The global Lithium Market reached USD 9.3 billion in 2023 and is projected to reach USD 38.8 billion by 2031, growing at a CAGR of 19.5% during the forecast period 2024-2031, according to DataM Intelligence.
United States: Recent Industry Developments
✅ In October 2023, Albemarle Corporation announced the expansion of its Silver Peak lithium brine operations in Nevada, increasing production capacity by 50%.
✅ In October 2023, The U.S. Department of Energy finalized a $700 million loan to Lithium Americas for the Thacker Pass lithium project development.
✅ In October 2023, Livent Corporation completed the merger with Allkem to create Arcadium Lithium, forming one of the world’s largest lithium producers.
Japan: Recent Industry Developments
✅ In October 2023, Toyota Tsusho Corporation announced a joint venture with a Canadian lithium developer to secure long-term supply for Japanese battery manufacturers.
✅ In October 2023, Panasonic Holdings signed a multi-year lithium supply agreement with SQM for its North American battery factories serving electric vehicle makers.
✅ In October 2023, Mitsui & Co. invested $150 million in a Brazilian lithium project, strengthening Japan’s access to South American lithium resources.
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Market Trends & Drivers
The Lithium Market is experiencing exponential growth driven by the global transition to electric vehicles, renewable energy storage deployment, and government policies supporting clean energy. Key trends include the development of direct lithium extraction (DLE) technologies, diversification of supply chains away from dominant producers, and increasing investments in lithium recycling. The rapid expansion of battery gigafactories, supportive government policies, and technological advancements in battery chemistry are significantly accelerating market demand across all lithium segments.
Competitive Landscape
The market features intense competition among chemical companies, mining corporations, and emerging technology firms.
Albemarle Corporation leads the lithium market with integrated operations spanning brine and hard rock resources across multiple continents.
Livent Corporation (now Arcadium Lithium) specializes in high-purity lithium compounds for battery applications with vertically integrated operations.
Piedmont Lithium Inc. focuses on developing its Carolina Lithium Project and has strategic partnerships with major battery manufacturers.
SQM (Sociedad Química y Minera) dominates lithium brine production with extensive operations in Chile’s Salar de Atacama.
Ganfeng Lithium Co., Ltd. is a vertically integrated lithium producer with global mining and processing operations.
Liontown Resources Limited is developing major hard-rock lithium projects in Australia with offtake agreements with global automakers.
Sigma Lithium Corporation operates large-scale hard-rock lithium deposits in Brazil with a focus on sustainable production.
Allkem Limited (now part of Arcadium Lithium) combined brine and hard-rock assets across Argentina, Australia, and Canada.
Pilbara Minerals Ltd. operates one of the world’s largest hard-rock lithium mines in Western Australia.
Mineral Resources Limited maintains significant lithium mining and processing operations in Western Australia.
Segmentation
By Type (Lithium Carbonate, Lithium Hydroxide, Lithium Chloride, Lithium Metal, Others)
By Source (Brine, Hard Rock, Clay, Recycling)
By Application (Batteries, Glass & Ceramics, Lubricating Greases, Polymers, Metallurgy, Others)
By End-User (Electric Vehicles, Consumer Electronics, Energy Storage Systems, Industrial, Others)
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Regional Analysis:
⇥ North America (U.S., Canada, Mexico)
⇥ Europe (Germany, U.K., France, Italy, Spain, The Netherlands and Rest of Europe)
⇥ Asia-Pacific (China, Australia, Chile, Argentina, Japan, Rest of Asia Pacific)
⇥ South America (Chile, Argentina, Brazil, Rest of South America)
⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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