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Lithium Market Size, Share & Growth Analysis Report, 2030GVR Report cover
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Lithium Market Size, Share & Trends Analysis Report By Product (Carbonate, Hydroxide), By Application (Automotive, Consumer Goods, Grid Storage), By Region, And Segment Forecasts, 2024 - 2030
- Report ID: GVR-4-68038-581-6
- Number of Report Pages: 100
- Format: PDF, Horizon Databook
- Historical Range: 2018 - 2022
- Forecast Period: 2024 - 2030
- Industry: Advanced Materials
Lithium Market Size & Trends
The global lithium market size was estimated at USD 31.75 billion in 2023 and is expected to grow at a CAGR of 17.7% from 2024 to 2030. Vehicle electrification is projected to attract a significant volume of lithium-ion batteries, which is anticipated to drive market growth over the forecast period. The automotive application segment is expected to witness substantial growth, driven by stringent regulations imposed by government bodies on ICE automakers to reduce carbon dioxide emissions from vehicles. This has shifted the interest of automakers toward producing EVs, which is anticipated to benefit the demand for lithium and related products.
Government subsidies for EVs, along with investments in this space, are likely to act as an additional booster to market growth. The U.S. holds major significance in battery production after China, which makes it one of the key lithium-consuming countries in the world. The country has huge reserves of this important metal. According to the USGS, lithium resources from brines and minerals accounted for 11.0 million tons in the U.S. as of 2023. However, the country mines only about 1% of lithium used globally.
Recognizing the strategic importance of lithium, the U.S. Department of the Interior designated it as a critical mineral in 2018, a move that expedited the mine permitting process. This was highlighted by the approval of the Thacker Pass Lithium Mine by the Bureau of Land Management in January 2021. Operated by Lithium Nevada Corporation, this mine is poised to become the largest lithium supply source in the U.S., with projections indicating its capability to produce approximately 60 kilotons of battery-grade lithium carbonate annually by 2026.
The U.S. government is implementing measures to ensure that there is a sufficient supply of lithium to meet the increasing demand from various industries. In September 2023, an agreement worth USD 90 million was signed between Albemarle Corporation and the U.S. government to support domestic mining and production of lithium. The objective of the agreement is to assist Albemarle in reopening its Kings Mountain, N.C. lithium mine, which is anticipated to commence operations between 2025 and 2030. Albemarle's Kings Mountain mine is expected to contribute to the expansion of domestic lithium production for the country's battery supply chain.
Price Trends
Lithium prices attained significant elevations from Q1 2022 to Q2 2023; after this, they started observing a declining trend. Despite robust supply increments since 2020, the demand for the metal has underperformed relative to projections, both in cyclical and structural terms, leading to the development of market surpluses. A report from the government of Australia highlights that rising inventories have contributed to a downturn in lithium prices. This subdued price forecast has led to the announcement of operational shutdowns and reductions in production across several critical lithium-producing countries, including Australia.
Market Concentration & Characteristics
The market for lithium is at a high stage of growth, with an accelerated pace. It is fairly consolidated and is characterized by the presence of large players who own lithium mines located across regions. These players cater to global demand, and the level of competition is high.
The market witnesses a high degree of innovation in efforts to optimize the manufacturing process for obtaining high-purity lithium. Players have invested heavily in R&D to optimize the usage of lithium in high-growth end-use segments such as electric vehicles. Manufacturers have been focusing on developing and innovating new products by improving their production process.
The market observed moderate levels of merger and acquisition (M&A) activity owing to stringent regulations regarding mining rights and heavy competition. Players in this industry have resorted to backward or forward integration as their growth strategy.
The market is also subject to high levels of regulatory scrutiny. Various regulatory authorities worldwide provide standards and guidelines for proper safety measures and waste disposal mechanisms. End-user concentration is a significant factor in the market, and to minimize logistics costs, manufacturers are located in close proximity to automotive manufacturing hubs to work hands-on with their customers.
Product Insights
The carbonate product segment dominated the market in 2023, with the largest share of 55.0% in terms of volume. Lithium Carbonate (Li2CO3) is the most stable inorganic compound and is used to form other compounds, such as LiOH and even pure metal. Carbonate products are also used in the treatment of bipolar disorder.
This compound is also used in batteries and has several applications in the construction sector, including waterproofing slurries and adhesives. LiOH is a white hygroscopic crystalline material and an inorganic compound mostly used by battery manufacturers; it is commercially available as anhydrous and monohydrate.
It is used in transportation applications, such as manufacturing submarines and spacecraft. In addition, rapid development in battery technologies is propelling demand for LiOH, thus driving market growth. Many automotive players are inclined to adopt LiOH for battery manufacturing, which is expected to benefit market growth positively.
For instance, BMW Group signed an agreement with Ganfeng Lithium, a lithium extracting company in China, to supply LiOH for battery cells owing to the rising penetration of EVs. Rising awareness regarding eco-friendly vehicles is driving demand for EVs, on account of which BMW has planned to introduce 25 electrified models with Li-ion batteries.
Application Insights
The consumer electronics application segment is anticipated to register the fastest revenue CAGR of more than 26.7% from 2024 to 2030. This segment is projected to grow owing to the increasing sales of electronic devices that use Li-ion batteries, such as mobile phones, laptops, cameras, portable radios, speakers, and MP3 players.
Characteristics such as low weight, large energy storage, and small size are driving demand for batteries and positively influencing their growth. Single-use, non-rechargeable Li-ion batteries are used in remote controllers, handheld games, cameras, and smoke detectors.
Rechargeable lithium-polymer cells are used in cell phones, laptops, toys, digital cameras, small and large appliances, tablets, e-readers, and power tools. These batteries are made from critical materials, such as cobalt, graphite, and lithium, and need to be handled with safety and precautions. Various developed countries are investing increasingly in the deployment of energy storage systems based on Li-ion batteries, thus fueling market growth.
For instance, the UK launched a 50-megawatt energy system connected to the high-voltage transmission system of its National Grid. This project is part of the USD 48.5 million Energy Superhub Oxford (ESO) plan for the country. Pivot Power is leading the project, which is backed by the Government of the UK.
