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. Asia Pacific dominated the lithium market with a market share of 61.27% in 2023.

Lithium is a soft metal that is extremely reactive and is known to be the lightest of all metals. It is utilized to produce robust, lightweight alloys in combination with aluminum and magnesium. Lithium-ion batteries are preferred due to their high energy density, which makes them suitable for compact devices. Its vital role in clean energy technologies, such as electric vehicles and solar power storage, is expected to drive global market growth in the coming years. Growing demand for rechargeable batteries in laptops and mobile phones and rapid advancements in electric vehicles are driving the demand for lithium ion batteries (LIB). Apart from lithium ion batteries, it is utilized in many industries, including lubricants, glass & ceramics, and foundry.

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LIST OF KEY 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)

Segmentation:

Widespread Adoption of Carbonate in Automotive Sector to Drive Segment Growth

Based on product, the market is divided into carbonate, hydroxide, chloride, metal, and others. Carbonate accounted for the leading share of the global market in 2023, owing to its widespread adoption in the automotive sector driven by the surge in electric vehicle sales.

Batteries Segment Captured Dominant Share Owing to Growing Electric Vehicle Sales

Based on application, the market is categorized into batteries, glass & ceramics, lubricant, polymers, metallurgy, medical, air treatment, and others. The batteries segment captured the dominant global lithium market share in 2023 and is expected to maintain its leadership in the years ahead. Growing electric vehicle sales, fueled by increasing disposable income and changing user preferences, are anticipated to propel the lithium-ion battery segment's growth.