With the emergence and long-term Impact of COVID-19, the Global Lithium Metal Market is to reach USD 10.72 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Lithium Metal Market is poised to raise up to USD 10.72 Billion by 2030. Lithium metal is a chemical element with the symbol Li and atomic number 3. It is a soft, silver-white metal that belongs to the alkali metal group of the periodic table. Lithium is highly reactive and flammable, and it is typically stored in mineral oil to prevent it from reacting with moisture and oxygen in the air.
The key factors driving the lithium metal market growth are the growing adoption of electric vehicles, rising demand for portable electronic devices, growing consumer electronics market, and rising need for energy storage solutions, including large-scale batteries for renewable energy storage and grid stabilization which are anticipated to support the market growth. Additionally, the growing adoption of Electric Vehicles (EVs) has a significant impact on the demand for lithium, and consequently, it supports the growth of the Lithium Metal Market.
According to the latest report from the Federation of Automobile Dealers Association (FADA) in India, electric passenger vehicle sales have experienced significant growth. As of March 2023, the sales figure stands at 8,566 units, marking a significant increase from the 3,718 units sold in March 2022. Similarly, the German Association of the Automotive Industry reports a robust performance in the German market. In 2022, the sales of passenger electric vehicles reached an impressive 833,500 units, reflecting a remarkable 22% increase compared to the figures from 2021. As a result, the rising adoption of electric passenger vehicles is anticipated to support the market growth.
Moreover, ongoing advancements in battery technology, including improvements in energy density and efficiency, supportive government initiatives and incentives aimed at promoting clean energy and reducing greenhouse gas emissions are anticipated to create a lucrative opportunity for the market during the projected year. However, the commercialization of alternate substitutes and technologies stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Lithium Metal Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the growing EV demand, rising electronics sector, presence of key market players. Whereas, the Asia Pacific is expected to grow with the highest CAGR over the forecast period, owing to factors such as the presence of large-scale battery production facilities, growing adoption of electric vehicles, supportive government policies and incentives for the electric vehicle and renewable energy sectors, and growing consumer electronics demand.
The global Lithium Metal Market is highly competitive owing to the presence of several key manufacturers such as Lithium Co., Ltd. (China), Tianqui Lithium Industries Inc. (China), Shenzhen Chengxin Lithium Group Co. Ltd. (China), Albemarle Corporation (US), Livent Corporation (US), Shanghai China Lithium Industrial Co., Ltd. (China), and others.
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Key findings of the study suggest:
- Global Lithium Metal Market is anticipated to grow with a healthy growth rate of more than 12.1% over the forecast period 2023-2030.
- In the source segment, salt brine deposits emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to growing EV demand.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Application:
- Batteries
- Alloys
- Intermediate
- Others
By Source:
- Salt Brine Deposits
- Lithium-Rich Clays
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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