March 27, 2019: The global lithium market size is expected to reach USD 5.88 billion by 2025, rising with a CAGR of 7.0% from 2018 to 2025. Adroit Market Research has published a study on the “Global Lithium Market Size 2017 by Type (Lithium Carbonate, Lithium Hydroxide, Mineral Concentrates and Others), by End-use (Ceramics and Glass, Batteries, Lubricating Greases, Continuous Casting, Air Treatment, Polymer Production, and Others), By Region and Forecast 2018 to 2025”. The global lithium market trends have been analyzed on the basis of the past and present industry dynamics such as drivers, restraints and challenges and lucrative opportunities.
The report provides a comprehensive analysis of the demand for the various lithium chemicals along with its penetration across different applications. Global lithium market size has been derived and calculated in terms of lithium carbonate equivalents (LCE). Key trends adopted by the top 10 lithium producers such as expansion by revamping existing facilities and setting up new production capacities in order to cater to ever-rising lithium demand, especially among battery manufacturers are the key highlights of the report. The report also focusses on an elaborative design, structure, and explanation of the lithium and lithium-ion battery value chain along with the PESTEL and Porter’s Five Forces Analysis for a better market understanding of our clients. Also, the report emphases on the historic and present production, import and export stats used to derive the lithium market share along with the analyst view of the forecasted estimates. Lithium market report also details about the fluctuating price trends of the lithium metal, supply-demand scenarios, cost structures, raw materials, and the extraction processes.
Growing demand for energy storage, electric vehicles, and electrification of tools along with other battery-intense applications has highly driven the global lithium market. EV revolution has rapidly boosted the need of the lithium to threefold as the key raw material in battery production.
Lithium is considered as the “the new gasoline” by Goldman Sachs and “world’s hottest commodity” by the Economist. Lithium is present in the form of a mineral compound found usually in brine pool and igneous rocks. High-energy density is the major attribute of lithium on account of which it can store a significant amount of energy in a very limited space.
The EV market is on the verge of large scale commercialization and implementation. The shift in EV batteries and rapid speed of EV adoption across geographies are highly driving the growth of the lithium market. In 2017, batteries accounted for nearly 50% of the global lithium market share. It has been anticipated that there will be between 3.8 and 4.5 million EVs in use by 2020. However, there is an uncertainty of proper electronic infrastructure such as charging points. Additionally, the recent concerns regarding the fluctuating supply of raw material for batteries and impact of the rising commodity prices on the cost of battery production have underlined the risks that may build conflicting future of the lithium commodity. Also, the growing emergence of redox flow and zinc-hybrid batteries as a substitute to the Li-ion is expected to restrain the market growth in the coming years.
The most noticeable trend being witnessed across European and Asia Pacific is the surge in sales of electric vehicles, as a move towards a low carbon energy future as various governments’ commitment towards the green economy. Asia-Pacific lithium market is projected to grow with a CAGR of 7.7% from 2018 to 2025. Governments worldwide are using regulatory targets and incentives as an initiative to switch to renewables and encourage customers to switch to electric vehicles. China has been a leader in setting up new targets and pushing for a 20% EV target adoption by 2020 and recently introducing a change in subsidies. In 2018, EVs with a 300 km or greater range have witnessed an increase in subsidies while those under the 150 km range are not enrolled for subsidies at all.
Top 10 lithium producers operating in the market include Albemarle Corporation, SQM, Inc., FMC Corporation, Sichuan Tianqi Lithium, Jiangxi Ganfeng Lithium, Millennial Lithium Corp., Lithium Americas Corporation, Altura Mining Ltd., Nemaska Lithium, and Galaxy Resources Ltd.
Key segments of the global lithium market
Type Overview, 2015-2025 (Kilo Tons, USD Million)
- Lithium Carbonate
- Lithium Hydroxide
- Lithium Chloride
Application Overview, 2015-2025 (Kilo Tons, USD Million)
- Ceramics and glass
- Lubricating Greases
- Continuous casting
- Air treatment
- Polymer Production
Regional Overview, 2015-2025 (Kilo Tons, USD Million)
- North America
- Rest of NA
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of the World