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The U.S. lithium market size was worth USD 4.24 billion in 2022 and is projected to grow at a CAGR of 20.7% during the forecast period.
The U.S. has seen a significant rise in product demand for automotive, consumer electronics, energy storage, and others, attributable to the rapid expansion of the U.S. Lithium market growth. The increasing demand for hybrid and Electric Vehicles (EVs), high-channel versatile hardware, and energy storage systems have supported the development of lithium consumption. Since EVs reduce carbon emissions, there is a growing awareness of sustainable and clean energy, which will boost the market’s growth in the upcoming years. For instance, the U.S. Department of Energy chose 12 lithium-based projects financed with USD 1.6 billion from the 2022 U.S. Bipartisan Infrastructure Regulation to help new plug-scale domestic facilities to concentrate and handle lithium, produce battery parts, reuse batteries, and foster innovations to expand U.S. lithium reserves. The COVID-19 pandemic had a significant impact on the U.S. lithium market. Due to lockdowns and restrictions on travel, the demand for lithium-ion batteries used in electric vehicles declined. However, as the world starts to recover from the pandemic; the demand for electric vehicles is expected to increase in the near future.
Sustainable Production of Li-ion Batteries (LIB) will Surge the Product Demand
The growth of the LIB market has subsequently led to a rise in product demand. LIBs are a crucial component in cleaning up the environment. The growth of the LIB market has prompted an ascent in product consumption. LIBs are an essential part of tidying up the climate. The cathode's safety, stability, life, cost, and energy density are changing the preferences of electric vehicle manufacturers and companies. As a result, these factors drive product expansion and structurally alter consumer preferences. For instance, Tesla is anticipating cutting-edge EV batteries that focus on acquiring Li-ion phosphate batteries. This will reduce vehicle expenses, stretch the vehicle range to 400 miles or more, and empower the batteries to keep going up to 1.0 million miles.
Rising Investments in the EV Industry will Increase the Product Adoption
The automotive businesses throughout recent years have highly boosted EV sales. EVs are designed to replace conventional traveling methods, owing to technological advancements, low fossil fuel byproducts, low maintenance, smoother drive, easy convenience of charging at home, decreased motor sound, and higher efficiency. With quick mechanical advances in the electrification of trucks, buses, and other modes, investments in the electric vehicles industry are rising.
Environmental Constraints to Hinder the Market Growth
Lithium extraction has a huge social and natural effect, particularly due to water consumption and contamination. Additionally, toxic chemicals are required for this metal's processing. Delivering poisonous synthetics through air outflow, filtering, or spills can hurt the biological system, food creation, and networks. Metal extraction unavoidably creates dirt and causes air contamination. As a result, environmental organizations collaborate with local site authorities to enforce stringent regulations, which may impede U.S. lithium market share expansion over the forecast period.
Based on product, the market is segmented into carbonate, hydroxide, chloride, metal, and others.
In 2022, the lithium carbonate (Li2CO3) segment dominated the market, and it can also be called lithium salt, a highly used metal oxide. The first compound in the production chain is carbonate, obtained by brine extraction. In contrast, the hydroxide market is expected to grow at the highest CAGR over the forecast period due to battery advancements. It is produced from different sources, such as petrol rigid rocks and saline solutions. The growing preference for lithium compounds will boost the U.S. market in the upcoming years.
Based on application, the market is segmented into batteries, glass & ceramics, lubricant, polymers, metallurgy, medical, air treatment, and others.
The batteries segment represented a significant market share in 2022 and will probably proceed with its dominance during the estimated forecast period. LIBs are utilized in numerous mixes of dynamic materials for the cathode, electrolyte, and anode. Consequently, battery manufacturers and a significant mind shift toward minimal transportation expenses will drive the U.S. market in the coming years.
Based on end-user, the market is segmented into automotive, consumer electronics, industrial, energy storage, and others.
The use of fossil fuels currently dominates the automotive industry. Due to changes in government norms and the shift toward sustainable energy sources, fossil fuels are increasingly becoming an alternative energy source. The rising interest in EVs and the shift toward clean energy will drive product demand in the upcoming years. Additionally, these batteries have a high power density, resulting in a lighter and longer-lasting battery. As a result, the market expansion is anticipated to be driven by the rising consumer electronics and smartphone sectors, which may impede product demand over the forecast period.
In terms of the competitive landscape, the market depicts the presence of established and emerging lithium companies. Key players include Albemarle Corporation, SQM S.A., American Lithium Corp., and Livent. Key industry players compete primarily based on the price and application characteristics of the product. Companies are emphasizing product innovation, social marketing, acquisition, and collaborations.
LIST OF KEY COMPANIES PROFILED:
The market research report provides a detailed analysis of the market. It provides a detailed market analysis and focuses on aspects such as product, application, end-user, and leading companies. It provides quantitative data in terms of value, research methodology for market size estimation, and insights into the latest market trends. It highlights vital industry developments and competitive landscape. It focuses on key aspects such as an overview of technological advancements, new product launches, key industry developments such as mergers, partnerships, & acquisitions, and the impact of COVID-19 on the market. Besides this, the report also offers insights into the market trends and highlights key industry dynamics. In addition to the aforementioned factors, it encompasses several factors that have contributed to the growth during the forecast period.
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CAGR of 20.7% from 2023 to 2030
Value (USD Billion), Volume (Million Tons)
Fortune Business Insights says that the U.S. market was worth USD 4.24 billion in 2022.
The market is expected to exhibit a CAGR of 20.7% during the forecast period (2023-2030).
By end-user, the automotive segment accounts for a considerable proportion of the market.
Albemarle Corporation, SQM S.A., and American Lithium Corp. are the top players in the market.
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