Lithium Market Size, Growth Trends & Forecast 2032
- Pallavi Garudkar
- 5 hours ago
- 2 min read
According to Fortune Business Insights the global lithium market size was valued at USD 22.36 billion in 2023. The market is projected to grow from USD 13.90 billion in 2024 to USD 55.52 billion by 2032 at a CAGR of 18.9% during the 2024-2032 forecast period.
Market Share & Regional Insights:
In 2023, Asia Pacific held the largest market share at approximately 61.27%, driven by EV manufacturing hubs, lithium producers, and supportive government policies.
North America and Europe are also significant markets, with growth fueled by clean-energy adoption and expanding EV and energy-storage sectors.
Lithium-rich regions like Latin America contribute to global supply potential, though growth depends on mining capacity, regulations, and processing infrastructure.
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Segmentation & Applications:
The lithium market is segmented by product type, application, and end-use.
By Product Type: Lithium is supplied as lithium carbonate, lithium hydroxide, and other derivatives such as lithium chloride, fluoride, and metal.
By Application: The primary driver is battery production, especially lithium-ion batteries for EVs, consumer electronics, and energy storage. Other applications include glass & ceramics, lubricants, polymers, metallurgy, medical uses, and air treatment.
By End-Use Sector: Key sectors include Automotive (EVs and hybrid vehicles), Consumer Electronics, Industrial, and Energy Storage. Battery-related applications dominate due to electrification and renewable energy adoption.
Market Dynamics:
What are the key drivers of lithium demand?Major drivers include:
Rapid adoption of electric vehicles (EVs)
Growth of energy storage systems for renewable energy
Expansion of consumer electronics
Increased investment in lithium mining and refining
Rising demand for battery-grade lithium
What are the main challenges in the lithium market?Challenges include:
Supply constraints and price volatility
Environmental and regulatory concerns in mining
Dependence on battery-related demand
Need for downstream processing to produce battery-grade lithium
What are the strategic implications for businesses in this market?
Secure diversified supply sources
Focus on battery-grade lithium production
Invest in vertical integration (mining → refining → battery supply)
Explore recycling and alternative extraction technologies
Strengthen supply-chain resilience to meet EV and energy-storage demand
Key Players:
Major players in the global lithium market include:
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.)
Key Industry Development:
August 2024: Arcadium Lithium acquired Li-Metal’s lithium metal business for USD 11 million, including IP and facilities, to boost production and support advanced battery material demand.
January 2023: Ganfeng Lithium invested USD 2.14 billion in two new battery factories, increasing production capacity by 34 GWh, with total manufacturing expected to reach 100 GWh annually.
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