Global Lithium Foil Market Size, Growth, Industry Trends | Emergen Research

Global Lithium Foil Market Poised for Rapid Growth Due to Advancements in Manufacturing and Rising Demand in EVs

The global lithium foil market size is expected to reach USD 51.98 Billion in 2032 and register a steady revenue CAGR of 19.5 % over the forecast period, according to the latest analysis by Emergen Research. Rising demand for electric vehicles and energy storage systems is a major factor driving market revenue growth. The ongoing global energy crisis and environmental risks have hastened the global adoption of Electric Vehicles (EVs) across the globe. In contrast to gasoline-powered cars, EVs have the potential to substantially decrease greenhouse gas emissions, reduce energy expenses for drivers, and diminish reliance on imported oil.
Ambitious policy initiatives in major economies, such as the European Union's Fit for 55 package and the United States' Inflation Reduction Act, are expected to further drive the market share of electric vehicles in terms of revenue throughout this decade and beyond. It is expected that by 2030, the proportion of electric cars in total sales in China, the EU, and the United States will increase to approximately 60%. These encouraging developments are also yielding positive effects on battery production and supply chains which is a major factor driving revenue growth of the market. Lithium foil is employed in lithium-ion batteries because it provides the highest energy density among rechargeable batteries, facilitating quicker and more durable charging of these batteries. These factors are expected to drive revenue growth of the lithium foil market over the forecast period.

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However, limited availability of lithium resources and volatility in lithium prices is a major factor restraining revenue growth of the market. Rising demand for lithium is driven by rapid expansion of electric vehicle production relying on lithium-ion batteries. Nevertheless, there exists a global deficiency in the supply of this metal, prompting Western countries to expedite the development of new mines to compete with China. In 2023, electric vehicle sales are expected to reach 13.8 million units, but this figure is expected to soar to over 30 million by 2030. Despite the operation of 45 lithium mines worldwide in 2022, with an additional 11 slated to commence operations this year and seven more in 2024, which is not expected to be sufficient to meet rising demand. Furthermore, even if more raw lithium is extracted from these new mines, there is the potential for a shortage of facilities capable of refining the metal into battery-grade materials.

Key Drivers of Growth The transition to EVs is a significant factor propelling the lithium foil market. Amid global energy concerns and environmental challenges, EVs have emerged as an essential solution for reducing greenhouse gas emissions and energy costs while decreasing reliance on fossil fuels. Ambitious policies in major economies, such as the EU's Fit for 55 package and the U.S. Inflation Reduction Act, are expected to boost EV adoption, projecting that 60% of car sales in China, the EU, and the U.S. will be electric by 2030. This shift is fostering demand for high-quality battery materials, including lithium foil, which is used in lithium-ion batteries for its high energy density and efficient charging properties.

Challenges Despite the promising outlook, the lithium foil market faces challenges related to limited lithium resource availability and fluctuating prices. The rapid expansion of EV production has outpaced lithium supply, prompting new mining initiatives. By 2023, global EV sales are expected to reach 13.8 million units, climbing to over 30 million by 2030. Although 45 lithium mines operated worldwide in 2022, with more planned, this may not suffice to meet demand. Additionally, refining facilities for battery-grade lithium remain limited, posing potential supply chain bottlenecks.

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Market Highlights
• Battery Anode Material: This segment is projected to account for the largest market share, driven by lithium's superior properties as an anode material, including high capacity, low density, and negative electrochemical potential. These characteristics are vital for future energy storage technologies, such as lithium-air and lithium-sulfur batteries.
• Ultra-Thin Lithium Foil: Foils less than 0.1mm thick are expected to see significant demand due to their use in thin film lithium-ion batteries with solid electrolytes, enhancing energy density and reducing risks associated with liquid electrolytes.
• North America: The region is poised to lead market revenue due to strategic investments and advancements by key players. In 2022, Saudi investment firm Energy Capital Group backed Pure Lithium, a U.S. company innovating lighter, cost-effective lithium metal batteries.

Key Industry Moves On September 1, 2023, NOVONIX Limited, a leader in battery materials, partnered with SandboxAQ to improve lithium-ion battery lifespan using AI-powered chemical simulation and advanced testing technology. This initiative highlights the importance of enhancing battery performance to support global electrification efforts.
Top Companies The market features major players such as Honjo Chemical Corporation, Thermo Fisher Scientific Inc., AMERICAN ELEMENTS, Merck KGaA, Albemarle Corporation, and others, focusing on innovation and expanding their production capabilities.

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Segmentation Overview
• Purity Level Outlook (Revenue, USD Billion; 2019-2032)
o Less than 99.5%
o 5% and above

• Application Type Outlook (Revenue, USD Billion; 2019-2032)
o Battery Anode Material
1. Lithium-ion Batteries
2. Lithium Polymer Batteries
3. Solid-State Batteries

o Thermal Insulation
1. Aerospace
2. Electronics
3. Automotive
4. Building & Construction

o Chemical Reagents
1. Laboratory Use
2. Industrial Processes
o Others
1. Nuclear Reactors
2. Lithium-Based Alloys

• Thickness-based Outlook (Revenue, USD Billion; 2019-2032)
o Ultra-Thin Lithium Foil (Less than 0.1mm)
o Thin Lithium Foil (0.1mm - 0.5mm)
o Thick Lithium Foil (0.5mm and above)

• End-Use Outlook (Revenue, USD Billion; 2019-2032)
o Electronics
1. Smartphones and Tablets
2. Laptops and Notebooks
3. Wearable Devices

o Automotive
1. Electric Vehicles (EVs)
2. Hybrid Vehicles
3. Conventional Vehicles

o Aerospace
1. Satellites
2. Aircraft
3. Spacecraft

o Energy Storage
1. Residential Energy Storage
2. Grid-Level Energy Storage

o Chemical
1. Pharmaceuticals
2. Specialty Chemicals

• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. U.K.
3. France
4. Spain
5. BENELUX
6. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. Israel
4. Rest of MEA

View Additional Related Reports:

Lithium Foil Market Size- https://www.emergenresearch.com/industry-report/lithium-foil-market/market-size

Lithium Foil Market Share- https://www.emergenresearch.com/industry-report/lithium-foil-market/market-share

Lithium Foil Market Trends- https://www.emergenresearch.com/industry-report/lithium-foil-market/market-trends

Lithium Foil Regional Market Demand- https://www.emergenresearch.com/industry-report/lithium-foil-market/regional-market-demand

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