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Lithium Metal Market Trends, Top Companies, Share, Growth And Forecast 2033
Lithium Metal Market Trends
Lithium Metal Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $5.67 billion In 2028 At A CAGR Of 16.6% :
The lithium metal market size has grown rapidly in recent years. It will grow from $2.6 billion in 2023 to $3.07 billion in 2024 at a compound annual growth rate (CAGR) of 18.2%. The growth in the historic period can be attributed to surge in electric vehicles (evs), demand for renewable energy, demand for consumer electronics, increase in aerospace and defense sectors.
The lithium metal market size is expected to see rapid growth in the next few years. It will grow to $5.67 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The growth in the forecast period can be attributed to rise in demand for medical devices, supply chain investments, government initiatives, consumer awareness. Major trends in the forecast period include technological innovation, advancements in battery technology, recycling and sustainability, lithium extraction innovations.
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Lithium Metal Market Major Segments
The lithium metal market covered in this report is segmented -
1) By Source: Salt Lake Brine; Lithium Ores
2) By Application: Lithium Ion-Anode Material; Alloy; Intermediates; Other Applications
3) By End-User: Batteries; Metal Processing; Pharmaceutical; Other End-Users
Key Driver - Rapid Expansion Of Electric Vehicle Adoption Fuels Growth In The Lithium Metal Market
The increasing adoption of electric vehicles worldwide is expected to propel the growth of the lithium metal market going forward. Electric vehicles are automobiles that consist of a motor powered by electricity stored in batteries that operate on electric motors and charge their batteries with electricity rather than fossil fuels like gasoline or diesel. Lithium metal is a crucial component in manufacturing lithium-ion batteries, the primary power source for EVs. For instance, according to May 2022, according to the Global EV Outlook 2022 report by the International Energy Agency, a France-based autonomous intergovernmental organization, electric vehicle (EV) sales have nearly doubled from 2021, reaching a new high of 10.2 million units in 2022. Additionally, the sales of electric car vehicles worldwide in 2023 are expected to be 14 million units, representing a growth rate of 35%. Therefore, the increasing adoption of electric vehicles worldwide will drive the lithium metal market.
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Prominent Trend - Increasing Innovation Towards Advanced Products To Provide High-Quality Product
Major companies operating in the lithium metal market are focused on innovating advanced lithium material to strengthen their position in the market. Advanced lithium materials are materials that are used in the production of high-energy-density lithium batteries. For instance, in March 2023, MontaVista Energy Technologies Corporation, a China-based developer of materials and production processes for lithium metal batteries, launched the METARY P series, which features high-power and high-specific energy. The METARY P Series cells, which use a lithium metal anode and an optimized non-flammable liquid electrolyte, provide a high specific energy of over 400 Wh/kg, which can sustain a commercial drone's ultralong in-airtime but also a high specific power and lift and maneuver it safely at high speed.
Lithium Metal Market Players
Major players in the lithium metal market are Sociedad Quimica Y Minera S.A, Albemarle Corporation, Eramet Group, Ganfeng Lithium Co. Ltd., FMC Corporation, Mineral Resources Ltd., Mineral Resources Ltd., Sichuan Yahua Industrial Group Co. Ltd., Shenzhen Chengxin Lithium Group Co. Ltd., Advanced Metallurgical Group NV, Pilbara Minerals Ltd., Livent Corporation, Allkem Limited, Spectrum Chemical Mfg. Corp., Tianqi Lithium Corp, Bisley International LLC, Lithium Americas Corp., Neometals Ltd., American Elements Corp, China Energy Lithium Co. Ltd., Savannah Resources PLC, TruGroup Inc., Chemical-Metallurgical Plant Open Joint Stock Co., Otto Chemie Pvt. Ltd., Li-Metal Corp.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the lithium metal market in 2023. The regions covered in lithium metal market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Lithium Metal Market Report Structure
3. Lithium Metal Market Trends And Strategies
4. Lithium Metal Market - Macro Economic Scenario
5. Lithium Metal Market Size And Growth
…..
27. Lithium Metal Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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