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) industry is indeed a significant driver for the growth of the lithium market. The reliance on lithium-ion batteries in electric vehicles has become crucial, as these batteries provide the necessary power for EVs, enabling longer driving ranges and contributing to the adoption of clea... moreMarket 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) industry is indeed a significant driver for the growth of the lithium market. The reliance on lithium-ion batteries in electric vehicles has become crucial, as these batteries provide the necessary power for EVs, enabling longer driving ranges and contributing to the adoption of cleaner and more sustainable transportation solutions.
The mention of China's substantial growth in the EV market highlights the role of government support and policy incentives in propelling the electric vehicle industry. Government initiatives, such as subsidies, tax breaks, and other incentives, play a pivotal role in stimulating both the supply of electric vehicles and creating demand for them. This not only drives the growth of the EV market but also boosts the demand for lithium, a key component in the batteries that power these vehicles.
The focus on sustainability, along with the transition towards cleaner transportation, aligns with global efforts to reduce carbon emissions and combat climate change. As a result, the lithium market is expected to experience increased demand, driven by the rising popularity of electric vehicles and the continuous support from governments and industries in promoting clean and environmentally friendly transportation solutions.
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Industry Analysis
By Type
Alloys
Metal
Chloride
Carbonate
Hydroxide
Concentrate
By Application
Batteries
Lubricants
Automotive Parts
Energy Storage
Medical
Glass and Glass Ceramics
Air Treatment
Metallurgy
Polymers
Others
By End-User
Consumer Electronics
Automotive
Medical
Industrial
Others
Competitive Landscape
The major global players include Albemarle, Altura Mining Limited, Avalon Advanced Materials Inc, FMC, Critical Elements Corporation, Galaxy Resources Limited, Jiangxi Ganfeng Lithium Co. Ltd, Lithium Americas, Sichuan Tianqi Lithium Industries, SQM.
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