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Lithium Market Report 2024 - Lithium Market Size, Share And Trends
Lithium Market
According to The Business Research Company's, The lithium market size has grown strongly in recent years. It will grow from $6.29 billion in 2023 to $6.92 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to consumer electronics boom, portable electronics growth, renewable energy storage, lithium-ion battery advancements.
The lithium market size is expected to see strongly grown in the next few years. It will grow to $10.44 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to continued growth in electric vehicles, renewable energy expansion, government initiatives and incentives, smart grid development, increasing energy storage capacity. Major trends in the forecast period include advancements in lithium technologies, solid-state lithium batteries, diversification of lithium sources, integration of lithium in aerospace, decentralized energy solutions.
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Market Drivers and Trends:
An increase in smartphone adoption is expected to propel the growth of the lithium market going forward. A smartphone refers to a cellular phone with a built-in computer and other functionality not previously present in phones, such as an operating system (OS), web browsing, and the ability to run software programs. Smartphones play a significant role in the lithium market by driving demand for lithium-ion batteries, which are essential for these devices, contributing to the growth of the lithium industry. For instance, in February 2023, according to Uswitch Limited, a UK-based financial conduct authority, mobile connections in the UK reached 71.8 million, showing a 3.8% increase from the previous year, totaling approximately 2.6 million additional connections. Furthermore, it is projected that the UK's population will expand to 68.3 million by 2025, with an estimated 95% of the population, or around 65 million individuals, owning a smartphone. Therefore, the increase in smartphone adoption is driving the growth of the lithium market.
Major companies operating in the lithium market are increasing their focus on introducing innovative residential-use batteries to gain a competitive edge in the market. Residential-use batteries are energy storage systems designed for household applications. For instance, in September 2022, Kstar, a China-based battery manufacturing company, launched all-in-one lithium-titanate (LTO) batteries for residential use. These new batteries aim to deliver enduring and dependable performance, boasting a remarkable 16,000 charge cycles, a substantial 5.4 kWh storage capacity, and an impressive 90% depth of discharge, empowering homeowners to enhance energy management and decrease grid dependency.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Albemarle Corporation; Sociedad Química y Minera; FMC Corporation; Sichuan Tianqi Lithium Industries Inc.; Jiangxi Ganfeng Lithium Co. Ltd; Tianqi Lithium Corporation; Livent Corporation; Allkem Limited; Jiangsu Ronghui General Lithium Industry Co. Ltd.; Avalon Advanced Materials Inc.; Lithium Americas Corp.; EnerSys; Ganfeng Lithium Co. Ltd.; Orocobre Limited; Galaxy Resources Limited; Mineral Resources Limited; Neometals Ltd.; Pilbara Minerals Limited; Altura Mining Limited; Bacanora Lithium Plc; Critical Elements Lithium Corporation; International Lithium Corp.; Lithium Australia NL; Lithium Power International Limited; Nemaska Lithium Inc.; North American Lithium Inc.; Piedmont Lithium Limited; Power Metals Corp.; Pure Energy Minerals Limited; Sayona Mining Limited; Standard Lithium Ltd.; Wealth Minerals Ltd.
Lithium Market 2024 Key Insights:
• The lithium market size will grow to $10.44 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%.
• Smartphone Adoption Drives The Lithium Market
• Advancements In Lithium Battery Performance
• South America was the largest region in the lithium market in 2023
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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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