium is used massively in the electronics sector as its lightweight property helps in reducing the weight of electronic products. The electronic sector is exhibiting exceptional growth in the region and this is expected to increase the demand for lithium during the forecast period. For instance, as per the data by Global Electric Market Outlook 2022 report by the German Electro and Digital Industry Association, China’s electronic sector is on a progressive track and the market will grow by 8% in 2022. Similarly, as per the 2021 stats by India Brand Equity Foundation, Lenovo is expanding its local manufacturing capabilities in India in various product categories including laptops. Such massive demand for electronic products in the region is expected to increase the demand for lithium.

Lithium Market Drivers 

Expanding electronic sector will drive the growth of the market 

The electronic sector is one of the largest markets for lithium where this soft metal is used in the manufacturing of non-rechargeable lithium primary batteries and lithium ion batteries which are later utilized in several electronic products such as cell phones, laptops, electric toothbrushes, and tablets. The demand for electronic products is increasing globally and this is expected to drive the market’s growth during the forecast period. For instance, as per the Global Electric Market Outlook 2022 report by the German Electro and Digital Industry Association, the South Korean electronics sector touched a volume of USD 218.01 billion in 2020, picking up by 4%. Similarly, as per the October 2020 data by Consumer Technology Association, smartphones sales will rise in 2022 with over 76% of all smartphones will have 5G capabilities. This massive expansion in the electronics sector is expected to bolster the demand for lithium, in turn driving the growth of the market during the forecast period. 

Increasing demand for electric vehicles will drive the market’s growth 

Lithium is used in large quantities in the manufacturing of lithium ion batteries for electric vehicles. The lithium ion battery is well equipped for applications requiring high energy density solutions like hybrid and electric vehicles. The demand for electric vehicles is increasing globally owing to their ability to reduce emissions and this is expected to drive the market’s growth during the forecast period. For instance, as per the 2020 statistics by European Automobile Manufacturers Association, electrically-chargeable vehicles accounted for 10.5% of total car sales which was 3% in 2019. Similarly, as per the data by India Brand Equity Foundation, the EV market in India is projected to touch 6.34 million units of annual sales by 2027, expanding at a CAGR of 44% between 2020 and 2027. Such growth in the demand for electric vehicles is projected to stimulate the high use of lithium, driving the growth of the market during the forecast period. 

Lithium Market Challenges 

The harmful extraction process of lithium might hamper the market’s growth 

The extraction of lithium is associated with a significant adverse effect on the environment owing to which the extraction process has always been under the scanner and this might impact the market’s growth. As per the data by instituteforenergyresearch.org, mining and processing of lithium are highly harmful to the environment. The extraction of lithium sometimes leads to the release of toxic chemicals. The extraction process harms the soil and makes the air contaminated. The adverse impact of lithium extraction forces government bodies and research organizations to look out for efficient ways of mining and processing lithium. For instance, as per the July 2020 report by German Energy Solutions, Scientists from the Karlsruhe Institute of Technology patented an environmentally-friendly lithium extraction technique. This challenge with the extraction of lithium is expected to slow down the growth of the market during the forecast period. 

Lithium Market Industry Outlook 

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in this market. Global Lithium Market top 10 companies include: 

  1. SQM S.A
  2. Albemarle Corporation
  3. Tianqi Lithium
  4. American Lithium Corp.
  5. International Lithium Corp
  6. LSC Lithium Corporation
  7. Livent
  8. Allkem Limited
  9. Avalon Advanced Materials
  10. FMC Corporation 

Recent Developments

  • In June 2021, Albemarle Corporation announced the opening Battery Materials Innovation Center in North Carolina for expanding its lithium hydroxide and lithium carbonate materials growth.
  • In May 2021, American Lithium Corp. announced the acquisition of Plateau Energy Metals Inc which deals with the production of battery-grade lithium.
  • In December 2020, SQM signed an agreement to supply 55 thousand metric tons of battery-grade lithium hydroxide and lithium carbonate to LG.  

Relevant Reports 

Lithium Ion Battery Market - Forecast(2022 - 2027)
Report Code: ESR 0169 

Lithium Compounds Market - Forecast(2022 - 2027)
Report Code: CMR 0221 

Lithium Polymer Battery Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025
Report Code: ESR 0398


