"Innovative Market Solutions to Help Businesses Make Informed Decisions"

U.S. Lithium Market Size, Share & COVID-19 Analysis, By Product (Carbonate, Hydroxide, Chloride, Metal, 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), 2023-2030

Last Updated: May 13, 2024 | Format: PDF | Report ID: FBI108164

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

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.


LATEST TRENDS


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.


DRIVING FACTORS


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.


                U.S. Lithium Market            


RESTRAINING FACTORS


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.


SEGMENTATION


By Product Analysis


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.


By Application Analysis


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.


By End-User Analysis


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.


KEY INDUSTRY PLAYERS


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:



KEY INDUSTRY DEVELOPMENTS: 



  • May 2023 – Allkem, Australia’s biggest lithium producer, has announced an all-stock merger to purchase a 56% stake in the U.S. lithium manufacturer Livent Corporation. This acquisition aims to bring a diverse product range, scale geographic coverage, and rapidly growing lithium demand to meet customer expectations.

  • March 2023 – Albemarle Corporation announced a new lithium mega-flex processing facility in South Carolina, U.S. This facility had an initial investment of USD 1.3 billion to meet the increasing demand from international and domestic lithium-ion battery manufacturers. This facility can produce 50,000 tons of battery-grade lithium hydroxide and can be expanded to 100,000 tons annually.


REPORT COVERAGE


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.


To gain extensive insights into the market, Request for Customization


Report Scope and Segmentation
















































ATTRIBUTE



DETAILS



Study Period



2019-2030



Estimated Year



2023



Base Year



2022



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 20.7% from 2023 to 2030



Unit



Value (USD Billion), Volume (Million Tons)



Segmentation



By Product



  • Carbonate

  • Hydroxide

  • Chloride

  • Metal

  • Others



By Application



  • Batteries

  • Glass & Ceramics

  • Lubricant

  • Polymers

  • Metallurgy

  • Medical

  • Air Treatment

  • Others



By End-User



  • Automotive

  • Consumer Electronics

  • Industrial

  • Energy Storage

  • Others






Frequently Asked Questions

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.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2019-2030
  • 2022
  • 2019-2021
  • 70

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X