Lithium Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033 |Albemarle Corporation, Sociedad Química y Minera, FMC Corporation, Sichuan Tianqi Lithium Industries Inc., Jiangxi Ganfeng Lithium Co. Ltd, Tianqi Lithium Corporation

As per the report, the lithium market size has grown strongly in recent years. It will grow from $6.29 billion in 2023 to $6.92 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The lithium market size is expected to see strongly grown in the next few years. It will grow to $10.44 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%.

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Smartphone Adoption Drives The Lithium Market
An increase in smartphone adoption is expected to propel the growth of the lithium market going forward. A smartphone refers to a cellular phone with a built-in computer and other functionality not previously present in phones, such as an operating system (OS), web browsing, and the ability to run software programs. Smartphones play a significant role in the lithium market by driving demand for lithium-ion batteries, which are essential for these devices, contributing to the growth of the lithium industry. For instance, in February 2023, according to Uswitch Limited, a UK-based financial conduct authority, mobile connections in the UK reached 71.8 million, showing a 3.8% increase from the previous year, totaling approximately 2.6 million additional connections. Furthermore, it is projected that the UK's population will expand to 68.3 million by 2025, with an estimated 95% of the population, or around 65 million individuals, owning a smartphone. Therefore, the increase in smartphone adoption is driving the growth of the lithium market.

Advancements In Lithium Battery Performance
Major companies operating in the lithium market are increasing their focus on introducing innovative residential-use batteries to gain a competitive edge in the market. Residential-use batteries are energy storage systems designed for household applications. For instance, in September 2022, Kstar, a China-based battery manufacturing company, launched all-in-one lithium-titanate (LTO) batteries for residential use. These new batteries aim to deliver enduring and dependable performance, boasting a remarkable 16,000 charge cycles, a substantial 5.4 kWh storage capacity, and an impressive 90% depth of discharge, empowering homeowners to enhance energy management and decrease grid dependency.

The lithium market covered in this report is segmented -

1) By Type: Glass/Ceramics, Greases / Lubricants, Chemical Synthesis, Portable Electronics & Other Handhelds, Hybrids, Battery Electric Vehicle (bevy), Grid, and Other Power Storage Applications
2) By Mining Type: Underground Mining, Surface Mining

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Major companies operating in the lithium market report are Albemarle Corporation, Sociedad Química y Minera, FMC Corporation, Sichuan Tianqi Lithium Industries Inc., Jiangxi Ganfeng Lithium Co. Ltd, Tianqi Lithium Corporation, Livent Corporation, Allkem Limited, Jiangsu Ronghui General Lithium Industry Co. Ltd., Avalon Advanced Materials Inc., Lithium Americas Corp., EnerSys, Ganfeng Lithium Co. Ltd., Orocobre Limited, Galaxy Resources Limited, Mineral Resources Limited, Neometals Ltd., Pilbara Minerals Limited, Altura Mining Limited, Bacanora Lithium Plc, Critical Elements Lithium Corporation, International Lithium Corp., Lithium Australia NL, Lithium Power International Limited, Nemaska Lithium Inc., North American Lithium Inc., Piedmont Lithium Limited, Power Metals Corp., Pure Energy Minerals Limited, Sayona Mining Limited, Standard Lithium Ltd., Wealth Minerals Ltd.

Contents of the report:
1. Executive Summary
2. Lithium Market Report Structure
3. Lithium Market Trends And Strategies
4. Lithium Market - Macro Economic Scenario
5. Lithium Market Size And Growth
…..
27. Lithium Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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