Regional Insights
The lithium market in North America held a global revenue share of more than 13.0% in 2023. The government's increasing focus on reducing carbon emissions in the automotive sector is expected to propel market growth in the coming years.
U.S. Lithium Market Trends
The U.S. lithium market is one of the largest consumers of lithium in North America. The market growth is attributed to positive government policies and initiatives on green energy transition, and EVs are propelling the demand for the product in the region.
Asia Pacific Lithium Market Trends
Asia Pacific lithium market dominated globally with the largest revenue share of more than 52.0% in 2023, owing to rapidly developing automotive, glass, and consumer goods industries in countries such as China, Japan, and South Korea. The region will expand further, maintaining its dominance and growing at the fastest CAGR in terms of volume over the forecast period.
The China lithium market held a revenue share of approximately 57.0% in Asia Pacific in 2023. The rising focus on renewable energy and EV production is positively influencing the product market.
Europe Lithium Market Trends
The lithium market in Europe held the second-largest share of global revenue in 2023 and is projected to witness steady growth from 2024 to 2030. The market's growth in Europe can be attributed to the region's increasing production of EVs.
The Germany lithium market held over 12.0% revenue share in the European region in 2023. The increasing government regulation is expected to propel the demand for the product in the country.
Central & South America Lithium Market Trends
The lithium market in Central & South America held the least share of the global market. The availability of resources has spurred local mining activities and attracted foreign investments, boosting the lithium industry in the region.
Key Lithium Company Insights
Market players compete against product quality, reliability in terms of supply and customer service, and diversity in product portfolio. Furthermore, market players are investing in battery sector, which is key application of lithium. For instance, in June 2021, Albemarle announced about opening of an Innovation Center at its site in Kings Mountain, North Carolina, U.S. The center will aid in supporting the company’s carbonate and hydroxide products, and advanced energy storage materials product portfolio.
Some of the key players operating in the market include Albemarle, Ganfeng Lithium Co., Ltd., and Mineral Resources.
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Albemarle’s lithium segment is engaged in the development of lithium-based materials, which cater to a wide range of industries. The segment manufactures lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties and reagents, including butyllithium and lithium aluminum hydride. In addition, the segment offers technical services such as handling reactive lithium products and customer recycling services for lithium-containing by-products that are obtained from synthesis with organolithium products, lithium metal, and other reagents.
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Ganfeng Lithium Co., Ltd. serves a wide category of industries, including electric vehicles, pharmaceuticals, chemicals, energy storage, and 3C (Computer, Communication, and Consumer Electronics) products. The company has capability to extract lithium from ore, brine, and recycled materials. The company offers more than 40 lithium and other metal compounds.
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Mineral Resources provides mining services, including crushing, processing, port operation, supply-chain amenities, site services, shipping, and marketing. Mineral Resources has three joint-venture projects: the Mt Marion Lithium Project, the Marillana Iron Ore Project, and MARBL.
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General Lithium Corporation, Sigma Lithium Resources, and Livent Corporation are some of the emerging market participants. General Lithium Corporation provides industrial-grade and battery-grade lithium carbonate, high-purity lithium carbonate, and lithium iron phosphate, among other products. The products are mainly for the battery industry.
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Sigma Lithium Resources is a mineral production company focused on lithium projects in Brazil-based mines. The company is particularly interested in the globally expanding supply chain of electric vehicles.
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Livent Corporation is a fully integrated lithium company that produces lithium compounds. Its key products include high-purity lithium metal, butyllithium, lithium carbonate, and battery-grade lithium hydroxide.
Key Lithium Companies:
The following are the leading companies in the lithium market. These companies collectively hold the largest market share and dictate industry trends.
- Albemarle Corp.
- Ganfeng Lithium Co., Ltd.
- SQM S.A.
- Tianqi Lithium Corporation
- Livent Corp.
- Lithium Americas Corp.
- Pilbara Minerals
- Orocobre Limited Pty. Ltd.
- Mineral Resources Group Co., Ltd.
Recent Developments
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In November 2023, ExxonMobil announced that work had commenced for its first lithium well drilling in Arkansas, an area with significant quantities of lithium deposits. It is targeting to produce its first lithium volumes in 2027. By 2030, it aims to produce lithium volumes that can cater to the manufacturing of batteries for over a million electric vehicles a year.
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In September 2023, Gotion High-tech Co Ltd., a Chinese battery manufacturer, announced its plans to build a lithium battery manufacturing plant in Manteno, Illinois, U.S., for an investment value of USD 2 billion.
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In September 2023, the Office of the Assistant Secretary for Industrial Base Policy signed an agreement with Albemarle for the latter’s lithium mining and production expansion plans. The agreement, worth USD 90 million, was signed through the Manufacturing Capability Expansion and Investment Prioritization (MCEIP) office. Albemarle plans to reopen its Kings Mountain, N.C. mine between 2025 and 2030, which will help increase the domestic production of lithium.
Lithium Market Report Scope
Report Attribute
Details
Market size value in 2024
USD 28.08 billion
Revenue forecast in 2030
USD 74.80 billion
Growth rate
CAGR of 17.7% from 2024 to 2030
Base year for estimation
2023
Historical data
2018 - 2022
Forecast period
2024 - 2030
Quantitative units
Revenue in USD million/billion, volume in kilotons, and CAGR from 2024 to 2030
Report coverage
Revenue and volume forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered
Product, application, region
Regional scope
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa
Country scope
U.S.; Canada; Mexico; Germany; France; China; Japan; South Korea
Key companies profiled
Albemarle Corp.; Ganfeng Lithium Co., Ltd.; SQM S.A.; Tianqi Lithium Corp.; Livent Corp.; Lithium Americas Corp.; Pilbara Minerals; Orocobre Ltd. Pty. Ltd.; Mineral Resources
Customization scope
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options
Avail customized purchase options to meet your exact research needs. Explore purchase options
Global Lithium Market Report Segmentation
This report forecasts revenue & volume growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global lithium market report on the basis of product, application, and region:
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Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
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Carbonates
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Hydroxide
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Others
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Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
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Automotive
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Consumer Electronics
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Grid Storage
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Glass & Ceramics
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Others
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Regional Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 - 2030)
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North America
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U.S.
