Lithium Market: Holistic Expansion with Significant CAGR Expected by 2024-2031 | Albemarle, Altura Mining Limited, Avalon Advanced Materials Inc.

Lithium Market Research Report By DataM Intelligence: A comprehensive analysis of current and emerging trends provides clarity on the dynamics of the Lithium market. The report employs Porter's Five Forces model to assess key factors such as the influence of suppliers and customers, risks posed by different entities, competitive intensity, and the potential of emerging entrepreneurs, offering valuable insights. Additionally, the report presents research data from various companies, including their benefits, gross margins, and strategic decisions in the global market, all conveyed through tables, charts, and infographics.

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What is the projected growth rate (CAGR) of the Global Lithium market from 2024 to 2031, and what is the market value expected to change by 2031?

Global Lithium Market reached US$ 9.3 billion in 2023 and is expected to reach US$ 38.8 million by 2031, growing with a CAGR of 19.5% during the forecast period 2024-2031.

What is Lithium Market?

The lithium market involves the production, distribution, and utilization of lithium, a highly reactive metal crucial for energy storage, especially in rechargeable batteries for electric vehicles (EVs), consumer electronics, and renewable energy storage systems. Lithium is also used in pharmaceuticals, ceramics, and glass. With the global shift towards electrification and sustainable energy, the demand for lithium is rapidly growing, driving advancements in mining, extraction, and recycling technologies.

Growth Driver

Surge in Electric Vehicle (EV) Demand

The growing demand for electric vehicles (EVs) is driving significant growth in the lithium market. Lithium-ion batteries, prized for their high energy density, can store more energy in a compact, lightweight design, making them superior to other battery technologies. This advantage translates into longer driving ranges and improved performance for EVs. Additionally, lithium batteries offer impressive charge-discharge capabilities, enabling faster charging times and reducing the overall charging frequency for electric vehicles, further boosting their appeal.

Key Players:

Profiles of some of the major players in the global Lithium market, which include 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.

Industry Development:

On 13 March 2023, MontaVista Energy Technologies Corporation launched the METARY P series, a new line of Lithium Metal Battery (LMB) products. These batteries offer both high power and high specific energy, providing significant performance benefits. During in-flight tests, drones equipped with MontaVista's LMBs achieved 60-80% longer flight times compared to those using traditional lithium-ion batteries, showcasing their potential in commercial drone applications.

On 20 March 2023, Mitsubishi Logisnext Americas Group introduced Triathlon Lithium-ion battery and charger solutions for the UniCarriers product line of forklifts. These battery solutions will be available as a factory-installed option on most UniCarriers Class I and III forklift models across North and Latin America, enhancing operational efficiency with advanced battery technology.

The purpose of the report is to offer a comprehensive analysis of the market, along with insightful conclusions, statistical data, historical information, market data that has been confirmed by the industry, and predictions based on a sound methodology. By identifying and examining market segments and forecasting global market size, the study also contributes to understanding the dynamics and structure of the global Lithium market.

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Market Segments:

The report covers the segmentation of the market into different segments based on various classifications such as applications, end users, product types, and others. The segmentation is divided into two sections, one for development and the other for different roles, needs, and behaviours.

By Type: Alloys, Metal, Chloride, Carbonate, Hydroxide, Concentrate.

By Application: Batteries, Lubricants, Automotive Parts, Aluminum Smelting & Alloys, Medical, Glass and Glass Ceramics, Air Treatment, Metallurgy, Polymers, Others.

By End User: Consumer Electronics, Electric Vehicles, Energy Storage, Industrial, Others.

Regional Break out:

☞ North America - US, Canada, Mexico

☞ Europe- Germany, Russia, UK, France, Italy, Rest of Europe

☞ Asia Pacific- China, India, Japan, Australia, Rest of Asia Pacific

☞ South America- Brazil, Argentina, Colombia, Rest of South America

☞ Middle East and Africa- Saudi Arabia, UAE, Oman, Bahrain, Qatar, Kuwait, Israel

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Key Features

➧ Gain deep insights into market dynamics, trends, and opportunities to stay ahead in a competitive landscape.

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➧ Receive actionable insights and recommendations to drive your business toward growth and long-term success.

➧ Tailor competitive intelligence to your unique business needs, ensuring relevant and focused analysis.

➧ Evaluate supply chain efficiency and logistics strategies to optimize operations and minimize disruptions.

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➧ Identify and target specific market segments with detailed intelligence on customer preferences and behaviours.

➧ Stay informed on regulatory changes and legal requirements impacting your industry to ensure compliance and mitigate risks.

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