Lithium Market is to grow at 6.8% CAGR, with Asia-Pacific leading the market through 2032

Lithium Market to Hit USD 7.21 Bn by 2032

The Lithium Market was USD 4.49 Bn in 2024 and is expected to expand at a compound annual growth rate (CAGR) of 6.8% from 2025 to 2032, reaching USD 7.21 Bn by 2032. Lithium is in high demand because to the growing production and use of consumer devices including wearables, computers, tablets, and smartphones. Due to its portability, high energy density, and extended battery life, lithium-ion batteries are the recommended power source for these gadgets. Technological advancements such as energy density, charging speeds, and lifespan, are increasing the appeal of lithium batteries for a wider variety of uses. Government policies such as European Green Deal, and US Clean Energy Plans are establishing advantageous circumstances for the market expansion of lithium. As of 2023, the United States has 11 million tons of lithium resources from brines and minerals.

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Lithium Market Segmentation

By Product: In 2024, The lithium carbonated segment held almost 65% of the world's lithium market. Global lithium carbonate production reached 369,000 tons, making up around 60% of total market in 2024. The Lithium Hydroxide segment is growing with the CAGR of 24% from 2025 to 2032. Production of lithium hydroxide reached 249,000 tons in 2024, accounting for around 40% of the market.

By Source Type: Hard Rock Lithium is mostly extracted from pegmatite sources that include spodumene. Australia is a pioneer in this technique, as seen by the Greenbushes mine in Western Australia. In Brines segment, lithium concentrations can differ, with some sources like Salar de Atacama, have concentrations as high as 5,000 parts per million.

Lithium Market Regional Analysis

United States: The United States produced over 615 metric tons of lithium in 2023. The U.S. Geological Survey estimated that 1.1 million tons of lithium deposits are in the United States, adding to a total of 28 million tons worldwide. In January 2025, a $996 million loan to pioneer Ltd. for the Rhyolite Ridge lithium-boron project in Nevada was approved by the U.S. Department of Energy.

Germany: Germany has lithium deposits of up to 26.51 million metric tons in the regions like the middle Thuringian Basin and the North German Basin. In September 2024, AMG Critical Materials opened the first lithium hydroxide refinery in Europe at Butterfield-Wolfen, Germany. Using geothermal brines, companies such as EnBW and LevertonHELM have successfully generated lithium carbonate with a purity of above 99.5%.

China: Asia-Pacific dominate the Lithium Market with China leading the market. Production from Chinese-controlled mines, including those in Africa, is expected to increase from 194,000 tons in 2022 to 705,000 tons by 2025. By doing this, China's proportion of the world's lithium supply will increase from 24% in 2022 to 32%.

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Lithium Market Competitive Landscape

Albemarle: In October 2022, Albemarle successfully acquired Guangxi Tianyuan, a lithium converter in Guangxi, China, close to the Port of Qinzhou for approximately $200 million. In March 2023, Albemarle proposed to acquire shares of Liontown Resources for US$3.4 billion.

Livent: In January Livent completed an all-stock merger with Allkem for approximately $10.6 billion. In December 2023, Livent purchased a small portion in ILiAD Technologies.

Ganfeng Lithium: In May 2024, The Goulamina lithium mine will be operated by Ganfeng Lithium in collaboration with the Malian government. Additionally, Ganfeng purchased a 40% share from Leo Lithium of Australia for approximately $342.7 million.

Recent Developments:

A firm funded by Rio Tinto, ElectraLith, has secured $17 million to create a new process that produces battery-grade lithium hydroxide without the need for chemicals, water, or Chinese refineries.
Companies like CATL and BYD are investing in the development of sodium-ion batteries, which is causing technological advancements to occur.

Conclusion

Geopolitical variables including trade restrictions and resource nationalization, as shown in nations like Chile and Mexico, are influencing lithium mining and supply networks. To ensure secure supply chains, strategic alliances, acquisitions, and investments are essential.

For additional reports on related topics, visit our website:

♦ Lithium Mining Market https://www.maximizemarketresearch.com/market-report/global-lithium-mining-market/65242/

♦ Lithium Metal Industry https://www.maximizemarketresearch.com/market-report/lithium-metal-industry/207384/

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