Lithium Market Expansion Size & Share Expected to Surpass USD 32.2 Billion by 2031, Achieving a CAGR of 14.8% | TMR

Policymakers worldwide see a shift toward electrical and green transportation as a crucial step in meeting global climate and sustainability goals.

WILMINGTON, DE, UNITED STATES, December 21, 2024 /EINPresswire.com/ -- The global Lithium Market¹ was valued at USD 9.3 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 14.8% from 2023 to 2031. By the end of 2031, the market is expected to reach USD 32.2 billion, driven by increasing demand for lithium in various industries, particularly electric vehicles and energy storage applications.

Renewable energy sources are expected to drive the demand for energy storage solutions, which is expected to boost lithium demand. Lithium-ion batteries are a key technology for grid stabilization and uninterrupted power supply. Researchers continue improving lithium-ion batteries and exploring alternative chemistries, which could shape lithium's future market destiny. In the near future, battery development will likely make substantial advancements in safety, performance, and cost-effectiveness.

𝗜𝗻-𝗗𝗲𝗽𝘁𝗵 𝗗𝗮𝘁𝗮, 𝗣𝗼𝘄𝗲𝗿𝗳𝘂𝗹 𝗗𝗲𝗰𝗶𝘀𝗶𝗼𝗻𝘀: 𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝗬𝗼𝘂𝗿 𝗦𝗮𝗺𝗽𝗹𝗲! https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=35285

Government policies, including incentives for renewable energy targets, electric vehicles, and sustainability initiatives, can significantly impact the demand for lithium. Battery manufacturing and processing facilities can influence market dynamics. Expanding lithium production capacity may play an important role in market development.

𝗞𝗲𝘆 𝗙𝗶𝗻𝗱𝗶𝗻𝗴𝘀 𝗼𝗳 𝘁𝗵𝗲 𝗠𝗮𝗿𝗸𝗲𝘁 𝗥𝗲𝗽𝗼𝗿𝘁

• Based on product type, the lithium carbonate segment is expected to drive demand for lithium in the market.
• E-vehicles are expected to gain market share due to rising electric vehicle sales.
• Based on the 2022 lithium market analysis, Asia Pacific accounted for the largest share.
• Europe's lithium market is forecast to grow steadily from 2023 to 2031.

𝗚𝗹𝗼𝗯𝗮𝗹 𝗟𝗶𝘁𝗵𝗶𝘂𝗺 𝗠𝗮𝗿𝗸𝗲𝘁: 𝗚𝗿𝗼𝘄𝘁𝗵 𝗗𝗿𝗶𝘃𝗲𝗿𝘀

• Electric vehicles (EVs) play a major role in driving the lithium market as demand for lithium-ion batteries increases. Due to the shift to electrification in the automotive industry, the use of lithium in EV batteries has grown. Lithium-ion batteries in renewable energy projects are in addition to those used in electric vehicles. The demand for efficient energy storage solutions increases as the focus on renewable energy sources increases, thereby increasing lithium demand.

• Battery technology like lithium-ion plays a significant role in consumer electronics, such as laptops, smartphones, and other portable devices. Electronic devices are continually evolving and innovating, driving the demand for lithium. Investments in renewable energy projects have increased due to the global push for clean and sustainable energy. Energy generated from renewable sources can be stored in lithium batteries, supporting a transition towards a cleaner energy future.

• Developing new battery technologies and improving the efficiency of lithium-ion batteries can significantly influence lithium demand. Government incentives and policies promoting electric vehicle adoption can have a significant impact on the lithium market. An increase in lithium-based product demand may be a result of supportive policies.

𝗚𝗹𝗼𝗯𝗮𝗹 𝗟𝗶𝘁𝗵𝗶𝘂𝗺 𝗠𝗮𝗿𝗸𝗲𝘁: 𝗞𝗲𝘆 𝗣𝗹𝗮𝘆𝗲𝗿𝘀

Several prominent manufacturers are developing advanced lithium compounds and polymers to discover their applications across a wide range of industries. Electronics, healthcare, and green transportation are profitable end-user industries, so continuous innovations and collaborations are crucial to market progress.

• SQM S.A.
• FMC Corporation
• Albermarle Corporation
• Tianqi Lithium Corporation
• Jiangxi Ganfeng Co. Ltd.
• Orocorbe Limited Pty Ltd.
• Neometals Limited
• European Lithium Ltd.
• Nordic Mining ASA

𝗘𝘅𝗽𝗹𝗼𝗿𝗲 𝗢𝘂𝗿 𝗥𝗲𝗽𝗼𝗿𝘁 𝗳𝗼𝗿 𝗖𝗼𝗺𝗽𝗿𝗲𝗵𝗲𝗻𝘀𝗶𝘃𝗲 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀! https://www.transparencymarketresearch.com/lithium-market.html

𝗚𝗹𝗼𝗯𝗮𝗹 𝗟𝗶𝘁𝗵𝗶𝘂𝗺 𝗠𝗮𝗿𝗸𝗲𝘁: 𝗦𝗲𝗴𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻

𝗕𝘆 𝗣𝗿𝗼𝗱𝘂𝗰𝘁

• Lithium Carbonate
• Lithium Hydroxide
• Lithium Chloride
• Others

𝗕𝘆 𝗔𝗽𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻

• Energy Storage
• E-vehicles
• E-bikes
• Consumer Electronics
• Grid Storage
• Air Treatment
• Greases & Lubricants
• Glasses & Ceramics
• Others

𝗕𝘆 𝗥𝗲𝗴𝗶𝗼𝗻

• North America
• Latin America
• Asia Pacific
• Europe
• Middle East & Africa

𝗠𝗼𝗿𝗲 𝗧𝗿𝗲𝗻𝗱𝗶𝗻𝗴 𝗥𝗲𝗽𝗼𝗿𝘁 𝗯𝘆 𝗧𝗿𝗮𝗻𝘀𝗽𝗮𝗿𝗲𝗻𝗰𝘆 𝗠𝗮𝗿𝗸𝗲𝘁 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵:

Solar Panel Coatings Market²- The global solar panel coatings market size stood at US$ 3.2 Bn in 2022. It is expected to increase at a CAGR of 26.7% from 2023 to 2031 and reach US$ 26.7 Bn by the end of 2031.

Battery Materials Market³- The global industry was valued at US$ 54.5 Bn in 2022. It is expected to advance at a CAGR of 13.6% from 2023 to 2031 and reach US$ 171.0 Bn by the end of 2031.

𝗔𝗯𝗼𝘂𝘁 𝗧𝗿𝗮𝗻𝘀𝗽𝗮𝗿𝗲𝗻𝗰𝘆 𝗠𝗮𝗿𝗸𝗲𝘁 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

Atil Chaudhari
Transparency Market Research Inc.
+1 518-618-1030
email us here

¹ https://www.transparencymarketresearch.com/lithium-market.html
² https://www.transparencymarketresearch.com/solar-panel-coatings-market.html
³ https://www.transparencymarketresearch.com/battery-materials-market.html