Press release
Strong Growth Ahead: Lithium Market Size To Grow At Arecord 10% Cagr By 2029
Lithium Market
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How Big Is the Lithium Market Size Expected to Be by 2034?_x000D_
The lithium market has grown rapidly, projected to rise from $7.75 billion in 2024 to $9.01 billion in 2025, with a CAGR of 16.3%. The growth is driven by the boom in consumer electronics, portable electronics demand, renewable energy storage, and advancements in lithium-ion battery technology._x000D_
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The lithium market is set for rapid expansion, expected to grow to $13.2 billion by 2029 at a CAGR of 10.0%. Growth drivers include the ongoing electric vehicle boom, renewable energy scale-up, government support, smart grid development, and rising energy storage needs. Major trends involve advancements in lithium-based technologies, adoption of solid-state batteries, source diversification, aerospace integration, and decentralized energy systems._x000D_
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What Are the Emerging Segments Within the Lithium Market?_x000D_
The lithium market covered in this report is segmented -_x000D_
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1) By Type: Glass/Ceramics, Greases / Lubricants, Chemical Synthesis, Portable Electronics & Other Handhelds, Hybrids, Battery Electric Vehicle (bevy), Grid, and Other Power Storage Applications_x000D_
2) By Mining Type: Underground Mining, Surface Mining_x000D_
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Subsegments:_x000D_
1) By Glass Or Ceramics: Glass Production, Ceramic Glazes, Specialty Glass Applications_x000D_
2) By Greases Or Lubricants: Automotive Lubricants, Industrial Greases, High-Temperature Lubricants_x000D_
3) By Chemical Synthesis: Pharmaceuticals, Polymers, Specialty Chemicals_x000D_
4) By Portable Electronics And Other Handhelds: Smartphones, Laptops, Tablets_x000D_
5) By Hybrids: Hybrid Electric Vehicles (HEVs), Plug-In Hybrid Electric Vehicles (PHEVs), Mild Hybrid Vehicles_x000D_
6) By Battery Electric Vehicle (BEV): Passenger BEVs, Commercial BEVs, Electric Buses_x000D_
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What Long-Term Drivers Are Shaping Lithium Market Trends?_x000D_
The increase in smartphone adoption is fueling the growth of the lithium market. Lithium-ion batteries are essential for smartphones, and as the number of smartphone users rises, so does the demand for lithium. In 2023, mobile connections in the UK increased by 3.8%, and projections indicate that by 2025, 95% of the UK population will own a smartphone. This surge in smartphone adoption is contributing to the growth of the lithium market._x000D_
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Who Are the Top Competitors in Key Lithium Market Segments?_x000D_
Major companies operating in the lithium market include Albemarle Corporation, Sociedad Química y Minera, FMC Corporation, Sichuan Tianqi Lithium Industries Inc., 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., 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._x000D_
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What Trends Are Expected to Dominate the Lithium Market in the Next 5 Years?_x000D_
Companies in the lithium market are increasingly developing innovative residential-use batteries to strengthen their position. For instance, Kstar, a China-based battery manufacturer, launched lithium-titanate (LTO) batteries in September 2022, designed for residential use. These batteries provide long-lasting performance, featuring 16,000 charge cycles, 5.4 kWh capacity, and 90% depth of discharge, helping homeowners optimize energy management and reduce dependency on the power grid._x000D_
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Which Regions Are Becoming Hubs for Lithium Market Innovation?_x000D_
The countries covered in the lithium market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa._x000D_
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Frequently Asked Questions:_x000D_
1. What Is the Market Size and Growth Rate of the Lithium Market?_x000D_
2. What is the CAGR expected in the Lithium Market?_x000D_
3. What Are the Key Innovations Transforming the Lithium Industry?_x000D_
4. Which Region Is Leading the Lithium Market?
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