The lithium market has demonstrated robust growth, expanding from$6.29 billion in 2023 to$6.92 billion in 2024, showcasing a notable CAGR of 9.9%. This upswing is credited to factors such as the burgeoning demand for consumer electronics and the proliferation of renewable energy storage solutions. Future forecasts suggest a continuation of this strong growth trajectory, with the market projected to reach$10.44 billion by 2028, maintaining a robust CAGR of 10.8%. Driving forces fueling this expansion encompass the escalating adoption of electric vehicles and the ongoing development of smart grid infrastructure. Key trends on the horizon may involve advancements in lithium-based technologies and the diversification of lithium sourcing strategies.

The proliferation of smartphone adoption is poised to fuel the growth of the lithium market in the coming years. Smartphones, characterized by their multifunctionality including built-in computing capabilities and web browsing, play a pivotal role in driving the demand for lithium-ion batteries, essential components powering these devices. Notably, in February 2023, as reported by Uswitch Limited, the UK witnessed a 3.8% uptick in mobile connections, totaling approximately 71.8 million connections, indicating a surge in smartphone adoption. With projections indicating a population increase in the UK to 68.3 million by 2025, with around 95% of the populace owning smartphones, the lithium market is poised for significant expansion.

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What Are The Key Trends That Influence 3D IC And 2.5D IC Packaging Market Share Analysis?

Major companies in the lithium market are focusing on introducing innovative green lithium to gain a competitive edge. Green lithium refers to environmentally sustainable lithium production processes. For example, in September 2023, Sigma Lithium Corporation, a Canada-based company, shipped 22,500 metric tons of Triple Zero Green Lithium to Glencore, a Switzerland-based mining company, as part of a long-term agreement to supply lithium for electric vehicle batteries. This lithium is sustainably produced using 100% renewable energy, recycled water, and dry-stacked tailings, making it one of the most environmentally friendly lithium products available. This shipment marks a significant milestone in developing a sustainable global lithium supply chain.

Which Market Players Are Driving Growth In The Lithium Market?

Major companies operating in the market 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.

How Is The Global Lithium Market Segmented?

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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The Lithium Global Market Report 2024 provides an overview of the lithiummarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The lithium market forecast analyzes lithium market size, lithium market share, leading competitor and their market positions.

The Table Of Content For The Lithium Market Include

1. Lithium Market Executive Summary
2. Lithium Market Segments
3. Lithium Market Size And Template Market Growth Rate
4.  Key Lithium Market Trends
5. Major Lithium Market Drivers
……
25. Key Mergers And Acquisitions In The Lithium Market
26. Top Lithium Companies
27. Lithium Market Opportunities And Strategies
28. Lithium Market, Conclusions And Recommendations
29. Appendix

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