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Canada
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Mexico
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Europe
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Germany
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France
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Asia Pacific
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China
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Japan
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South Korea
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Central & South America
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Middle East & Africa
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Frequently Asked Questions About This Report
b. The global lithium market size was estimated at USD 31.75 billion in 2023 and is expected to reach USD 28.08 billion in 20024.
b. The global lithium market is expected to grow at a compound annual growth rate of 17.7% from 2024 to 2030 to reach USD 74.81 billion by 2030.
b. Based on region, Asia Pacific was the largest market with a revenue share of over 52.0% in 2023, owing to increasing investments in advanced battery technologies coupled with rising penetration of electric vehicles.
b. Some of the key players operating in the lithium market include Albemarle Corporation, Ganfeng Lithium Co., Ltd., SQM S.A., Tianqi Lithium Corporation, Livent Corporation, Lithium Americas Corp, Pilbara Minerals, Orocobre Limited Pty Ltd, and Mineral Resources.
b. Key factors that are driving the lithium market are rising demand for lithium-ion batteries in electric vehicles and electronic products such as smartphones, laptops, portable speakers, and tablets.
Table of Contents
Chapter 1. Lithium Market: Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Market Definition
1.2.1. Information Procurement
1.2.2. Information Analysis
1.2.3. Market Formulation & Data Visualization
1.3. Data Validation & Publishing
1.4. Research Scope and Assumptions
1.4.1. List of Data Sources
Chapter 2. Lithium Market: Executive Summary
2.1. Market Snapshot
2.2. Segmental Outlook
2.3. Competitive Outlook
Chapter 3. Lithium Market: Variables, Trends & Scope
3.1. Global Lithium Market Outlook
3.2. Industry Value Chain Analysis
3.2.1. Raw Material Outlook
3.3. Technology Overview
3.4. Regulatory Framework
3.5. Market Dynamics
3.5.1. Market Driver Analysis
3.5.2. Market Restraint Analysis
3.5.3. Industry Challenges
3.6. Porter’s Five Forces Analysis
3.6.1. Supplier Power
3.6.2. Buyer Power
3.6.3. Substitution Threat
3.6.4. Threat from New Entrant
3.6.5. Competitive Rivalry
3.7. PESTEL Analysis
3.7.1. Political Landscape
3.7.2. Economic Landscape
3.7.3. Social Landscape
3.7.4. Technological Landscape
3.7.5. Environmental Landscape
3.7.6. Legal Landscape
Chapter 4. Lithium Market: Product Outlook Estimates & Forecasts
4.1. Lithium Market: Product Movement Analysis, 2023 & 2030
4.2. Carbonate
4.2.1. Market estimates and forecast, 2018 - 2030 (USD Million) (Kilotons)
4.3. Hydroxide
4.3.1. Market estimates and forecast, 2018 - 2030 (USD Million) (Kilotons)
4.4. Others
4.4.1. Market estimates and forecast, 2018 - 2030 (USD Million) (Kilotons)
Chapter 5. Lithium Market: Application Outlook Estimates & Forecasts
5.1. Lithium Market: Application Movement Analysis, 2023 & 2030
5.2. Automotive
5.2.1. Market estimates and forecast, 2018 - 2030 (USD Million) (Kilotons)
5.3. Consumer Goods
5.3.1. Market estimates and forecast, 2018 - 2030 (USD Million) (Kilotons)
5.4. Grid Storage
5.4.1. Market estimates and forecast, 2018 - 2030 (USD Million) (Kilotons)
5.5. Glass & Ceramics
5.5.1. Market estimates and forecast, 2018 - 2030 (USD Million) (Kilotons)
5.6. Others
5.6.1. Market estimates and forecast, 2018 - 2030 (USD Million) (Kilotons)
Chapter 6. Lithium Market Regional Outlook Estimates & Forecasts
6.1. Regional Snapshot
6.2. Lithium Market: Regional Movement Analysis, 2023 & 2030
6.3. North America
6.3.1. Market estimates and forecast, 2018 - 2030 (USD Million) (Kilotons)
6.3.2. Market estimates and forecast, by product, 2018 - 2030 (USD Million) (Kilotons)
6.3.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million) (Kilotons)
