Lithium Market Size To Grow By 1,066.47 Thousand From 2022 To 2027: Report

A latest global market research report on Lithium claimed that the international lithium market size is estimated to increase by 1066.47 thousand t from 2022 to 2027. Global market research company Technavio released the report. 

The Global Lithium Market 2023-27 report claimed that the market’s growth momentum would progress at a Compound Annual Growth Rate (CAGR) of 25 percent. The surge in demand from diversified applications is said to drive market growth during the forecast period. The market growth can be attributed to the surge in demand from diversified applications, it said. 

The report said that the global lithium market is fragmented, with the presence of several global as well as regional vendors. The report covers market segmentation by application (batteries, ceramics and glass, grease, polymer, and others), product (carbonate, hydroxide, and others), and geography (APAC, North America, Europe, South America, and the Middle East and Africa).

The report said that the growth of Lithium could be attributed to the rise in demand from specific countries like China and India and the growth of Electric Vehicles in several South Asian countries. 

“APAC is estimated to account for 70% of the growth of the global market during the forecast period. The growth can be attributed to factors such as the increased demand for Lithium from the automobile, construction, and industrial sectors and the rise in demand for EVs from countries such as China, Japan, India, and Indonesia,” a media statement from the company said.

It also said that the Chinese government foresaw that using EVs could be one of the most effective ways to reduce pollution in cities such as Beijing and Shanghai. Hence, it said such factors drive the regional market growth during the forecast period. 

The report said that it is not the EV segment alone, but hybrid renewables projects’ rise is also slated to boost the demand for Lithium globally. “The increasing installation of hybrid wind turbines (using lithium-ion batteries) and solar panels (using lithium-ion batteries to store solar energy) for renewable energy generation has increased the demand for lithium-ion batteries. This results in the use of Lithium in battery storage solutions used in the renewable energy industry is expected to accelerate the market’s growth,” the report said.