Lithium Industry Outlook 2025-2029: Market Set to Cross $13.19 Billion Milestone

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How Large Will the Lithium Market Size By 2025?
The rapid expansion of the lithium market in recent years is noteworthy. Its estimated size is expected to surge from $7.75 billion in 2024 to $9.01 billion in 2025, reflecting a compound annual growth rate (CAGR) of 16.3%. The substantial growth observed in the historic period is due to factors such as the rise in consumer electronics, the expansion of portable electronics, the increased need for renewable energy storage, and the advancement in lithium-ion battery technology.

How Big Is the Lithium Market Size Expected to Grow by 2029?
Anticipated to expand swiftly in the coming years, the market size of lithium is projected to reach $13.2 billion by 2029, boasting a compound annual growth rate (CAGR) of 10.0%. The noteworthy surge predicted for the period is ascribed to factors such as the consistent growth in electric vehicles, the widespread adoption of renewable energy, government policies and incentives, development of smart grids, and a boost in energy storage capacity. Key trends during this forecast period encompass technological advancements in lithium, the introduction of solid-state lithium batteries, diversification in lithium sources, lithium incorporation in the aerospace sector, and the rise of decentralized energy solutions.

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Which Key Market Drivers Powering Lithium Market Expansion and Growth?
The expansion of the lithium market is anticipated to be fuelled by a surge in smartphone usage. Smartphones, cellular phones featuring an integral computer along with functionality not found in earlier phones such as an operating system, internet browsing capabilities, and software program compatibility, play a crucial role in spurring the lithium market. This technology stimulates the demand for lithium-ion batteries, pivotal to their operation, thereby aiding the growth of the lithium industry. To illustrate, as per Uswitch Limited, a financial conduct authority in the UK, mobile connections in the UK surged to 71.8 million in February 2023, marking a 3.8% increase from the prior year and resulting in around 2.6 million extra connections. Moreover, it's predicted that by 2025, the UK population will rise to 68.3 million, with a projected 95% of the populace, equating to approximately 65 million people, owning a smartphone. Hence, the escalating smartphone usage significantly contributes to the development of the lithium market.

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Which Fast-Growing Trends Are Poised to Disrupt the Lithium Market?
Leading firms in the lithium market are ramping up their efforts to launch advanced residential-use batteries to fortify their market position. These storage systems are specifically engineered for domestic use. For instance, Kstar, a manufacturer of batteries based in China, rolled out its all-in-one lithium-titanate (LTO) residential batteries in September 2022. These latest products set out to deliver robust and reliable performance, with an exceptional 16,000 charge cycles, a generous 5.4 kWh storage capacity, and a notable 90% depth of discharge, thereby equipping homeowners with the ability to better control their energy usage and reduce reliance on the grid.

What Are the Emerging Segments in the Lithium Market?
The lithium market covered in this report is segmented -

1) By Type: Glass/Ceramics, Greases / Lubricants, Chemical Synthesis, Portable Electronics & Other Handhelds, Hybrids, Battery Electric Vehicle (bevy), Grid, and Other Power Storage Applications
2) By Mining Type: Underground Mining, Surface Mining

Subsegments:
1) By Glass Or Ceramics: Glass Production, Ceramic Glazes, Specialty Glass Applications
2) By Greases Or Lubricants: Automotive Lubricants, Industrial Greases, High-Temperature Lubricants
3) By Chemical Synthesis: Pharmaceuticals, Polymers, Specialty Chemicals
4) By Portable Electronics And Other Handhelds: Smartphones, Laptops, Tablets
5) By Hybrids: Hybrid Electric Vehicles (HEVs), Plug-In Hybrid Electric Vehicles (PHEVs), Mild Hybrid Vehicles
6) By Battery Electric Vehicle (BEV): Passenger BEVs, Commercial BEVs, Electric Buses

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Who Are the Global Leaders in the Lithium Market?
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.

Which are the Top Profitable Regional Markets for the Lithium Industry?
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.

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