6.3.4. U.S.
6.3.4.1. Market estimates and forecast, 2018 - 2030 (USD Million) (Kilotons)
6.3.4.2. Market estimates and forecast, by product, 2018 - 2030 (USD Million) (Kilotons)
6.3.4.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million) (Kilotons)
6.3.5. Canada
6.3.5.1. Market estimates and forecast, 2018 - 2030 (USD Million) (Kilotons)
6.3.5.2. Market estimates and forecast, by product, 2018 - 2030 (USD Million) (Kilotons)
6.3.5.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million) (Kilotons)
6.3.6. Mexico
6.3.6.1. Market estimates and forecast, 2018 - 2030 (USD Million) (Kilotons)
6.3.6.2. Market estimates and forecast, by product, 2018 - 2030 (USD Million) (Kilotons)
6.3.6.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million) (Kilotons)
6.4. Europe
6.4.1. Market estimates and forecast, 2018 - 2030 (USD Million) (Kilotons)
6.4.2. Market estimates and forecast, by product, 2018 - 2030 (USD Million) (Kilotons)
6.4.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million) (Kilotons)
6.4.4. Germany
6.4.4.1. Market estimates and forecast, 2018 - 2030 (USD Million) (Kilotons)
6.4.4.2. Market estimates and forecast, by product, 2018 - 2030 (USD Million) (Kilotons)
6.4.4.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million) (Kilotons)
6.4.5. France
6.4.5.1. Market estimates and forecast, 2018 - 2030 (USD Million) (Kilotons)
6.4.5.2. Market estimates and forecast, by product, 2018 - 2030 (USD Million) (Kilotons)
6.4.5.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million) (Kilotons)
6.5. Asia Pacific
6.5.1. Market estimates and forecast, 2018 - 2030 (USD Million) (Kilotons)
6.5.2. Market estimates and forecast, by product, 2018 - 2030 (USD Million) (Kilotons)
6.5.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million) (Kilotons)
6.5.4. China
6.5.4.1. Market estimates and forecast, 2018 - 2030 (USD Million) (Kilotons)
6.5.4.2. Market estimates and forecast, by product, 2018 - 2030 (USD Million) (Kilotons)
6.5.4.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million) (Kilotons)
6.5.5. South Korea
6.5.5.1. Market estimates and forecast, 2018 - 2030 (USD Million) (Kilotons)
6.5.5.2. Market estimates and forecast, by product, 2018 - 2030 (USD Million) (Kilotons)
6.5.5.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million) (Kilotons)
6.5.6. Japan
6.5.6.1. Market estimates and forecast, 2018 - 2030 (USD Million) (Kilotons)
6.5.6.2. Market estimates and forecast, by product, 2018 - 2030 (USD Million) (Kilotons)
6.5.6.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million) (Kilotons)
6.6. Central & South America
6.6.1. Market estimates and forecast, 2018 - 2030 (USD Million) (Kilotons)
6.6.2. Market estimates and forecast, by product, 2018 - 2030 (USD Million) (Kilotons)
6.6.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million) (Kilotons)
6.7. Middle East & Africa
6.7.1. Market estimates and forecast, 2018 - 2030 (USD Million) (Kilotons)
6.7.2. Market estimates and forecast, by product, 2018 - 2030 (USD Million) (Kilotons)
6.7.3. Market estimates and forecast, by application, 2018 - 2030 (USD Million) (Kilotons)
Chapter 7. Competitive Analysis
7.1. Key Recent Developments & Impact Analysis, By Key Market Participants
7.2. Company Categorization
7.3. Company Market Share
7.4. Heat Map Analysis
7.5. Company Market Ranking
7.6. Vendor Landscape
7.6.1. List of equipment suppliers
7.6.2. List of distributors
7.6.3. List of other prominent manufacturers
7.6.4. List of prospective end-users
7.7. Strategy Mapping
7.8. Company Profiles/Listings
7.8.1. Albemarle Corporation
7.8.1.1. Company Overview
7.8.1.2. Financial Performance
7.8.1.3. Product Benchmarking
7.8.2. Ganfeng Lithium Co., Ltd.
7.8.2.1. Company Overview
7.8.2.2. Financial Performance
7.8.2.3. Product Benchmarking
7.8.3. General Lithium Corporation
7.8.3.1. Company Overview
7.8.3.2. Financial Performance
7.8.3.3. Product Benchmarking
7.8.4. LITHIUM EXPLORATION GROUP
7.8.4.1. Company Overview
7.8.4.2. Financial Performance
7.8.4.3. Product Benchmarking
7.8.5. LSC Lithium Corporation
7.8.5.1. Company Overview
7.8.5.2. Financial Performance
7.8.5.3. Product Benchmarking
7.8.6. Lithium Australia NL
7.8.6.1. Company Overview
7.8.6.2. Financial Performance
7.8.6.3. Product Benchmarking
7.8.7. Neo Lithium Corporation
7.8.7.1. Company Overview
7.8.7.2. Financial Performance
7.8.7.3. Product Benchmarking
7.8.8. SQM S.A.
7.8.8.1. Company Overview
7.8.8.2. Financial Performance
7.8.8.3. Product Benchmarking
7.8.9. Tianqi Lithium Corporation
7.8.9.1. Company Overview
7.8.9.2. Financial Performance
7.8.9.3. Product Benchmarking
7.8.10. Galaxy Resources Limited
7.8.10.1. Company Overview
7.8.10.2. Financial Performance
7.8.10.3. Product Benchmarking
7.8.11. Sigma Lithium
7.8.11.1. Company Overview
7.8.11.2. Financial Performance
7.8.11.3. Product Benchmarking
7.8.12. Core Lithium Ltd
7.8.12.1. Company Overview
7.8.12.2. Financial Performance
7.8.12.3. Product Benchmarking
7.8.13. European Lithium Ltd
7.8.13.1. Company Overview
7.8.13.2. Financial Performance
7.8.13.3. Product Benchmarking
7.8.14. Winsome Resources Limited
7.8.14.1. Company Overview
7.8.14.2. Product Benchmarking
7.8.15. Sayona Mining Limited
7.8.15.1. Company Overview
7.8.15.2. Product Benchmarking
7.8.16. Mineral Udyog
7.8.16.1. Company Overview
7.8.16.2. Product Benchmarking
7.8.17. PAT IMPEX Chemicals India
7.8.17.1. Company Overview
7.8.17.2. Product Benchmarking
7.8.18. Vizag Chemical
7.8.18.1. Company Overview
7.8.18.2. Product Benchmarking
7.8.19. Livent Corporation
7.8.19.1. Company Overview
7.8.19.2. Financial Performance
7.8.19.3. Product Benchmarking
7.8.20. Lithium Americas Corp
7.8.20.1. Company Overview
7.8.20.2. Product Benchmarking
7.8.21. Pilbara Minerals
7.8.21.1. Company Overview
7.8.21.2. Financial Performance
7.8.21.3. Product Benchmarking
7.8.22. Orocobre Limited Pty Ltd
7.8.22.1. Company Overview
7.8.22.2. Financial Performance
7.8.22.3. Product Benchmarking
7.8.23. Mineral Resources
7.8.23.1. Company Overview
7.8.23.2. Financial Performance
7.8.23.3. Product Benchmarking
7.8.24. Intermin
