Lithium Market Poised to Hit $10.19 Billion by 2029 with Accelerating Growth Trends

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Lithium Market Size Growth Forecast: What to Expect by 2025?
The scale of the lithium market has expanded swiftly in the past few years. It is projected to surge from $6.08 billion in 2024 to $6.89 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 13.3%. This exponential growth during the historical period can be credited to the emergence of consumer electronics, the expansion of portable electronics, the improvement in renewable energy storage, and the advancements in lithium-ion battery technology.

How Will the Lithium Market Size Evolve and Grow by 2029?
In the coming years, the lithium market size is anticipated to experience swift expansion, reaching a value of $10.19 billion in 2029 with a compound annual growth rate (CAGR) of 10.3%. The anticipated growth during the forecast period is driven by a continual increase in electric vehicles, the overspread of renewable energy, government support and incentives, development of smart grids, and amplified energy storage capacity. Noteworthy trends in this period include improvements in lithium technology, the rise of solid-state lithium batteries, diversification in lithium resource procurement, the incorporation of lithium in aerospace and adoption of decentralized energy solutions.

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What Drivers Are Propelling the Growth of Lithium Market Forward?
The rising acceptance of smartphones is predicted to stimulate the expansion of the lithium market in the future. A smartphone, a mobile phone equipped with an integrated computer and functionalities that were not present in previous phones, like an operating system, web browsing, and software application capabilities, is crucial in the lithium market. This is because it bolsters the demand for lithium-ion batteries, which are vital for these gadgets, therefore fostering the growth of the lithium sector. For example, Uswitch Limited, a financial authority based in the UK, reported that mobile connections in the UK peaked at 71.8 million in February 2023, a 3.8% rise from the previous year, amounting to around 2.6 million additional connections. Besides, it has been forecasted that by 2025, the UK's population will grow to 68.3 million, with an estimated 95%, or about 65 million people, owning a smartphone. As a result, the rising adoption of smartphones is fueling the growth of the lithium market.

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Which Fast-Growing Trends Are Poised to Disrupt the Lithium Market?
Key players in the lithium market are adopting strategies of developing innovative batteries for residential applications to gain an upper hand in the market. These batteries, purposed for residential use, function as energy storage systems for personal households. For example, Kstar, a Chinese battery manufacturer, took initiative in September 2022, and introduced lithium-titanate (LTO) batteries customized for home use. These innovative batteries aim for consistent and reliable functionality, proudly offering an impressive 16,000 charging cycles, a generous 5.4 kWh storage capacity, and an exceptional 90% depth of discharge. This advancement empowers homeowners to better manage energy consumption while minimizing reliance on the power grid.

What Are the Key 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 Key Players Shaping the Lithium Market's Competitive Landscape?
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.

What Geographic Markets Are Powering Growth in the Lithium Market?
South America was the largest region in the lithium market in 2024. The regions covered in the lithium market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.

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