Lithium Market to Worth $6.62 Billion by 2028 | Fortune Business Insights™

Pune, India, May 30, 2022 (GLOBE NEWSWIRE) -- The global lithium market size was $3.64 billion in 2020. The market is projected to grow from $3.83 billion in 2021 to $6.62 billion in 2028 at a CAGR of 8.1% during the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, "Lithium Market, 2021-2028."

According to our researchers, prompt progressions in the rechargeable batteries for laptops, mobile phones, Electric Vehicles (EVs), as well as digital cameras, directed by the growth in the Li-ion battery market across the world shall power the product demand. Growing demand for batteries, glass & ceramics, lubricants, foundry and others is anticipated to nurture the growth of the market.

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List of Key Players Covered in the Report

• FMC Corporation (India)
• Albemarle Corporation (U.S.)
• SQM S.A. (Chile)
• Tianqi Lithium (Australia)
• International Lithium Corp. (China)
• LSC Lithium Corporation (Canada)
• American Lithium Corp. (Canada)
• Livent (U.S.)
• Avalon Advanced Materials (Canada)
• Sayona Mining Limited (Australia)
• Other Key Players

Report Scope & Segmentation

COVID-19 Impact

COVID-19 Pandemic to Influence Battery Sector

The COVID-19 pandemic has flustered the global industrial production by disturbing the raw materials as well as course of the supply chain. The pandemic has had a radical influence on the manufacturing sector across the world. Companies are transforming their supply chains, particularly industries that are reliant on import business.

Segmentation

Product, Application, and Region are studied for the Market

Based on product

• Carbonate
• Hydroxide

In terms of application

• Batteries
• glass & ceramics
• lubricant
• medical
• polymers
• metallurgy

The batteries segment accounted for the major market share in 2020 and is probable to endure its domination during the forecast timeframe.

Geographically

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

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Report Coverage

The report presents a holistic study of the market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, thorough regional analysis is offered.

The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified, and their strategies to bolster the market growth are shared in the report.

Drivers and Restraints

Rising Embracement of Electric Vehicles to Assist Market Growth           

The evolution of the automotive industry over the past few years, coupled with technological advances will have a massive impact on the EV market. EVs are designed to replace conventional travelling ways owing to advancement in technology, low carbon emission, low maintenance, smoother drive, convenience of charging at home, reduced engine sound, and high fuel economy. EVs help reduce air pollution in densely populated areas and GHG emissions. This is expected to boost the lithium market growth during the mentioned timeframe.

Regional Insights

North America held the maximum lithium market share in 2020 and is expected to grow at a substantial pace during the forecast period. The rising implementation of cleaner energy sources, owing to strict supervisory guidelines is increasing the regional growth.

Asia Pacific is anticipated to hold the maximum share of the global market, owing to extensive utilization in the industrial and commercial sector involving power, chemical, electronics, industrial, and general manufacturing among others.

Europe has perceived a considerable industrial development in the past decade. The rising investment of the European Union for R&D in automobile, ICT, and healthcare sectors is the prime aspect driving the growth.

Competitive Landscape

Acquisitions Commenced by Significant Companies to Encourage Market Growth

The dominating players in the market frequently choose effective tactics to thrust their brand value as well as endorse the global market growth of the product with confronting least conceivable complications. One such resourceful strategy is purchasing competitive companies and further fortifying a profit for both the companies.

Industry Development

June 2021: Ganfeng Lithium declared to upsurge its lithium carbonate generation by 600,000 tons equal to a year, as requirement for the commodity utilized in electric-vehicle batteries rises. The company is set to sell approximately USD 630 million in novel shares to enhance capacity and fund latent investments.

Browse Detailed Summary of Research Report with TOC:

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Detailed Table of Content:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
  • Emerging Trends
• Key Insights
  • Key Emerging Trends – For Major Countries
  • Industry SWOT Analysis
  • Regulatory Analysis
  • Recent Industry Developments - Policies, Joint Ventures, Collaboration, Partnerships, New Product  Launches, and Mergers & Acquisitions
• Global Lithium Market Analysis, Insights and Forecast, 2017-2028
  • Key Findings / Summary
  • Market Size Estimates and Forecast 
    • By Product (Value/Volume)
      • Carbonate
      • Hydroxide
      • Others
    • By Application (Value/Volume)
      • Batteries
      • Glass & Ceramics
      • Lubricant
      • Medical
      • Polymers
      • Metallurgy
      • Others
    • By Region (Value/Volume)
      • North America
      • Europe
      • Asia Pacific
      • South America
      • Middle East & Africa

TOC Continued…!

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