7.8.24.1. Company Overview
7.8.24.2. Product Benchmarking
7.8.25. Yahua Group
7.8.25.1. Company Overview
7.8.25.2. Product Benchmarking
7.8.26. PJSC CMP
7.8.26.1. Company Overview
7.8.26.2. Product Benchmarking
List of Tables
Table 1. Lithium market estimates and forecasts, 2018 - 2030 (USD Million) (Kilotons)
Table 2. Lithium market estimates and forecasts, by carbonates, 2018 - 2030 (USD Million) (Kilotons)
Table 3. Lithium market estimates and forecasts, by hydroxide, 2018 - 2030 (USD Million) (Kilotons)
Table 4. Lithium market estimates and forecasts, by other products, 2018 - 2030 (USD Million) (Kilotons)
Table 5. Lithium market estimates and forecasts, in automotive, 2018 - 2030 (USD Million) (Kilotons)
Table 6. Lithium market estimates and forecasts, in consumer goods, 2018 - 2030 (USD Million) (Kilotons)
Table 7. Lithium market estimates and forecasts, in grid storage, 2018 - 2030 (USD Million) (Kilotons)
Table 8. Lithium market estimates and forecasts, in glass & ceramics, 2018 - 2030 (USD Million) (Kilotons)
Table 9. Lithium market estimates and forecasts, in other applications, 2018 - 2030 (USD Million) (Kilotons)
Table 10. North America Lithium market estimates and forecasts, 2018 - 2030 (USD Million) (Kilotons)
Table 11. North America Lithium market estimates and forecasts, by product, 2018 - 2030 (USD Million)
Table 12. North America Lithium market estimates and forecasts, by product, 2018 - 2030 (Kilotons)
Table 13. North America Lithium market estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 14. North America Lithium market estimates and forecasts, by application, 2018 - 2030 (Kilotons)
Table 15. U.S. Lithium market estimates and forecasts, 2018 - 2030 (USD Million) (Kilotons)
Table 16. U.S. Lithium market estimates and forecasts, by product, 2018 - 2030 (USD Million)
Table 17. U.S. Lithium market estimates and forecasts, by product, 2018 - 2030 (Kilotons)
Table 18. U.S. Lithium market estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 19. U.S. Lithium market estimates and forecasts, by application, 2018 - 2030 (Kilotons)
Table 20. Canada Lithium market estimates and forecasts, 2018 - 2030 (USD Million) (Kilotons)
Table 21. Canada Lithium market estimates and forecasts, by product, 2018 - 2030 (USD Million)
Table 22. Canada Lithium market estimates and forecasts, by product, 2018 - 2030 (Kilotons)
Table 23. Canada Lithium market estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 24. Canada Lithium market estimates and forecasts, by application, 2018 - 2030 (Kilotons)
Table 25. Mexico Lithium market estimates and forecasts, 2018 - 2030 (USD Million) (Kilotons)
Table 26. Mexico Lithium market estimates and forecasts, by product, 2018 - 2030 (USD Million)
Table 27. Mexico Lithium market estimates and forecasts, by product, 2018 - 2030 (Kilotons)
Table 28. Mexico Lithium market estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 29. Mexico Lithium market estimates and forecasts, by application, 2018 - 2030 (Kilotons)
Table 30. Europe Lithium market estimates and forecasts, 2018 - 2030 (USD Million) (Kilotons)
Table 31. Europe Lithium market estimates and forecasts, by product, 2018 - 2030 (USD Million)
Table 32. Europe Lithium market estimates and forecasts, by product, 2018 - 2030 (Kilotons)
Table 33. Europe Lithium market estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 34. Europe Lithium market estimates and forecasts, by application, 2018 - 2030 (Kilotons)
Table 35. Germany Lithium market estimates and forecasts, 2018 - 2030 (USD Million) (Kilotons)
Table 36. Germany Lithium market estimates and forecasts, by product, 2018 - 2030 (USD Million)
Table 37. Germany Lithium market estimates and forecasts, by product, 2018 - 2030 (Kilotons)
Table 38. Germany Lithium market estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 39. Germany Lithium market estimates and forecasts, by application, 2018 - 2030 (Kilotons)
Table 40. France Lithium market estimates and forecasts, 2018 - 2030 (USD Million) (Kilotons)
Table 41. France Lithium market estimates and forecasts, by product, 2018 - 2030 (USD Million)
Table 42. France Lithium market estimates and forecasts, by product, 2018 - 2030 (Kilotons)
Table 43. France Lithium market estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 44. France Lithium market estimates and forecasts, by application, 2018 - 2030 (Kilotons)
Table 45. Asia Pacific Lithium market estimates and forecasts, 2018 - 2030 (USD Million) (Kilotons)
Table 46. Asia Pacific Lithium market estimates and forecasts, by product, 2018 - 2030 (USD Million)
Table 47. Asia Pacific Lithium market estimates and forecasts, by product, 2018 - 2030 (Kilotons)
Table 48. Asia Pacific Lithium market estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 49. Asia Pacific Lithium market estimates and forecasts, by application, 2018 - 2030 (Kilotons)
Table 50. China Lithium market estimates and forecasts, 2018 - 2030 (USD Million) (Kilotons)
Table 51. China Lithium market estimates and forecasts, by product, 2018 - 2030 (USD Million)
Table 52. China Lithium market estimates and forecasts, by product, 2018 - 2030 (Kilotons)
Table 53. China Lithium market estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 54. China Lithium market estimates and forecasts, by application, 2018 - 2030 (Kilotons)
Table 55. Japan Lithium market estimates and forecasts, 2018 - 2030 (USD Million) (Kilotons)
Table 56. Japan Lithium market estimates and forecasts, by product, 2018 - 2030 (USD Million)
Table 57. Japan Lithium market estimates and forecasts, by product, 2018 - 2030 (Kilotons)
Table 58. Japan Lithium market estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 59. Japan Lithium market estimates and forecasts, by application, 2018 - 2030 (Kilotons)
Table 60. South Korea Lithium market estimates and forecasts, 2018 - 2030 (USD Million) (Kilotons)
Table 61. South Korea Lithium market estimates and forecasts, by product, 2018 - 2030 (USD Million)
Table 62. South Korea Lithium market estimates and forecasts, by product, 2018 - 2030 (Kilotons)
