The global lithium market to generate revenue of USD 6.71 billion with a CAGR of 8.3% worldwide by 2028
In 2019, the global lithium market was valued at USD 3.72 billion. Market growth is expected to be 8.3% in 2019-2028, with a projected increase of USD 3.79 billion to USD 6.71 billion in 2021. COVID-19 has had a profound and remarkable impact. The pandemic caused a dramatic drop in the demand for lithium across all regions. The global market saw a 10.8% drop in demand in 2020, compared to the average annual growth between 2017 and 2019. The sudden rise in CAGR is due to the market’s growth, and the demand for it, which will return back to pre-pandemic levels once the pandemic is over.
Growing Demand:
To combat climate change, electric vehicles are gaining popularity.
Electric vehicles are more eco-friendly than internal combustion engines global government is moving towards cleaner and greener mobility. The market for lithium-ion batteries is seeing new trends in passenger and commercial electric vehicles.
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Driving Factors:
The increasing adoption of electric vehicles will support Market Growth
Technological advances over the past few years will majorly impact the EV market. EVs can replace traditional transport methods due to technological advancements. EVs can reduce pollution and GHG emissions in densely populated areas.
Due to stricter government regulations on vehicle emissions and increased demand for high-performance, low-emission, and fuel-efficient electric vehicles, the market for electric vehicles will continue to grow. The International Energy Agency estimates that electric cars will be sold in approximately 2.3 million worldwide in 2019. In 2019, the global electric car sales volume was approximately 2.3 million. This is a 40% increase in Y/o-Y. The technological advancements in the electrification of trucks, buses, and two- and 3-wheelers have also led to electric vehicles on the rise.
Restraining Factors:
Market growth may be affected by recycling and environmental concerns
Due to water depletion, Li extraction’s environmental and social effects can be significant. To extract Li, toxic chemicals are required. These toxic chemicals can leak through air emission, leaching, or spillage. They can harm the ecosystem, food production, communities, and communities. The Li extraction process can affect the soil, leading to air pollution. Locals in Argentina claimed the polluted extraction streams used to raise livestock and humans.
Another concern is product recycling. Low recycling rates, fluctuating prices for lithium, and high recycling costs make Li recycling impossible. Because the material is reactive, toxic, and flammable, it is hard to imagine how product recycling could be possible.
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Market Key Trends:
Market Growth Will be Driven by Electric Vehicles
- The automotive industry is changing rapidly. Companies need to be able to address new challenges frequently. Global demand for electric vehicles is increasing, but buyers also desire more customization options.
- The explosion of EV sales was accompanied by an increase in the three largest car markets: China and the Americas.
- Despite the disruptions caused by Covid-19, the EV market has survived and is a testament to its resilience. Political incentives have made this possible. Joe Biden announced that he would invest USD169 million to encourage electric car adoption in America. This included charging infrastructure as well as a federal tax credit. His new goal was 50% electrification by 2031
- These factors will all increase the demand for lithium to electric power vehicles.
Recent development:
Albemarle Corporation announced two agreements in October 2021 that would allow it to expand its China lithium conversion capabilities. These agreements include a partnership with Yangtze river International Chemical Industrial Park in Zhangjiagang Free Trade Zone (Jiangsu) and Pengshan Economic Development Park in Pengshan District, Sichuan.
Contemporary Amperex Technology Co. Limited is being acquired in September 2021. Contemporary Amperex Technology Company, Limited purchased Millennial Lithium, a Canadian company that produces and sells lithium. It was valued at USD 302.1 million.
American Lithium Corp. purchased Plateau Energy Metals Inc. on May 20, 2021. This company is involved with the production and sale lithium.
This report includes key market participants:
- Albemarle
- SQM
- FMC
- Orocobre Limited
The Key Market Segments
Type
- Anhydrous lithium hydroxide
- Lithium Niobate
- Lithium Tantalate
Application
- Industrial
- Manufacturing
Key questions:
- What is the global lithium market outlook?
- What are the reasons driving the lithium market’s expansion?
- What are the reasons for the rapid growth of the lithium market around the globe?
- Who are the main participants in the lithium-ion battery market?
- Is the impact of COVID-19 on the market covered in this report?
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