The global Lithium market size is expected to be worth around US$ 4.92 billion by 2027, according to a new report by Vision Research Reports.
The global Lithium market size was valued at US$ 4.24 billion in 2019 and is anticipated to grow at a CAGR of 1.8% during forecast period 2020 to 2027.
Growing battery production across the globe on account of increasing demand from the end-use industries is anticipated to augment market growth.
Lithium is found in the form of compounds and not as a single element on account of its high reactivity. Of all its compounds, Li2CO3 is the most stable and is further used for preparation of other compounds. Demand for Li2CO3 persists owing to its high availability and low cost in comparison to others.
Increasing demand for lithium from end-use industries is propelling manufacturers to expand their production. For instance, in April 2019, General Lithium Corp announced about its plan to construct a plant for producing lithium carbonate equivalent (LCE) from spodumene mineral in China. The plant’s capacity is expected to be 60 kilotons of LCE per annum. The company aims at finishing the plant construction by end of 2020.
Growing demand for lithium, supported by its increasing production can be obstructed in 2020 owing to the coronavirus outbreak in the world. Battery is the major application of lithium and the temporary shutdown of major manufacturing facilities of consumer goods, electric vehicles, and batteries is anticipated to impact the market growth. However, certain Chinese manufacturers are expected to resume operations as of April 2020, which can be considered a positive sign.
There are various countries in the world that have been majorly hit due to the coronavirus outbreak. For example, Miners in Peru have halted their operations to prevent further spread of the virus. As of March 17, 2020, Chile, which is amongst the top 5 producers of lithium, reported over 200 coronavirus cases, which led to shutting down of schools, borders, and prohibition of gatherings. This resulted in disruption of the lithium supply chain, as SQM, one of the largest manufacturers in the market, reported the cut down of shipments to China by 2 kilotons.
Automotive was the largest segment with a revenue share of 40.7% in 2019 and is expected to maintain its lead over the forecast period on account of rapid growth in the EV production. According to Albemarle, the largest lithium producer in the world, the lithium demand is anticipated to increase by 599% from 2019 to 2025 in the EV market. Demand for lithium carbonate equivalent (LCE) in EV applications was 59 kilotons in 2018 and 93 kilotons in 2019, a growth of around 57% in one year. The LCE consumption is expected to reach 650 kilotons by 2025, considering rapid growth in EV production, thus registering a growth rate of 599%.
Grid storage is anticipated to register the fastest CAGR of 2.2% in terms of revenue over the forecast period. Rising emphasis on clean energy is propelling the investments in the energy storage sector, which is expected to grow rapidly and reach beyond 158 GWh by 2024.
Carbonate accounted for the largest volume share of 60.01% in 2019. Lithium is present in nature in the form of compounds and constituent of salts owing to its highly reactive characteristic, which results in formation of several lithium compounds, such as carbonate, hydroxide, and chloride.
Asia Pacific was the largest regional market in 2019 with a revenue share of 60.2% and is anticipated to maintain its lead over the forecast period. The region dominates the market in terms of lithium reserves, battery production, and growth in the manufacturing sector of the end-use industries, including automotive and electronics.
China is the key battery manufacturer in the world and hence, it accounted for a volume share of 40.0% in 2019 in the Asia Pacific market. At the beginning of 2019, China accounted for a share of over 70.01% of global lithium cell manufacturing capacity.
Europe was the second largest regional market in 2019. The growth of the market can be attributed to increasing production of EVs in the region. For instance, Germany, which is the key country in the region, is expected to surpass China and the U.S. in terms of EV production.
Ganfeng Lithium Co., Ltd.
General Lithium Corp
LITHIUM EXPLORATION GROUP
LSC Lithium Corporation
Neo Lithium Corporation
U.S. Lithium Corp
Yacimientos de Litio Bolivianos
Glass & Ceramics
Central & South America
Middle East & Africa
The Lithium market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Lithium market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Lithium market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Lithium market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Lithium market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Lithium capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Lithium by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Lithium market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Lithium market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Lithium market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Lithium industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Lithium market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Lithium market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Lithium market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Lithium market. These factors have benefited the growth of the global market for Lithium. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Lithium. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Lithium are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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