Table 63. South Korea Lithium market estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 64. South Korea Lithium market estimates and forecasts, by application, 2018 - 2030 (Kilotons)
Table 65. Central & South America Lithium market estimates and forecasts, 2018 - 2030 (USD Million) (Kilotons)
Table 66. Central & South America Lithium market estimates and forecasts, by product, 2018 - 2030 (USD Million)
Table 67. Central & South America Lithium market estimates and forecasts, by product, 2018 - 2030 (Kilotons)
Table 68. Central & South America Lithium market estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 69. Central & South America Lithium market estimates and forecasts, by application, 2018 - 2030 (Kilotons)
Table 70. Middle East & Africa Lithium market estimates and forecasts, 2018 - 2030 (USD Million) (Kilotons)
Table 71. Middle East & Africa Lithium market estimates and forecasts, by product, 2018 - 2030 (USD Million)
Table 72. Middle East & Africa Lithium market estimates and forecasts, by product, 2018 - 2030 (Kilotons)
Table 73. Middle East & Africa Lithium market estimates and forecasts, by application, 2018 - 2030 (USD Million)
Table 74. Middle East & Africa Lithium market estimates and forecasts, by application, 2018 - 2030 (Kilotons)
List of Figures
Fig. 1 Market Segmentation
Fig. 2 Information Procurement
Fig. 3 Data Analysis Models
Fig. 4 Market Formulation And Validation
Fig. 5 Market Snapshot
Fig. 6 Segmental Outlook - Product and Application
Fig. 7 Competitive Outlook
Fig. 8 Global Lithium Market, 2018 - 2030 (USD Million) (Kilotons)
Fig. 9 Lithium Market - Value Chain Analysis
Fig. 10 Value Chain Analysis
Fig. 11 Market Dynamics
Fig. 12 Porter’s Analysis
Fig. 13 PESTEL Analysis
Fig. 14 Lithium Market, By Product: Key Takeaways
Fig. 15 Lithium Market, By Product: Market Share, 2023 & 2030
Fig. 16 Lithium Market, By Application: Key Takeaways
Fig. 17 Lithium Market, By Application: Market Share, 2023 & 2030
Fig. 18 Lithium Market: Regional Analysis, 2023
Fig. 19 Lithium Market, By Region: Key TakeawaysMarket Segmentation
- Lithium Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Carbonates
- Hydroxide
- Others
- Lithium Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Automotive
- Consumer electronics
- Grid storage
- Glass & ceramics
- Others
- Lithium Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- North America
- North America Lithium Market, By Product
- Carbonates
- Hydroxide
- Others
- North America Lithium Market, By Application
- Automotive
- Consumer electronics
- Grid storage
- Glass & ceramics
- Others
- U.S.
- U.S. Lithium Market, By Product
- Carbonates
- Hydroxide
- Others
- U.S. Lithium Market, By Application
- Automotive
- Consumer electronics
- Grid storage
- Glass & ceramics
- Others
- U.S. Lithium Market, By Product
- Canada
- Canada Lithium Market, By Product
- Carbonates
- Hydroxide
- Others
- Canada Lithium Market, By Application
- Automotive
- Consumer electronics
- Grid storage
- Glass & ceramics
- Others
- Mexico
- Mexico Lithium Market, By Product
- Carbonates
- Hydroxide
- Others
- Mexico Lithium Market, By Application
- Automotive
- Consumer electronics
- Grid storage
- Glass & ceramics
- Others
- Mexico Lithium Market, By Product
- North America Lithium Market, By Product
- Europe
- Europe Lithium Market, By Product
- Carbonates
- Hydroxide
- Others
- Europe Lithium Market, By Application
- Automotive
- Consumer electronics
- Grid storage
- Glass & ceramics
- Others
- Germany
- Germany Lithium Market, By Product
- Carbonates
- Hydroxide
- Others
- Germany Lithium Market, By Application
- Automotive
- Consumer electronics
- Grid storage
- Glass & ceramics
- Others
- Germany Lithium Market, By Product
- France
- France Lithium Market, By Product
- Carbonates
- Hydroxide
- Others
- France Lithium Market, By Application
- Automotive
- Consumer electronics
- Grid storage
- Glass & ceramics
- Others
- Europe Lithium Market, By Product
- Asia Pacific
- Asia Pacific Lithium Market, By Product
- Carbonates
- Hydroxide
- Others
- Asia Pacific Lithium Market, By Application
- Automotive
- Consumer electronics
- Grid storage
- Glass & ceramics
- Others
- China
- China Lithium Market, By Product
- Carbonates
- Hydroxide
- Others
- China Lithium Market, By Application
- Automotive
- Consumer electronics
- Grid storage
- Glass & ceramics
- Others
- China Lithium Market, By Product
- South Korea
- South Korea Lithium Market, By Product
- Carbonates
- Hydroxide
- Others
- South Korea Lithium Market, By Application
- Automotive
- Consumer electronics
- Grid storage
- Glass & ceramics
- Others
- Japan
- Japan Lithium Market, By Product
- Carbonates
- Hydroxide
- Others
- Japan Lithium Market, By Application
- Automotive
- Consumer electronics
- Grid storage
- Glass & ceramics
- Others
- Japan Lithium Market, By Product
- Asia Pacific Lithium Market, By Product
- Central & South America
- Central & South America Lithium Market, By Product
- Carbonates
- Hydroxide
- Others
- Central & South America Lithium Market, By Application
- Automotive
- Consumer electronics
- Grid storage
- Glass & ceramics
- Others
- Central & South America Lithium Market, By Product
- Middle East & Africa
- Middle East & Africa Lithium Market, By Product
- Carbonates
- Hydroxide
- Others
- Middle East & Africa Lithium Market, By Application
- Automotive
- Consumer electronics
- Grid storage
- Glass & ceramics
- Others
- Middle East & Africa Lithium Market, By Product
- North America
Lithium Market Dynamics
Drivers: Growing demand for lithium-ion batteries
Lithium-ion (Li-ion) batteries have a broad application scope and are deployed in electronics, transportation, and energy storage systems. Existing applications of Li-ion batteries include smartphones, wearables, tablets & laptops, payment systems, buses, forklifts, gold carts, wheelchairs, bikes, toys, personal care products, cordless phones, power tools, and portable & stationary energy storage. Lithium-ion batteries are expected to grow fastest among the applications above due to the proliferation of electric vehicles (EVs).
