Lithium Market Size – Global Opportunities & Forecast, 2021-2028

The Lithium Market is likely to register a CAGR of more than 10% over the forecast period.


Lithium Market

The Lithium Market is likely to register a CAGR of more than 10% over the forecast period. Electrification of vehicles is anticipated to captivate a significant volume of lithium-ion batteries, thus projected to raise the market growth.

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Lithium Market Dynamics

The surging espousal of EVs throughout the world has propelled the demand for lithium-ion batteries, thereby promoting the growth of the global lithium market. This is because of the continuous surge in the sales of the global EV market, which was nearly 8 million in 2019 and is projected to touch 50 million by the end of 2025, as stated by the International Energy Agency. Furthermore, the rising application of lithium batteries in handheld devices grid storage will stimulate market growth. The implementation of lithium salt as a mood-balancing drug because of the neural effects on the human body will compel market growth. The lithium market proffers several industrial applications because of its heat resilience ceramics, heat stability to weight alloys in aircraft is anticipated to propel the lithium market size.

In accordance with the Centre Energy Finance Council, the international energy-storage market is projected to expand at a rate of 2.5 Twh annual disposition by 2030. This is because of the extensive application of grid scales to store energy guided by electric mobility and the deployment of stationary energy storage. However, the hike in lithium prices is likely to hinder the market growth.

Lithium Products Segment Drivers

Based on the lithium products, the lithium carbonate segment is likely to witness substantial growth in the lithium market owing to its application in the pharmaceutical industry to treat bipolar disorder. In contrast, the lithium hydroxide segment will dominate the market during the coming years. This is because of the easy processing of battery applications. Moreover, the primary application of lithium hydroxide in battery applications has attracted investors and automakers to make a huge investment.

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