January 23, 2020

Lithium Market 2020- Size, Industry Share, Analysis, Overview, Demand and Forecast to 2024

Market Insights

The Global Lithium Market is expected to register a CAGR of over 10.6% during the forecast period. In terms of value and volume, the demand in Europe was the largest in 2018, and the regional market is poised to exhibit a significant CAGR during the forecast period. The Asia-Pacific market is expected to witness the highest CAGR of 10.72% during the forecast period due to the growth of the pharmaceutical, construction, and automotive industries in India, China, and the South-Asian countries.

Segmentation Analysis

The Global Lithium Market has been segmented based on product type, application, and region.

Based on product type, the global market has been divided into lithium hydroxide, lithium carbonate, lithium chloride, butyllithium, lithium metal, and others.

Based on application, the global market has been segregated into energy storage, greases, frits, glasses and ceramics, air treatment, adhesives, and others.

Key Players

  • Sayona Mining Limited
  • Livent
  • Albemarle Corporation
  • Orocobre Limited Pty Ltd
  • SQM S.A.
  • Jiangxi Ganfeng Lithium Co. Ltd
  • Altura Mining
  • Critical Elements Corporation
  • Lithium Americas Corp
  • Tianqi Lithium Industries Inc

Regional Analysis

Geographically, the global lithium market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

Europe is expected to be the leading market for lithium due to the expanding automotive industry. For instance, according to the European Automobile Manufacturers Association (ACEA), in 2018, the alternatively powered cars grew by +21.1% while the electrically chargeable vehicle (ECVs) segment grew by +33.1%. Furthermore, the Hybrid electric vehicles (HEVs) segment grew by +31.1% compared to natural gas vehicles (NGV) and LPG vehicles, which had dropped by -13.9% in 2018. Thus, with strict regulations by the European Environment Agency (EEA) towards carbon emission, the lithium market is expected to propel in the region during the forecast period.

The Asia-Pacific lithium market demand is projected to witness significant growth at the highest CAGR of over 10.72%, owing to its increasing application in the pharmaceutical and automotive industries across the region. The regional market is expected to register a high CAGR due to the increase in the number of electric cars sold in the region, especially in China. According to the ACEA, in 2018, the total light-duty plug-in electric vehicle sale accounted to be highest by China with over 2,300 thousand units which in turn is expected to boost the market for lithium in the region. Furthermore, the growth of the medical and pharmaceutical industries is expected to boost the market. For instance, alkyl lithium is used as a synthetic agent in drugs and agricultural chemicals. Lithium has also been proven to reduce mental disorders such as major cyclic depression and schizoaffective disorder. Other applications of lithium-ion batteries in implantable devices such as drug pumps, cardiac pacemakers, cardiac defibrillators, and neurostimulators is expected to propel the lithium market size in the region during the forecast period.

The demand in North America is projected to grow at a moderate rate during the forecast period. However, the demand is expected to register a considerable growth rate during the forecast period due to the increasing number of the potential mineral base for lithium coupled with the growing use of lithium in grid management for power storage.

The Latin America market is expected to exhibit considerable growth with respect to the growing number of potential and active mineral field. Chile is one of the major producers of lithium as a raw material across the globe.

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