Lithium-ion batteries have gained popularity in EVs because of their high energy per unit mass relative to other electric energy storage systems, such as solid-state, nickel hydride, lead acid, and ultracapacitors. It provides high energy efficiency, high power-to-weight ratio, optimal performance in high temperatures, and low self-discharge. In today's scenario, where sustainability is given precedence, lithium-ion batteries have the potential to be recycled.
The governmental push toward aligning itself with the global decarbonization goals, in line with the 2021 Paris Agreement, has accelerated the production of EVs across the world. Several incentives have been provided for EV sales and purchases. Further, automakers have committed to converting their existing production lines into EV production facilities by 2035. The exponential growth in the electric vehicles market is estimated to provide a lucrative opportunity to the producers of lithium-ion batteries, which, in turn, is expected to drive the growth of the lithium market.
Increasing investments in battery energy storage
Over the last decade, the rise in usage of lithium-ion battery storage has led to a decline in its prices by over 80%, leading to enhanced energy storage and paving the way for electric vehicles to be commercially viable. Government regulations and subsidies are working on expanding clean energy; thus, energy storage systems represent a huge opportunity for investors. However, expensive raw materials required to produce energy storage systems may remain critical for investors. In the first half of 2022, the corporate funding raised by energy companies was almost the same as the whole year of 2021. This indicates a healthy trend towards sustainable, affordable energy storage technology. As per the International Energy Agency, new companies in clean energy have attracted significant investments. For instance, Eolian, a U.S.-based energy investor, raised the highest amount of USD 925 million in VC funding during H1 2022 from banking groups such as MUFG and Banco Santander. Its portfolio includes the development pipeline of Able Grid, an energy storage developer it acquired in December 2021
Restraints: Supply constraints in lithium battery production
The adoption of electric vehicles is rising rapidly due to the increasing focus on reducing greenhouse gas emissions. Lithium-ion batteries is an essential component of such cars. The adoption rate of EVs is quickly increasing. However, the supply of lithium is limited by its current extraction and processing technologies - which are either time-consuming or expensive.
Lithium processing is a complex process, requiring huge investments in infrastructure. Lithium is extracted in two different ways, i.e., it is extracted from series of evaporation tanks or pumped from underground brine reservoirs. Recycling is another option to obtain lithium; however, the process is not currently commercially viable and is currently in the stage of R&D. New technologies and deposits worldwide are projected to fill the gap. However, the projected timelines for economic adoption may need to catch up to meet the rising demand.
Hence, demand for lithium may outstrip existing and currently proposed supply resources. As per Benchmark Mineral Intelligence, a deficit of 26 thousand tons that occurred in 2021 may widen to 1.1 million tons by 2030. By that time, global demand is expected to witness rapid growth. As per our estimates, the global demand is projected to reach 880.3 kilotons by 2030, exhibiting a CAGR of 11.5%. Unless there is rapid technology adoption of commercially viable processing methods, demand will continue to outpace supply at a wide pace.
What Does This Report Include?
This section will provide insights into the contents included in this lithium market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Lithium market qualitative analysis
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Industry overview
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Industry trends
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Market drivers and restraints
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Market size
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Growth prospects
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Porter’s analysis
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PESTEL analysis
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Key market opportunities prioritized
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Competitive landscape
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Company overview
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Financial performance
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Product benchmarking
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Latest strategic developments
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Lithium market quantitative analysis
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Market size, estimates, and forecast from 2018 to 2030
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Market estimates and forecast for product segments up to 2030
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Regional market size and forecast for product segments up to 2030
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Market estimates and forecast for application segments up to 2030
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Regional market size and forecast for application segments up to 2030
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Company financial performance
Research Methodology
A three-pronged approach was followed for deducing the lithium market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for lithium market to gather the most reliable and current information possible.
- We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
- We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
- We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
- We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
- We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of lithium market data depending on the type of information we’re trying to uncover in our research.
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Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
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Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
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Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
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Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
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Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
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Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
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This step also entails the finalization of the report scope and data representation pattern.
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Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
Lithium Market Categorization:
The lithium market was categorized into three segments, namely product (Carbonates, Hydroxide), application (Automotive, Consumer Electronics, Grid Storage, Glass & Ceramics), and regions (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa)
Segment Market Methodology:
The lithium market was segmented into product, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Market research approaches: Bottom-up
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Demand estimation of each product across countries/regions summed up to from the total market.
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Variable analysis for demand forecast.
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Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
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Primary interviews for data revalidation and insight collection.
Market research approaches: Top-down
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Used extensively for new product forecasting or analyzing penetration levels.
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Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
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Primary interviews and vendor-based primary research for variable impact analysis.
Market research approaches: Combined
- This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.
Regional Market Methodology:
The lithium market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into nine countries, namely, the U.S.; Canada; Mexico; Germany; France; China; India; Japan; South Korea.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
Lithium market companies & financials:
The lithium market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
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Albemarle - Albemarle Corporation was incorporated in 1993 in Virginia and is headquartered in Charlotte, North Carolina, U.S. The company is a leading manufacturer and supplier of specialty chemicals catered to various end markets. The company's operations are segmented into three reportable segments: Lithium, Bromine Specialties, and Catalysts. The company’s lithium extraction activities are carried out through solar evaporation of ponds at the Salar de Atacama in Chile and in Silver Peak, U.S. The lithium brine obtained from Salar de Atacama is later processed into lithium carbonate and lithium chloride in a plant in Le Negra, Chile, and the lithium from Silver Peak is processed into lithium carbonate at a plant in Silver Peak itself.
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Ganfeng Lithium Co., Ltd. - Ganfeng Lithium Co., Ltd. is a Chinese manufacturer of lithium-based products. The company was formed in 2000 is headquartered in Jiangxi Province, China. The company serves various industries, including electric vehicles, pharmaceuticals, chemicals, energy storage, and 3C (Computer, Communication, and Consumer Electronics) products. The company has the capability to extract lithium from ore, brine, and recycled materials. The company offers more than 40 lithium and other metal compounds. It has three reportable segments: Lithium Compound and lithium Metal, Lithium Battery, and Others. The company has mines in Ireland, China, Mexico, Australia, and Argentina. The company's metal smelting and compound processing units are located in Jiangxi Province, China. Also, downstream segments, including lithium battery manufacturing and battery recycling plants, are located in Jiangxi, Guangdong, Zhejiang, and other provinces of China.