For more Chemicals and Materials related reports, please click here

1. Lithium Market- Market Overview
    1.1 Definitions and Scope
2. Lithium Market- Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by Application
    2.3 Key Trends by End Use
    2.4 Key Trends by Geography
3. Lithium Market- Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Lithium Market- Startup companies Scenario Premium Premiu
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Lithium Market– Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis - Major companies
6. Lithium Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of substitutes
7. Lithium Market-Strategic analysis
    7.1 Value chain analysis
    7.2 Opportunities analysis
    7.3 Product/Market life cycle
    7.4 Distributors Analysis - Major Companies
8. Lithium Market Segment Analysis – By Type (Market Size -US$ Million, Billion)
    8.1 Lithium Carbonate
    8.2 Lithium Hydroxide
    8.3 Lithium Chloride
    8.4 Lithium Bromide
    8.5 Lithium Iodide
    8.6 Lithium Oxide
    8.7 Others
9. Lithium Market Segment Analysis – By Application (Market Size -US$ Million, Billion)
    9.1 Battery
    9.2 Pharmaceutical Drugs
    9.3 Industrial Scavenging
    9.4 Synthetic Rubber
    9.5 Fuel Cell
    9.6 Glass and Ceramic Structures
    9.7 Lubricating Greases
    9.8 Air Treatment
    9.9 Fine Chemicals
    9.10 Concrete Admixture
    9.11 Pool Water Treatment
    9.12 Others
10. Lithium Market Segment Analysis – By End Use (Market Size -US$ Million, Billion)
    10.1 Automotive
        10.1.1 Passenger Vehicle (PV)
        10.1.2 Light Commercial Vehicle (LCV)
        10.1.3 Heavy Commercial Vehicle (HCV)
    10.2 Electronics
        10.2.1 Mobile Phones
        10.2.2 Laptops
        10.2.3 Cameras
        10.2.4 Others
    10.3 Aerospace
        10.3.1 Commercial
        10.3.2 Military
    10.4 Construction
        10.4.1 Residential
        10.4.2 Commercial
        10.4.3 Industrial
        10.4.4 Infrastructure
    10.5 Chemicals
    10.6 Healthcare & Pharmaceutical
        10.6.1 Medical Devices
        10.6.2 Medications
        10.6.3 Surgical Tools
        10.6.4 Hearing Aids
        10.6.5 Others
    10.7 Oil and Gas
    10.8 Others
11. Lithium Market Segment Analysis - By Geography (Market Size -US$ Million / Billion)
    11.1 North America
        11.1.1 USA
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Netherlands
        11.2.6 Spain
        11.2.7 Russia
        11.2.8 Belgium
        11.2.9 Rest of Europe
    11.3 Asia Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zealand
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of Asia Pacific
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 Rest of South America
    11.5 ROW
        11.5.1 Middle East
            11.5.1.1 Saudi Arabia
            11.5.1.2 UAE
            11.5.1.3 Israel
            11.5.1.4 Rest of Middle East
        11.5.2 Africa
            11.5.2.1 South Africa
            11.5.2.2 Nigeria
            11.5.2.3 Rest of Africa
12. Lithium Market-Entropy
    12.1 New Product Launches
    12.2 M&A’s, Collaborations, JVs and Partnerships
13. Lithium Market- Industry/Segment Competition Landscape Premium
    13.1 Company Benchmarking Matrix- Major Companies
    13.2 Market Share at Global Level- Major companies
    13.3 Market Share by Key Region- Major companies
    13.4 Market Share by Key Country- Major companies
    13.5 Market Share by Key Application - Major companies
    13.6 Market Share by Key Product Type/Product category- Major companies
14. Lithium Market- Key Company List by Country Premium Premium 
15. Lithium Market Company Analysis- Business Overview, Product Portfolio, Financials, and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"

