Lithium Market to Record CAGR of 18.9% Over 2024-2032; Increasing Focus toward Sustainability to Bolster Market Growth

The global lithium market size was valued at USD 22.36 billion in 2023 and is predicted to reach USD 13.9 billion in 2024. The market is anticipated to touch USD 55.52 billion by 2032, recording a CAGR of 18.9% over 2024-2032.

Fortune Business Insights™ presents this information in its latest report titled “Lithium Market Size, Share & Industry Analysis, By Product (Carbonate, Hydroxide, Chloride, Metal, Fluoride, and Others), By Application (Batteries, Glass & Ceramics, Lubricant, Polymers, Metallurgy, Medical, Air Treatment, and Others), By End-User (Automotive, Consumer Electronics, Industrial, Energy Storage, and Others), and Regional Forecast, 2024-2032”.

Lithium is a soft, silvery-white metal and the lightest metal overall. It is used to make strong, lightweight alloys with aluminum and magnesium. It is crucial for rechargeable batteries in laptops, smartphones, digital cameras, and Electric Vehicles (EVs). The rising demand for these batteries is increasing the need for lithium-ion batteries (LIB). Additionally, lithium is used in lubricants, glass and ceramics, and foundry work. These factors drive market growth.

Owing to lockdown restrictions and a decrease in consumer spending, there was a drop in the demand for vehicles, construction materials, and electronics. Additionally, the COVID-19 pandemic caused many lithium-ion battery manufacturing plants in Europe to either halt or reduce their operations, interrupting the automotive supply chain.

Increasing Focus toward Sustainability to Bolster Market Growth

Sustainable development necessitates the equilibrium of environmental issues and economic advancement, with lithium being crucial in this shift. Although it provides sustainable energy, its extraction can have environmental repercussions. To mitigate this, lithium producers are adopting sustainable practices and improving material recovery processes. Environmentally friendly extraction and recycling techniques promote a circular economy by conserving resources and minimizing waste and emissions. Innovations such as energy-recovery devices (ERDs) contribute to reduced electricity consumption and help avoid wastewater pollution, with examples such as Energy Recovery, Inc.'s PX device enhancing lithium processing and bolstering a sustainable market.

However, the rising awareness regarding the environmental & ethical concerns related to lithium’s production & processing is likely to hinder the lithium market growth.

Albemarle Corporation and Martin Marietta Materials, Inc. Agreed to Utilize Limestone Sourced from Albemarle's Kings Mountain Mine Project

In May 2024, Albemarle Corporation and Martin Marietta Materials, Inc. agreed to utilize limestone sourced from Albemarle's Kings Mountain Mine project. Martin Marietta will process the limestone for construction applications, and the royalties generated from sales will fund community programs in the local area. This collaboration emphasizes sustainable practices and responsible management of resources.

Top Companies Invest to Expand Their Production Capacities to Maintain Their Dominance

The global market is characterized by consolidation, with major players accounting for substantial shares. The top companies operating in this market include Albermale, SQM, and Tianqi Lithium. These players are making significant investments to enhance their production capacities and maintain their dominance.

Notable Industry Development

• August 2024: Arcadium Lithium completed the acquisition of the lithium metal business from Li-Metal to strengthen its production capacities and sustainability. The USD 11 million acquisition comprises intellectual property and facilities, increasing the demand for cutting-edge battery materials and ensuring advanced lithium metal production techniques.

List of the Companies Profiled in the Report

• Albemarle Corporation (U.S.)


• SQM S.A. (Chile)


• Tianqi Lithium (China)


• International Lithium Corp. (Canada)


• LSC Lithium Corporation (Argentina)


• FMC Corporation (U.S.)


• American Lithium Corp. (U.S.)


• Livent (U.S.)


• Avalon Advanced Materials (Canada)


• Sayona Mining Limited (Australia)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/lithium-market-104052

Further Report Findings

• The Asia Pacific region is anticipated to capture the major share of global sales revenue. The region’s growth can be attributed to the easy availability of raw materials, labor, and support from domestic governments. China is among the major producers of electronic components, including fuel cells, batteries, and capacitors.


• The European region experienced substantial growth in recent years, propelled by the significant investment of the European Union in research and development initiatives in various industries such as automobile, ICT, and healthcare.


• Based on product, carbonate represented a major lithium market share in 2023. The growth of this segment is driven by its increased adoption in the pharmaceutical sector for manufacturing medicines for the treatment of individuals dealing with bipolar disorder and for the prevention of cluster headaches.

Table of Segmentation