Lithium Metal Global Market Report 2024

The global lithium metal market has grown rapidly in recent years. It will grow from $2.6 billion in 2023 to $3.07 billion in 2024 at a compound annual growth rate (CAGR) of 18.2%. The growth in the historic period can be attributed to surge in electric vehicles (evs), demand for renewable energy, demand for consumer electronics, increase in aerospace and defense sectors.

The global lithium metal market is expected to see rapid growth in the next few years. It will grow to $5.67 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The growth in the forecast period can be attributed to rise in demand for medical devices, supply chain investments, government initiatives, consumer awareness. Major trends in the forecast period include technological innovation, advancements in battery technology, recycling and sustainability, lithium extraction innovations.

The rapid global expansion of electric vehicle adoption is poised to be a significant driver of growth in the lithium metal market. Electric vehicles, powered by electricity stored in batteries, utilize electric motors and recharge their batteries using electrical energy instead of traditional fossil fuels. Lithium metal plays a pivotal role in the production of lithium-ion batteries, which serve as the primary power source for these vehicles. As of May 2022, the International Energy Agency's Global EV Outlook 2022 report reveals that electric vehicle sales have nearly doubled from 2021, reaching an unprecedented 10.2 million units in 2022. Moreover, projections indicate that global electric car sales will surge to 14 million units in 2023, reflecting a remarkable growth rate of 35%. This underlines how the increasing worldwide adoption of electric vehicles is set to propel the lithium metal market forward.

The significant increase in global demand for consumer electronics is poised to be a major driver of growth in the lithium metal market. Consumer electronics encompass a wide range of electronic devices designed for daily, personal, or professional use by individuals or end-users. Lithium metal plays a crucial role in this industry, particularly in the production of lithium-ion batteries that power devices like smartphones, laptops, and portable gadgets, owing to its high energy density and long-lasting performance. As of May 2023, data from the Japan Electronics and Information Technology Industries Association indicates that the total electronic equipment production in Japan reached $52.36 million (¥771,457 million). Additionally, the production of consumer electronics in May 2023 stood at $2.17 million (¥32,099 million), compared to $1.71 billion (¥25,268 million) in May 2022. This underscores how the surge in global demand for consumer electronics is set to drive the lithium metal market.

A significant impediment to the growth of the lithium metal market stems from delays in lithium mining projects due to environmental or social concerns. Lithium manufacturers are encountering logistical challenges, including delays in obtaining mining permissions, shortages of skilled employees, and the impact of global inflation, all of which have the potential to disrupt project timelines. These delays can ultimately lead to a shortage of lithium supply in the market. For instance, in June 2021, Lithium Americas Corp postponed its plans to commence excavation at the Thacker Pass lithium mine site in Nevada, as reported by Seeking Alpha, a US-based financial services company. Consequently, these delays in lithium mining projects serve as a hindrance to the growth of the lithium metal market.

Leading companies within the lithium metal market are placing a strong emphasis on pioneering advanced lithium materials, a move aimed at solidifying their market presence. These advanced materials are pivotal in the production of lithium batteries known for their high-energy-density attributes. A notable example comes from MontaVista Energy Technologies Corporation, a China-based company specializing in materials and production processes for lithium metal batteries. In March 2023, the corporation unveiled the METARY P series, distinguished by its high-power and high-specific energy capabilities. Leveraging a lithium metal anode coupled with an optimized non-flammable liquid electrolyte, cells from the METARY P Series achieve a remarkable specific energy exceeding 400 Wh/kg. This not only enables extended airtime for commercial drones but also empowers them with substantial specific power, facilitating safe and swift operation at high velocities.

In October 2022, Spey Resources Corp., a Canadian-based mineral exploration company with a focus on lithium, acquired Lithium Energy Metal Corporation for an undisclosed sum. Through this acquisition, Spey Resources Corp. aims to expand its presence in the North American lithium market, taking advantage of the growing demand for this essential resource. Lithium Energy Metal Corporation is a Canadian company engaged in the mining and exploration of lithium metal.

Major players in the lithium metal market are Sociedad Quimica Y Minera S.A, Albemarle Corporation, Eramet Group, Ganfeng Lithium Co. Ltd., FMC Corporation, Mineral Resources Ltd., Mineral Resources Ltd., Sichuan Yahua Industrial Group Co. Ltd., Shenzhen Chengxin Lithium Group Co. Ltd., Advanced Metallurgical Group NV, Pilbara Minerals Ltd., Livent Corporation, Allkem Limited, Spectrum Chemical Mfg. Corp., Tianqi Lithium Corp, Bisley International LLC, Lithium Americas Corp., Neometals Ltd., American Elements Corp, China Energy Lithium Co. Ltd., Savannah Resources PLC, TruGroup Inc., Chemical-Metallurgical Plant Open Joint Stock Co., Otto Chemie Pvt. Ltd., Li-Metal Corp.

Asia-Pacific was the largest region in the lithium metal market in 2023. The regions covered in lithium metal report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the lithium metal market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary sources of lithium metal are Salt Lake brines and lithium ores. Salt brine lakes form as a result of water being highly saturated with various substances and approaching or reaching salt saturation levels (brine). These sources find utility in a variety of applications, including as lithium-ion anode materials, in alloys, and as intermediates, among others. End-users for these resources span across industries such as batteries, metal processing, pharmaceuticals, and more.

This report provides lithium metal market statistics, including lithium metal industry global market size, regional shares, competitors with a lithium metal market share, detailed lithium metal market segments, market trends and opportunities and any further data you may need to thrive in the lithium metal industry. This lithium metal market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The lithium metal market consists of sales of lithium powder, ingots, pieces, pellets, discs, granules and wires. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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