SAN FRANCISCO, November 16, 2021 / PRNewswire / – The Global Lithium Market Size Is Expected to reach $ 8.2 billion by 2028, according to a new report from Grand View Research, Inc. The market is expected increase at a CAGR of 14.8% from 2021 to 2028. Growing investments in lithium mining and related technologies are expected to remain a key trend for the market.
Main lessons and findings:
In terms of revenue, the hydroxide products segment is expected to register the highest CAGR of 20.9% from 2021 to 2028. The rapid development of battery technologies is expected to remain a key driver for the market.
Automotive has emerged as the largest segment and accounted for a volume share of over 43.0% in 2020. Growing penetration of electric vehicles along with stringent emissions regulations by government agencies is the main area. of interest to market sellers.
The consumer electronics segment is expected to experience the highest CAGR during the forecast period in terms of revenue due to the growing demand for electronics such as smartphones, tablets, laptops, portable devices , portable speakers and tablets.
Asia Pacific was the largest regional market in 2020, in terms of volume and revenue. The region’s growth is driven by investments in lithium mining as well as lithium-ion battery technologies
In Europe, the market accounted for the second largest market share in 2020. The region’s growth is driven by increasing penetration of electric vehicles and growing concerns about greenhouse gas emissions
Read the 116-page market research report, “Lithium Market Size, Share and Trend Analysis Report by Product (Carbonate, Hydroxide), Application (Automotive, Consumer Goods, Network Attached Storage), Region and Segment Forecast, 2021-2028“, by Grand View Research
Lithium mining is growing rapidly as its demand accelerates due to its application in batteries. The element is found in dry places that require thousands of liters of water for its extraction. With the increasing demand for elements and the increasing use of water needed for its extraction, R&D is in place to find better alternative methods. For example, in February 2020, funding of approximately $ 20 million through Bill Gates was supplied to Lilac Solutions, a lithium mining technology company located in the United States. The investment was announced in February 2020. According to the firm, its ion exchange technology is twice as efficient compared to the current extraction process and requires a fraction of the time.
Recycling lithium is a complex process; However, with the increasing penetration of lithium-ion batteries, demand for lithium could exceed supply. Therefore, researchers are focusing on the extraction and recycling of lithium through various new technologies. Lithium compounds are extracted from batteries according to individual methods and steps. The steps are divided into pretreatment and extraction steps; while extraction is again classified as hydrometallurgy, pyrometallurgy and electrochemical extraction. Despite the growing importance and development of different recycling technologies, less than 1% of lithium is currently recycled.
Over the past decade, the increase in the use of lithium-ion battery storage has driven their prices down by over 80%, leading to improved energy storage and paving the way for commercial viability. electric vehicles. Government regulations and subsidies aim to develop clean energy; thus, energy storage systems represent a huge opportunity for investors. However, the expensive raw materials needed to produce energy storage systems can remain a critical factor for investors.
New clean energy companies have attracted significant investment during COVID-19, according to the International Energy Agency. Start-up venture capital (VC) investments declined slightly in the first half of 2020. However, these investments recovered quickly, with record investments starting in the third quarter of 2020.
Grand View Research has segmented the global lithium market on the basis of product, application, and region:
Lithium Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2028)
Lithium Applications Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2028)
Regional Lithium Outlook (Volume, Kilotonnes; Revenue, USD Million, 2017 – 2028)
List of key players in the lithium market
Ganfeng Lithium Co., Ltd.
Tianqi Lithium Company
Lithium Americas Corp
Orocobre Limited Pty Ltd
Find more research reports on Advanced interior materials industry, by Grand View Research:
Lithium Portable Power Plant Market– The global lithium portable power plant market size is expected to reach $ 282.0 million by 2028, according to a new study by Grand View Research, Inc. It is expected to increase at a CAGR of 13.2% from 2021 to 2028.
Automotive Battery Market– The global automotive battery market size is expected to reach $ 95.57 billion by 2025, according to a new report from Grand View Research, Inc., registering a CAGR of 7.9% during the forecast period.
Lithium Iron Phosphate Battery Market– The global lithium iron phosphate battery market size is expected to reach $ 15.24 billion by 2027, with a CAGR of 15.2% from 2020 to 2027, according to a new report from Grand View Research, Inc.
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About Grand View Research
Grand View Research, a United States-based market research and consulting company, provides syndicated and personalized research reports and consulting services. Checked in California and headquartered at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps renowned Fortune 500 companies and academic institutes understand the global and regional business environment and assess opportunities as they arise.
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SOURCE Grand View Research, Inc.