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HomeBusiness NewsLithium Market Size, Share, Industry Analysis and Forecast 2024-2031

Lithium Market Size, Share, Industry Analysis and Forecast 2024-2031

Market Overview

Global Lithium Market reached US$ 9.3 billion in 2023 and is expected to reach US$ 38.8 million by 2031, growing with a CAGR of 19.5% during the forecast period 2024-2031.

The electric vehicle (EV) sector is a major driving force behind the growth of the lithium market. Lithium-ion batteries, crucial for EVs, offer advantages such as high energy density, enabling these batteries to store more energy in a compact form. This characteristic is essential for providing medical and longer driving ranges in electric vehicles, contributing to the increasing popularity of EVs.

Governments in the Asia-Pacific region are actively supporting the lithium industry through significant investments in research and development, infrastructure development, and financial support. China, in particular, has witnessed substantial growth in the Electric Vehicle (EV) Automotive sector. For instance, on May 4, 2023, China achieved the milestone of selling around 6.8 million EVs, marking its position as the world’s largest market for EVs for the eighth consecutive year. This growth can be attributed to government support, generous subsidies, tax breaks, and other policy incentives aimed at both stimulating the supply of EVs and creating demand for them.

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Market Dynamics

  1. Lithium Extraction:

    • Habitat Destruction: Conventional mining practices for lithium lead to habitat destruction, impacting ecosystems and biodiversity.
    • Water Pollution: The extraction process, including both mining and lithium brine extraction, can result in water pollution, affecting water sources and ecosystems.
    • Greenhouse Gas Emissions: The extraction and transportation of lithium contribute to the emission of greenhouse gases, contributing to climate change.
  2. Battery Disposal:

    • Environmental Challenges: Improper disposal of lithium-ion batteries at the end of their life cycle poses environmental challenges, potentially leading to soil and water contamination.
    • Recycling Efforts: Recycling lithium-ion batteries is crucial for mitigating environmental impact. Efforts are being made to improve recycling technologies to recover valuable materials.
  3. Inherent Limitations of Lithium-ion Batteries:

    • Medical Capabilities: Despite their high energy density, lithium-ion batteries have inherent limitations. Researchers are working on addressing these limitations, which may include improvements in safety and performance.
    • Driving Range Concerns: Research efforts may impact the driving range of electric vehicles (EVs) powered by lithium-ion batteries.
  4. Balancing Advantages and Drawbacks:

    • Holistic Approach: Achieving a balance between the advantages and environmental drawbacks of lithium-ion batteries requires a holistic approach that considers the entire life cycle of the batteries.
    • Sustainable Solutions: Ongoing efforts are focused on developing sustainable energy storage solutions that minimize environmental impact while meeting energy storage needs.

Key Market Players

The major global players in the lithium market include:

  1. Albemarle
  2. Altura Mining Limited
  3. Avalon Advanced Materials Inc
  4. FMC
  5. Critical Elements Corporation
  6. Galaxy Resources Limited
  7. Jiangxi Ganfeng Lithium Co. Ltd
  8. Lithium Americas
  9. Sichuan Tianqi Lithium Industries
  10. SQM (Sociedad Química y Minera de Chile)

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