LIST OF TABLES

1.Global Lithium Value Analysis, by Product, Market 2019-2024 ($M)
1.1 Lithium Carbonate Market 2019-2024 ($M) - Global Industry Research
1.2 Lithium Hydroxide Market 2019-2024 ($M) - Global Industry Research
1.3 Lithium Chloride Market 2019-2024 ($M) - Global Industry Research
2.Global Competition Landscape Market 2019-2024 ($M)
2.1 SQM Market 2019-2024 ($M) - Global Industry Research
2.2 Albermarle Corporation Market 2019-2024 ($M) - Global Industry Research
2.3 Heat Mapping Market 2019-2024 ($M) - Global Industry Research
3.Global Lithium Value Analysis, by Product, Market 2019-2024 (Volume/Units)
3.1 Lithium Carbonate Market 2019-2024 (Volume/Units) - Global Industry Research
3.2 Lithium Hydroxide Market 2019-2024 (Volume/Units) - Global Industry Research
3.3 Lithium Chloride Market 2019-2024 (Volume/Units) - Global Industry Research
4.Global Competition Landscape Market 2019-2024 (Volume/Units)
4.1 SQM Market 2019-2024 (Volume/Units) - Global Industry Research
4.2 Albermarle Corporation Market 2019-2024 (Volume/Units) - Global Industry Research
4.3 Heat Mapping Market 2019-2024 (Volume/Units) - Global Industry Research
5.North America Lithium Value Analysis, by Product, Market 2019-2024 ($M)
5.1 Lithium Carbonate Market 2019-2024 ($M) - Regional Industry Research
5.2 Lithium Hydroxide Market 2019-2024 ($M) - Regional Industry Research
5.3 Lithium Chloride Market 2019-2024 ($M) - Regional Industry Research
6.North America Competition Landscape Market 2019-2024 ($M)
6.1 SQM Market 2019-2024 ($M) - Regional Industry Research
6.2 Albermarle Corporation Market 2019-2024 ($M) - Regional Industry Research
6.3 Heat Mapping Market 2019-2024 ($M) - Regional Industry Research
7.South America Lithium Value Analysis, by Product, Market 2019-2024 ($M)
7.1 Lithium Carbonate Market 2019-2024 ($M) - Regional Industry Research
7.2 Lithium Hydroxide Market 2019-2024 ($M) - Regional Industry Research
7.3 Lithium Chloride Market 2019-2024 ($M) - Regional Industry Research
8.South America Competition Landscape Market 2019-2024 ($M)
8.1 SQM Market 2019-2024 ($M) - Regional Industry Research
8.2 Albermarle Corporation Market 2019-2024 ($M) - Regional Industry Research
8.3 Heat Mapping Market 2019-2024 ($M) - Regional Industry Research
9.Europe Lithium Value Analysis, by Product, Market 2019-2024 ($M)
9.1 Lithium Carbonate Market 2019-2024 ($M) - Regional Industry Research
9.2 Lithium Hydroxide Market 2019-2024 ($M) - Regional Industry Research
9.3 Lithium Chloride Market 2019-2024 ($M) - Regional Industry Research
10.Europe Competition Landscape Market 2019-2024 ($M)
10.1 SQM Market 2019-2024 ($M) - Regional Industry Research
10.2 Albermarle Corporation Market 2019-2024 ($M) - Regional Industry Research
10.3 Heat Mapping Market 2019-2024 ($M) - Regional Industry Research
11.APAC Lithium Value Analysis, by Product, Market 2019-2024 ($M)
11.1 Lithium Carbonate Market 2019-2024 ($M) - Regional Industry Research
11.2 Lithium Hydroxide Market 2019-2024 ($M) - Regional Industry Research
11.3 Lithium Chloride Market 2019-2024 ($M) - Regional Industry Research
12.APAC Competition Landscape Market 2019-2024 ($M)
12.1 SQM Market 2019-2024 ($M) - Regional Industry Research
12.2 Albermarle Corporation Market 2019-2024 ($M) - Regional Industry Research
12.3 Heat Mapping Market 2019-2024 ($M) - Regional Industry Research
13.MENA Lithium Value Analysis, by Product, Market 2019-2024 ($M)
13.1 Lithium Carbonate Market 2019-2024 ($M) - Regional Industry Research
13.2 Lithium Hydroxide Market 2019-2024 ($M) - Regional Industry Research
13.3 Lithium Chloride Market 2019-2024 ($M) - Regional Industry Research
14.MENA Competition Landscape Market 2019-2024 ($M)
14.1 SQM Market 2019-2024 ($M) - Regional Industry Research
14.2 Albermarle Corporation Market 2019-2024 ($M) - Regional Industry Research
14.3 Heat Mapping Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Lithium Market Revenue, 2019-2024 ($M)
2.Canada Lithium Market Revenue, 2019-2024 ($M)
3.Mexico Lithium Market Revenue, 2019-2024 ($M)
4.Brazil Lithium Market Revenue, 2019-2024 ($M)
5.Argentina Lithium Market Revenue, 2019-2024 ($M)
6.Peru Lithium Market Revenue, 2019-2024 ($M)
7.Colombia Lithium Market Revenue, 2019-2024 ($M)
8.Chile Lithium Market Revenue, 2019-2024 ($M)
9.Rest of South America Lithium Market Revenue, 2019-2024 ($M)
10.UK Lithium Market Revenue, 2019-2024 ($M)
11.Germany Lithium Market Revenue, 2019-2024 ($M)
12.France Lithium Market Revenue, 2019-2024 ($M)
13.Italy Lithium Market Revenue, 2019-2024 ($M)
14.Spain Lithium Market Revenue, 2019-2024 ($M)
15.Rest of Europe Lithium Market Revenue, 2019-2024 ($M)
16.China Lithium Market Revenue, 2019-2024 ($M)
17.India Lithium Market Revenue, 2019-2024 ($M)
18.Japan Lithium Market Revenue, 2019-2024 ($M)
19.South Korea Lithium Market Revenue, 2019-2024 ($M)
20.South Africa Lithium Market Revenue, 2019-2024 ($M)
21.North America Lithium By Application
22.South America Lithium By Application
23.Europe Lithium By Application
24.APAC Lithium By Application
25.MENA Lithium By Application