Press release
Lithium Market is projected to grow to USD 38.8 billion by 2031 - Albemarle, Altura Mining Limited, Avalon Advanced Materials Inc & Critical Elements Corporation.
Lithium Market || 2024-2031
The electric vehicle (EV) sector is a primary catalyst for the expansion of the lithium market. Lithium-ion batteries are indispensable for EVs, providing both efficiency and extended driving ranges. With a heightened emphasis on sustainability and the shift towards cleaner transportation solutions, the demand for EVs is anticipated to escalate, consequently driving up the demand for lithium.
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Market Dynamics:
The rise in demand for electric vehicles (EVs) is driving significant growth in the lithium market. Lithium-ion batteries, renowned for their high energy density, enable efficient energy storage in a compact, lightweight form, surpassing other battery technologies. This capability translates into extended driving ranges and superior performance for EVs. Additionally, lithium batteries offer rapid charge-discharge capabilities, facilitating quicker charging times and reducing overall charging needs for electric vehicles.
An illustrative example is Luxembourg-based Livista's announcement on June 18, 2023. Livista unveiled plans to establish a specialized lithium refinery dedicated to manufacturing batteries for electric vehicles. The facility aims to refine 40,000 tons of lithium, a crucial component in lithium-ion batteries. This strategic initiative responds to the soaring demand for EVs and the critical need for a stable lithium supply. Livista's project aligns with efforts to advance sustainable and environmentally friendly mobility solutions, ensuring a reliable source of lithium to support the expanding electric vehicle market.
Market Segmentation:
By Type: Alloys, Metal, Chloride, Carbonate, Hydroxide.
By Application: Batteries, Lubricants, Automotive Parts, Aluminum Smelting & Alloys, Medical, Glass and Glass Ceramics, Air Treatment, Metallurgy, Polymers.
By End User: Consumer Electronics, Electric Vehicles, Energy Storage, Industrial.
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Major Key Players:
• Albemarle
• Altura Mining Limited
• Avalon Advanced Materials Inc
• FMC
• Critical Elements Corporation
• Galaxy Resources Limited
• Jiangxi Ganfeng Lithium Co. Ltd
• Lithium Americas
• Sichuan Tianqi Lithium Industries
• SQM
Regional Analysis:
The global Lithium Market report focuses on six major regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The report offers detailed insight into new product launches, new technology evolutions, innovative services, and ongoing R&D. The report discusses a qualitative and quantitative market analysis, including PEST analysis, SWOT analysis, and Porter's five force analysis. The Lithium Market report also provides fundamental details such as raw material sources, distribution networks, methodologies, production capacities, industry supply chain, and product specifications.
Key Developments:
On February 28, 2022, Luminous Power Technologies launched the "Li-ON" series, an integrated inverter system featuring Lithium-ion batteries. This new series embodies an integrated approach to science and technology, aiming for a sustainable future. The Li-ON series is designed with a compact structure, enhanced safety features, high efficiency, and excellent performance, while also requiring no maintenance.
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