The Lithium Market was valued at USD 28.08 billion in 2024, and is projected to reach USD 74.81 billion by 2030, rising at a CAGR of 18.20%. As the world moves toward a more sustainable future, the demand for grid-scale storage solutions is also growing for the expansion of renewable energy sources and the adoption of electric vehicles (EVs). Therefore, the demand for lithium is expected to increase as a major component in lithium-ion batteries that are used in EVs, consumer goods, and grid storage.
For example, in April 2023, Kyon Energy, a developer, secured the largest approved battery energy storage system (BESS) in Europe for a 275 MWh project in Germany. The grid fee exemptions for energy storage have been extended until 2029. Kyon Energy has received approval for a BESS project of 137.5MW/275MWh. Its construction is expected to begin in 2024 and will be commissioned by the end of 2025.
Lithium recycling is a complex process; however, with the rising penetration of lithium-ion batteries, the demand for lithium may outpace supply. Therefore, researchers are focusing on the extraction and recycling of lithium through various new technologies. Lithium compounds are extracted from batteries as per individual methods and stages. The stages are divided into pre-treatment and extraction stages, while extraction is again categorized into hydrometallurgy, pyrometallurgy, and electrochemical extraction. Despite the growing emphasis and development of different recycling technologies, less than 1% of lithium is recycled currently.
Asia-Pacific's dominance can be attributed to the increased battery production and growth in manufacturing among end-use industries, including electronics, glass, and ceramics. Due to the high concentration of automotive and consumer electronics manufacturers in the region, Asia-Pacific is anticipated to witness high growth over the forecast period.
Long-term supply agreements in the lithium industry are becoming increasingly common as end-users seek to mitigate risks associated with supply chain disruptions, price volatility, and regulatory compliance while also supporting sustainability and innovation. For instance, in May 2023, Nemaska Lithium signed a long-term deal with Ford for the supply of lithium products, especially lithium hydroxide. The agreement will last for 11 years and will entail the delivery of up to 13,000 mt of lithium hydroxide per year.
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For example, in April 2023, Kyon Energy, a developer, secured the largest approved battery energy storage system (BESS) in Europe for a 275 MWh project in Germany. The grid fee exemptions for energy storage have been extended until 2029. Kyon Energy has received approval for a BESS project of 137.5MW/275MWh. Its construction is expected to begin in 2024 and will be commissioned by the end of 2025.
Lithium recycling is a complex process; however, with the rising penetration of lithium-ion batteries, the demand for lithium may outpace supply. Therefore, researchers are focusing on the extraction and recycling of lithium through various new technologies. Lithium compounds are extracted from batteries as per individual methods and stages. The stages are divided into pre-treatment and extraction stages, while extraction is again categorized into hydrometallurgy, pyrometallurgy, and electrochemical extraction. Despite the growing emphasis and development of different recycling technologies, less than 1% of lithium is recycled currently.
Asia-Pacific's dominance can be attributed to the increased battery production and growth in manufacturing among end-use industries, including electronics, glass, and ceramics. Due to the high concentration of automotive and consumer electronics manufacturers in the region, Asia-Pacific is anticipated to witness high growth over the forecast period.
Long-term supply agreements in the lithium industry are becoming increasingly common as end-users seek to mitigate risks associated with supply chain disruptions, price volatility, and regulatory compliance while also supporting sustainability and innovation. For instance, in May 2023, Nemaska Lithium signed a long-term deal with Ford for the supply of lithium products, especially lithium hydroxide. The agreement will last for 11 years and will entail the delivery of up to 13,000 mt of lithium hydroxide per year.
Lithium Market Report Highlights
- Based on application, consumer electronics segment held the revenue share of 12.9% in 2024.
- The consumer electronics application segment is anticipated to register the fastest revenue CAGR of more than 27.6% from 2025 to 2030 in terms of revenue due to the high demand for electronic products, such as smartphones, laptops, wearables, portable speakers, and tablets.
- Asia-Pacific was the largest regional market in 2024 in terms of both volume and revenue. The region's growth can be attributed to heavy investments in lithium mining and lithium-ion battery technologies.
- In terms of revenue, Europe held the second-largest market share in 2024. The growth of the region is attributable to the rising penetration of EVs and growing concerns about Greenhouse Gas (GHG) emissions
This report addresses:
- Market intelligence to enable effective decision-making
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
- Segment and regional revenue forecasts for market assessment
- Competition strategy and market share analysis
- Product innovation listings for you to stay ahead of the curve
Why Should You Buy This Report?
- Comprehensive Market Analysis: Gain detailed insights into the market across major regions and segments.
- Competitive Landscape: Explore the market presence of key players.
- Future Trends: Discover the pivotal trends and drivers shaping the future of the market.
- Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions.
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Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends, and Scope
Chapter 4. Lithium Market: Product Outlook Estimates & Forecasts
Chapter 5. Lithium Market: Application Outlook Estimates & Forecasts
Chapter 6. Lithium Market Regional Outlook Estimates & Forecasts
Chapter 7. Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
The major companies featured in this Lithium market report include:- Albemarle Corp.
- Ganfeng Lithium Co., Ltd.
- SQM S.A.
- Tianqi Lithium Corporation
- Livent Corp.
- Lithium Americas Corp.
- Pilbara Minerals
- Orocobre Limited
- Mineral Resources Group Co., Ltd.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 100 |
| Published | May 2025 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 28.08 Billion |
| Forecasted Market Value ( USD | $ 74.81 Billion |
| Compound Annual Growth Rate | 18.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
