Lithium Market to See High Growth in Upcoming Year by 2028
The global lithium market size was USD 3.64 billion in 2020. The market is projected to grow from USD 3.83 billion in 2021 to USD 6.62 billion in 2028 at a CAGR of 8.1% during the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Lithium Market, 2021-2028.” According to our researchers, prompt progressions in the rechargeable batteries for laptops, mobile phones, Electric Vehicles (EVs), as well as digital cameras, directed by the growth in the Li-ion battery market across the world shall power the product demand. Growing demand for batteries, glass & ceramics, lubricants, foundry and others is anticipated to nurture the growth of the lithium market forecast.
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Product, Application, and Region are studied for the Market
Based on product, the lithium market is classified into carbonate, hydroxide, and others. In terms of application, the market is categorized into batteries, glass & ceramics, lubricant, medical, polymers, metallurgy, and others. The batteries segment accounted for the major lithium market share in 2020 and is probable to endure its domination during the forecast timeframe. Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
List of Lithium Market Players Covered in this Report are:
- FMC Corporation (India)
- Albemarle Corporation (U.S.)
- SQM S.A. (Chile)
- Tianqi Lithium (Australia)
- International Lithium Corp. (China)
- LSC Lithium Corporation (Canada)
- American Lithium Corp. (Canada)
- Livent (U.S.)
- Avalon Advanced Materials (Canada)
- Sayona Mining Limited (Australia)
- Other Key Players
The report presents a holistic study of the market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, a thorough regional analysis is offered.
The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified, and their strategies to bolster the lithium market growth are shared in the report.
Drivers and Restraints
Rising Embracement of Electric Vehicles to Assist Market Growth
The evolution of the automotive industry over the past few years, coupled with technological advances will have a massive impact on the EV market. EVs are designed to replace conventional traveling ways owing to advancements in technology, low carbon emission, low maintenance, smoother drive, the convenience of charging at home, reduced engine sound, and high fuel economy. EVs help reduces air pollution in densely populated areas and GHG emissions. This is expected to boost the lithium market regional analysis during the mentioned timeframe.
North America held the maximum lithium market share in 2020 and is expected to grow at a substantial pace during the forecast period. The rising implementation of cleaner energy sources, owing to strict supervisory guidelines is increasing the regional growth.
The Asia Pacific is anticipated to hold the maximum share of the global market, owing to extensive utilization in the industrial and commercial sector involving power, chemical, electronics, industrial, and general manufacturing among others.
Europe has perceived a considerable industrial development in the past decade. The rising investment of the European Union for R&D in automobile, ICT, and healthcare sectors is the prime aspect driving the growth.
Acquisitions Commenced by Significant Companies to Encourage Market Growth
The dominating players in the market frequently choose effective tactics to thrust their brand value as well as endorse the global market growth of the product with confronting the least conceivable complications. One such resourceful strategy is purchasing competitive companies and further fortifying a profit for both the companies.
June 2021: Ganfeng Lithium declared to upsurge its lithium carbonate generation by 600,000 tons equal to a year, as a requirement for the commodity utilized in electric-vehicle batteries rises. The company is set to sell approximately USD 630 million in novel shares to enhance capacity and fund latent investments.
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