Report Code : A156892
The global lithium metal market has experienced significant growth in recent years and is expected to continue to expand owing to its use in the batteries, portable electronics, industrial, aerospace, and others. In addition, lithium metal is recognized as a strategic resource to support the energy transition as governments and industries shift toward renewable energy sources and reduce carbon emissions. Lithium-ion batteries enable the storage and efficient use of renewable energy, making lithium metal a critical element in the decarbonization of various sectors. However, outbreak of the COVID-19 pandemic has negative impacts on the global lithium metal market.
Yerukola Eswara Prasad - Manager
Materials and Chemicals at Allied Market Research
According to a new report published by Allied Market Research, titled, “Lithium Metal Market," The lithium metal market was valued at $4.3 billion in 2022, and is estimated to reach $13.5 billion by 2032, growing at a CAGR of 12.1% from 2023 to 2032.
Lithium metal is a soft, silvery-white, highly reactive alkali metal with the chemical symbol "Li" and atomic number 3. It is the lightest metal and has a low density, making it highly flammable and requiring careful handling. Lithium is the third element on the periodic table and is located in Group 1, along with other alkali metals like sodium and potassium.
Lithium metal is known for its high electrochemical potential, making it a valuable component in various applications, most notably in lithium-ion batteries. These batteries are widely used in electronic devices, electric vehicles, and energy storage systems due to their high energy density and long life.
High reactivity of lithium metal with air and water requires special precautions during its storage and handling to prevent spontaneous combustion. Thus, pure lithium metal is typically used in controlled environments, research laboratories, and specialized applications.
Lithium metal plays a crucial role in energy storage solutions owing to its use in manufacturing lithium-ion batteries that are increasingly used in grid-scale energy storage and residential or commercial battery storage systems. These systems help to store excess renewable energy generated from sources like solar and wind, ensuring a stable power supply during peak demand or when renewable sources are not available. This factor is projected to further augment the growth of the lithium metal market during the forecast period.
Lithium metal is used in various industrial applications, including heat transfer mediums and aerospace components. Its lightweight properties and excellent heat resistance make it desirable for specific industrial purposes. The increase in set-up of industrial units in both developed and developing economies such as the U.S., China, India, and others may lead the lithium metal market to witness a significant growth in demand.
However, the concentration of lithium metal reserves in a few countries, such as Australia, Chile, and China, can create geopolitical risks and trade uncertainties. Supply disruptions, trade restrictions, or changes in export policies by major lithium metal-producing nations may affect the growth of the lithium metal market and industries reliant on lithium metal; thus, hindering the market growth.
On the contrary, while lithium metal is primarily obtained from minerals and brine deposits, exploring and developing alternative sources such as lithium-rich clays could offer new supply opportunities and reduce reliance on specific geographic regions. This factor is projected to create lucrative opportunities for the lithium metal market in the coming future.
The lithium metal market is segmented on the basis of source, application, and region. By source, the market is segregated into salt brine deposits and lithium-rich clays. The salt brine deposits segment dominated the global market, in terms of revenue in 2022. The lithium industry is focusing on research to explore new technologies and applications for lithium. While lithium metal from salt brine deposits may not be commonly used now-a-days, advancements in battery technology or other specialized applications are projected to create new opportunities for its utilization in the future.
By application the market is divided into batteries, alloys, intermediate, and others. The batteries application segment dominated the global market, in terms of revenue in 2022 with 59.8% share in the global market. Lithium-ion batteries are the preferred choice for EVs due to their high energy density, longer driving ranges, and faster charging times. This may act as one of the key drivers responsible for the growth of the lithium metal market for batteries application.
Furthermore, the widespread use of smartphones, laptops, tablets, and other portable electronic devices has contributed significantly to the demand for lithium metal for producing lithium-ion batteries. These devices require compact, lightweight, and rechargeable batteries, and lithium-ion batteries meet these criteria effectively. This may further aid the growth of the lithium metal market for batteries application.
Region wise, the lithium metal market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific lithium metal market size is projected to grow at the highest CAGR during the forecast period, and accounted for a major market share in 2022. The rapid pace of urbanization and industrial development in countries like China and India has led to increased demand for consumer electronics and portable devices. This surge in demand for smartphones, laptops, and other electronic gadgets has driven the need for lithium-ion batteries, which utilize lithium metal.
Moreover, the Asia-Pacific region is also home to significant lithium metal resources, particularly in Australia. Developing these local resources contributes to securing a stable supply of lithium metal for the region's growing industries. In addition, several countries in the Asia-Pacific region, including Australia and Japan, have been actively investing in renewable energy and energy storage projects. The integration of solar and wind energy into the power grid has increased the demand for lithium metal for producing lithium-ion batteries used for energy storage applications. These factors are projected to boost the growth of the lithium metal market during the forecast period.
Key players operating in the global lithium metal market include A123 Systems LLC, Albemarle Corporation., Allkem Limited, Ganfeng Lithium Co., Ltd., Livent, Mineral Resources Limited, Piedmont Lithium, Shenzhen Chengxin Lithium Group Co., Ltd., SQM S.A., Tianqui Lithium Industries Inc.
Key Findings Of The Study:
Talk to David (Europe)
Talk to Sona Padman (Americas)
5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91 2066346060
Fax: +1(855) 550-5975
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com
Lithium Metal Market by Source (Salt Brine Deposits, Lithium-Rich Clays), by Application (Batteries, Alloys, Intermediate, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Buy Full Version
"Lithium Metal Market"
Purchase Enquiry
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of the scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save the time of readers