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General Lithium Corp - General Lithium Corporation was established in 2006 and is headquartered in Jiangsu Province, China. The company is engaged in R&D, production, and sales of lithium products. It provides industrial-grade and battery-grade lithium carbonate, high-purity lithium carbonate, and lithium iron phosphate, among others. The products are mainly catered to the battery industry. The company's annual production capacity of battery-grade lithium carbonate and lithium hydroxide is 6,000 tons and 2,000 tons, respectively. General Lithium (Tibet) Tech Corporation, General Lithium (Jiujiang) Tech Corporation, and General Lithium (Yichang) Corporation are the subsidiaries of General Lithium Corporation. General Lithium (Tibet) Tech Corporation, or Tibet Ronghui Lithium Industry Technology Co., Ltd., was established in 2014 and is located in Qinghai Province. Its annual production capacity for high-purity lithium carbonate and lithium iron phosphate is 1,500 tons and 5,000 tons, respectively. General Lithium (Jiujiang) Tech Corporation, or Jiujiang Ronghui Lithium Industry Technology Co., Ltd., was established in June 2016 and is located in Jiangxi Province. Its annual lithium carbonate and hydroxide production capacity is 8,000 tons each. General Lithium (Yichang) Corporation, or Yichang Ronghui Lithium New Material Co., Ltd., was established in June 2018.
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Lithium Exploration Group - Lithium Exploration Group (Formerly, Mariposa Resources, Ltd.) was founded in 2006 and is headquartered in Arizona, U.S. On November 30, 2010, the company changed its name to “Lithium Exploration Group, Inc. On October 31, 2017, the company was acquired by Alternet Systems. The acquisition aimed to enhance and expand Alternet Systems' lithium energy storage solution footprint. The company is engaged in the acquisition and development potential of lithium brines and other precious metals. The company is testing its SonCav Technology for use in the oil and gas industry. Also, it is focusing on the acquisition of oil and gas-related assets in Western Canada and Southwest Louisiana.
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LSC Lithium Corporation - LSC Lithium Corporation was founded in 2009 and is headquartered in British Columbia, Canada. The company is engaged in the production and supply of lithium products. On March 15, 2019, the company was acquired by Pluspetrol Resources for CAD 111 million (~USD 88.2 million), after which LSC Lithium Corporation became a private entity. Its tenements are located at the intersection of Argentina, Bolivia, and Chile. The company is focused on developing its major projects, such as the Pozuelos-Pastos Grandes Project, Rio Grande, and Salinas Grandes. It has a land package portfolio of around 300,000 hectares, which represents extensive lithium prospective Salar holdings in Argentina.
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Lithium Australia NL - Lithium Australia NL was founded in 2007 and is headquartered in West Perth, Western Australia. The company has developed technologies, including SiLeach and LieNA, for the conversion of all lithium silicates and unused fines from spodumene processing to lithium chemicals. With these chemicals, the company intends to produce advanced materials for global battery and stationary energy storage systems in Australia. A wholly owned subsidiary of the company, VSPC Ltd, provides cathode material production. The other subsidiary, Envirostream, provides recycling technologies for lithium batteries.
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Neo Lithium Corporation - Neo Lithium Corporation was founded in 2016 and is headquartered in Toronto, Canada. The company is involved in exploration operations. Its main business activities are the exploration and development of resource properties in Argentina. The subsidiaries of the company are Argentina Liex S.A. and Ontario Inc. The company has only one reportable segment and two geographical segments; Argentina and Canada.
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SQM S.A. - SQM S.A. (Sociedad Química y Minera) was founded on June 11, 1968, and is currently headquartered in Santiago, Chile. The company has divided its products into six categories, which are specialty plant nutrients, iodine and its derivatives; lithium and its derivatives; potassium chloride and potassium sulfate; industrial chemicals and other commodity fertilizers. Its products are catered to the health, food, technology, and clean energy industries.
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Tianqi Lithium Corporation - Tianqi Lithium Corporation was founded on October 16, 1995, and is headquartered in Chengdu, China. It is a vertically integrated company with a key focus on serving and supporting the sustainable development of lithium-ion battery technologies. It has global prominence in the lithium industry. Its key businesses are lithium resource investment, lithium concentrate extraction, and the production of advanced lithium specialty compounds. The company's resources and production assets are present in Australia, Chile, and China. Its resources in the Greenbushes mine in Western Australia and Cuola mine in Sichuan ensure the supply of lithium raw materials. The company operates three chemical plants in China Shehong, Sichuan; Zhangjiagang, Jiangsu; and Tongliang, Chongqing. Other operations are being carried out at Kwinana, Western Australia, and Anju, Sichuan.
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Galaxy Resources Limited - Galaxy Resources Limited was established in 2012 and is headquartered in Applecross, Western Australia. The company is engaged in the production and development of lithium products. The company owns an operational hard rock mine and a concentrator in Western Australia. Also, it owns a Tier-1 development project in Argentina and a hard rock spodumene project in Canada. The company is currently working on three projects.
Value chain-based sizing & forecasting
Supply Side Estimates
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Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
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Segment revenue determination via variable analysis and penetration modeling.
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Competitive benchmarking to identify market leaders and their collective revenue shares.
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Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
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Identifying parent markets and ancillary markets
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Segment penetration analysis to obtain pertinent
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revenue/volume
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Heuristic forecasting with the help of subject matter experts
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Forecasting via variable analysis
Lithium Market Report Objectives:
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Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
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Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
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Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
Lithium Market Report Assumptions:
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The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
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The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
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We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
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All market estimates and forecasts have been validated through primary interviews with the key industry participants.
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Inflation has not been accounted for to estimate and forecast the market.
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Numbers may not add up due to rounding off.
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Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
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Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
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Latin America includes Central American countries and the South American continent
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Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
Primary Research
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
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Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
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Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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