The global lithium market size was valued at USD 22.19 billion in 2023 and is projected to grow from USD 26.88 billion in 2024 to USD 134.02 billion by 2032 at a CAGR of 22.1% during the 2025-2032 forecast period.

Asia Pacific dominated the lithium market with a market share of 66.20% in 2022. Increasing number of advancements in rechargeable batteries for laptops, mobile phones, electric vehicles, and digital cameras is set to drive the market growth. The surge in battery demand is due to the development of environmentally sustainable solutions is set to drive market growth. Fortune Business Insights™ shares this information in its report titled “Lithium Market, 2025-2032.”

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List of Key Players Profiled in the Report

• Albemarle Corporation (U.S.)
• SQM S.A. (Chile)
• Tianqi Lithium (Australia)
• Jiangsu Ronghui General Lithium Industry Co., Ltd. (China)
• Ganfeng Lithium Co., Ltd. (China)
• Sigma Lithium (Canada)
• American Lithium Corp. (Canada)
• Livent (U.S.)
• Avalon Advanced Materials (Canada)
• Sayona Mining Limited (Australia)

Segments

Lithium Carbonate (Li2CO3) Led as it is Widely Used in the Pharmaceutical Industry

On the basis of product, the market is segmented into carbonate, hydroxide, chloride, metal, and others. Lithium carbonate (Li2CO3) held the majority part in 2022 as carbonate is extracted from brines and is the first compound in the production chain. It is widely used in pharmaceutical industry in making medicines for cluster headaches.

Batteries Led as it is Used in Numerous Combinations of Active Materials

Based on application, the market is segmented into batteries, glass & ceramics, lubricant, polymers, metallurgy, medical, air treatment, and others. Batteries segment accounted for the dominating market share in 2020 and is set to dominate in the future as LIBs are used in numerous combinations of active materials for cathode, electrolyte, and anode.