The global Lithium Metal market stood at approximately 185 thousand tonnes in 2023 and is anticipated to grow at a CAGR of 20.3% during the forecast period until 2034.
Lithium serves a pivotal role primarily in rechargeable batteries utilized in mobile phones, laptops, digital cameras, and electric vehicles. Additionally, it finds application in non-rechargeable batteries for items like heart pacemakers, toys, and clocks. In its metallic form, lithium is incorporated into alloys with aluminium and magnesium, enhancing their strength and reducing weight. Lithium compounds serve diverse purposes: lithium oxide is integral in specialized glasses and glass ceramics; lithium chloride, known for its exceptional hygroscopic properties, is utilized in air conditioning and industrial drying systems, along with lithium bromide; lithium stearate acts as a versatile and high-temperature lubricant. Furthermore, lithium carbonate finds application in medications for treating manic depression, though its precise mechanism of action in the brain remains elusive. Moreover, lithium hydride serves as a medium for hydrogen storage, facilitating its use as a fuel source.
The lithium metal market is propelled by multifaceted drivers and trends that converge to shape its trajectory. Primarily, the surge in demand for electric vehicles (EVs) stands as a pivotal force, with lithium-ion batteries constituting a fundamental component in these vehicles. Concurrently, the rapid expansion of energy storage systems (ESS) for renewable energy sources like solar and wind power amplifies the demand for lithium. Moreover, the ubiquitous presence of lithium-ion batteries in portable electronic devices, including smartphones, laptops, and wearable gadgets, further fuels market growth. Beyond consumer electronics and transportation, industrial applications such as aerospace, defense, and pharmaceuticals also contribute to the demand for lithium, albeit on a smaller scale. Government policies and incentives play a significant role, with initiatives promoting EV adoption and renewable energy sources driving demand through subsidies, tax incentives, and regulations. Meanwhile, continuous technological advancements aimed at enhancing battery performance, reducing costs, and increasing energy density are pivotal trends influencing the market's evolution. Additionally, growing concerns about resource sustainability are fostering interest in recycling initiatives for lithium-ion batteries, potentially reshaping the market landscape by reducing dependence on primary lithium production. The global Lithium Metal market is likely to reach approximately 1400 thousand tonnes in 2034.
Geographically, Asia Pacific is anticipated to lead the global lithium metal market due to several factors. The region's robust economic growth, coupled with its large and rapidly expanding population, fuels substantial demand for consumer electronics and electric vehicles, both of which heavily rely on lithium-ion batteries. Moreover, supportive government policies and incentives aimed at promoting clean energy and reducing carbon emissions further drive the adoption of electric vehicles and energy storage systems powered by lithium. Asia Pacific's position as a major hub for battery manufacturing ensures a steady and accessible supply of lithium-ion batteries, solidifying its dominance in the global market. China is the global hub of electronics and is likely to projects this trend in the coming years as well. With its thriving economies, burgeoning consumer base, and strategic focus on clean energy technologies, Asia Pacific stands as a pivotal force shaping the trajectory of the lithium metal market on a global scale.
Based on the end-user applications, the global Lithium Metal market is divided into Batteries, Metallurgy, Pharmaceuticals, and Others. Among these, Batteries is the major segment and held about 63% of the global Lithium Metal market in 2023.
Significant players in the Global Lithium Metal market are Albemarle Corporation., Piedmont Lithium, Livent, A123 Systems LLC, Allkem Limited, Shenzhen Chengxin Lithium Group Co., Ltd., Tianqui Lithium Industries Inc., SQM S.A., Mineral Resources Limited, Ganfeng Lithium Co., Ltd., and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2034
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Objective of the Study:
• To assess the demand-supply scenario of Lithium Metal which covers production, demand and supply of Lithium Metal market in the globe.
• To analyse and forecast the market size of Lithium Metal
• To classify and forecast Global Lithium Metal market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Lithium Metal market in the globe.
To extract data for Global Lithium Metal market, primary research surveys were conducted with Lithium Metal manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Lithium Metal market over the coming years.
ChemAnalyst calculated Lithium Metal demand across the globe by analyzing the volume of Lithium Metal consumed by the end-user industries and the forecast is calculated based on the growth rate of end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to determine the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Lithium Metal manufacturers and other stakeholders
• Organizations, forums and alliances related to Lithium Metal distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Lithium Metal manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Lithium Metal market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2023
185 thousand tonnes
Market size Volume in 2034
1400 thousand tonnes
Growth Rate
CAGR of 20.3% from 2024 to 2034
Base year
2023
Estimated year
2024
Historical Data
2015 – 2022
Forecast period
2025 – 2034
Quantitative units
Demand in thousand tonnes and CAGR from 2024 to 2034
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process, Foreign Trade.
Segments covered
By End-Use: (Batteries, Metallurgy, Pharmaceuticals, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Member - Board of Directors
Osaka Gas Co. Ltd
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What was the net market size of Lithium Metal in terms of volume in 2023?
Ans:
The global market size of Lithium Metal has reached approximately 185 thousand tonnes in 2023.
Q2.
Which region is the leading consumer of Lithium Metal?
Ans:
The Asia Pacific region is the leading consumer of Lithium Metal globally.
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