Austin, Aug. 08, 2025 (GLOBE NEWSWIRE) — The global lithium market was valued at USD 26.12 billion in 2024 and is projected to reach USD 103.42 billion by 2032, expanding at a CAGR of 18.77% from 2025 to 2032.
These factors securing the prospects of this market show an influx in demand for lithium-powered batteries across the automotive and energy storage industrial sectors, alongside the emergence of investments taking place to mine lithium and subsequently refine it.
Lithium, a critical raw material for rechargeable vehicle batteries powering EVs (electric vehicles), among others, smartphones, laptops, and energy storage systems. With pressure from global policies to achieve net-zero emissions, lithium has become one of the most strategic minerals of the decade as it is key to decarbonize transport and stabilize the grid.
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The U.S. Lithium market size was USD 4.15 billion in 2024 and is expected to reach USD 17.45 billion by 2032 and grow at a CAGR of 19.67% over the forecast period of 2025-2032. It is due to the strong domestic demand and strategic investments, as well as policy support to build a self-reliant battery ecosystem, that in 2024the United States accounted for the largest market share in the lithium market. Fuelled by the booming electric vehicle (EV) sector largely dominated by major automakers including Tesla, Ford, and GM, the nation has become one of the fastest-growing consumers of lithium on a global scale.
Key Players:
- 3M
- DuPont
- Toray Industries
- SUEZ
- Koch Separation Solutions
- Pentair
- Pall Corporation
- Hydranautics
- Asahi Kasei
- GE Water & Process Technologies
Lithium Market Report Scope:
| Report Attributes | Details |
| Market Size in 2024 | USD 26.12 Billion |
| Market Size by 2032 | USD 103.42 Billion |
| CAGR | CAGR of 18.77% From 2025 to 2032 |
| Base Year | 2024 |
| Forecast Period | 2025-2032 |
| Historical Data | 2021-2023 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product (Carbonates, Hydroxide, and Others) • By Application (Automotive, Consumer Electronics, Grid Storage, Glass & Ceramics, Other) |
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By Product
In 2024, Carbonate captured the largest market share of 42%. LMO is still the favorite material for use as a cathode in lithium-ion batteries, considering lasts longer and is convenient due to low cost. These are two areas that feature prominently in EV battery chemistries such as LFP (Lithium Iron Phosphate) and NMC (Nickel Manganese Cobalt); the latter being by far the most popular globally.
By Application
In 2024, the automotive segment led the lithium market by capturing 54.23% of global revenue share. Growing EV production (driven by government incentives, emission requirements and consumer awareness) has quickly bolstered lithium demand. Major automakers are securing lithium supply agreements over the long term to guarantee availability of batteries and stable pricing as rivalry for batteries rises around the world.
Regional Analysis
High production and consumption of lithium in countries such as China, Australia, South Korea, and Japan contributed to the growth of Asia Pacific, which led the global lithium market with a share of 48% in 2024. China is the world’s largest electric vehicle/battery and dominates the global lithium value chain from refining to cell production and through to battery pack assembly. Australia is the greatest lithium mine output in the world, and it is a strategic supplier.
Recent Developments
- In May 2025, Albemarle Corporation announced a USD 1.5 billion expansion project in Chile to boost lithium hydroxide production, supporting its long-term EV battery supply agreements.
- In March 2025, Ganfeng Lithium signed a strategic partnership with a European battery cell manufacturer to ensure direct lithium supply for upcoming Gigafactories.
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Unique Selling Propositions (USP) of the Lithium Market:
- Key for Electric Mobility: Lithium is a necessary raw material for lithium-ion batteries, which power more than 90% of the electric vehicles on the globe.
- High Energy Density Applications: Lithium batteries have the best energy storage for EVs, smartphones, and grid backup systems.
- Sustainable Growth Supported by Climate Mandates: Global decarbonization policies and green investments remain key drivers of lithium demand.
- Geo-Political Strategic Asset: Lithium has transformed into a ‘critical mineral’ with nations rushing to ensure home-grown and foreign sources in light of increasing supply chain worries.
- Booming Investment in Mining and Refining: From Latin America to Australia, billions are invested into the mining and refining of lithium.
- Thermal Management Innovation: Lithium energy efficiency is increasing due to technological advancements in battery chemistry, such as solid-state and lithium-iron-phosphate (LFP) chemistries.
- Circular Economy and Recycling Potential: Lithium-ion battery recycling is quickly turning into a supporting market, promising long-term maintainability and supply security.
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