South Korea Lithium Market Size & Outlook, 2023-2030
South Korea lithium market, 2018-2030 (US$M)
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South Korea lithium market highlights
- The South Korea lithium market generated a revenue of USD 1,300.4 million in 2023 and is expected to reach USD 2,735.2 million by 2030.
- The South Korea market is expected to grow at a CAGR of 11.2% from 2024 to 2030.
- In terms of segment, carbonates was the largest revenue generating product in 2023.
- Hydroxides is the most lucrative product segment registering the fastest growth during the forecast period.
Lithium market data book summary
| Market revenue in 2023 | USD 1,300.4 million |
| Market revenue in 2030 | USD 2,735.2 million |
| Growth rate | 11.2% (CAGR from 2023 to 2030) |
| Largest segment | Carbonates |
| Fastest growing segment | Hydroxides |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Carbonates, Hydroxides, Other Products |
| Key market players worldwide | Albemarle Corp, Sociedad Quimica Y Minera De Chile SA ADR, Livento Group Inc, Lithium Americas Corp, Pilbara Minerals Ltd, Beard Co, Mineral Resources Ltd |
Other key industry trends
- In terms of revenue, South Korea accounted for 4.1% of the global lithium market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China lithium market is projected to lead the regional market in terms of revenue in 2030.
- China is the fastest growing regional market in Asia Pacific and is projected to reach USD 21,768.2 million by 2030.
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Lithium Market Scope
Lithium Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
South Korea lithium market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to lithium market will help companies and investors design strategic landscapes.
Carbonates was the largest segment with a revenue share of 54.3% in 2023. Horizon Databook has segmented the South Korea lithium market based on carbonates, hydroxides, other products covering the revenue growth of each sub-segment from 2018 to 2030.
Three of the top five manufacturers of batteries for electric cars are based in South Korea, namely LG Energy Solution, Samsung SDI Co., and SK O. These three companies together dominate over 25% of the global EV battery market and provide batteries to leading automakers, such as Tesla Inc, Volkswagen AG, General Motors Co., and Ford Motor Co.
South Korea has established itself as a leading hub for EV battery production. In April 2023, the Ministry of industry announced that the government of South Korea, along with its leading battery companies, will collaborate to invest KRW 20 trillion.
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Target buyers of South Korea lithium market databook
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Our clientele includes a mix of lithium market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea lithium market , including forecasts for subscribers. This country databook contains high-level insights into South Korea lithium market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea lithium market size, by product, 2018-2030 (US$M)
South Korea Lithium Market Outlook Share, 2023 & 2030 (US$M)
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