Lithium Metal Market worth $6.4 billion by 2028

May 21, 2023

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05 Jun, 2023, 04:00 ET

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CHICAGO, June 5, 2023 /PRNewswire/ -- The report "Lithium Metal Market by Source(Salt Lake brine, Lithium Ores), Application(Lithium-ion anode material, Alloy, Intermediate), End-Use Industry(Batteries, Metal Processing, Pharmaceuticals), & Region(APAC, North America, Europe, RoW) - Global Forecast to 2028", is projected to grow from USD 2.5 billion in 2023 to USD 6.4 billion by 2028, at a CAGR of 20.4% from 2023 to 2028. The major factors driving the lithium metal market are consumption in diversified applications, such as batteries, metal processing, and intermediates in pharmaceuticals, among others. The primary factor driving the lithium metal market is its usage in lithium metal batteries.

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By source, the salt lake brine segment accounted for the highest share of the lithium metal market from 2023 to 2028.

The salt lake brine segment, by source, market accounted for the largest share. The use of brine as a source of lithium is becoming increasingly popular, as it is a more cost-effective and environmentally friendly alternative to traditional mining methods. Also, brine deposits containing lithium are more abundant compared to hard rock lithium deposits. Many regions around the world hold significant lithium resources in brine form. Brine extraction typically involves lower production costs compared to hard rock mining. Brine deposits are often located near the surface, requiring less extensive and expensive mining operations.

By application, the lithium-ion anode material segment accounted for the highest share of the lithium metal market from 2023 to 2028.

The lithium-ion anode material segment, by application, accounted for the highest share. In a lithium-metal battery, an anode is made of pure lithium metal. Lithium metal batteries have a higher energy density compared to lithium-ion batteries. This means they can store more energy per unit of weight or volume, allowing for longer-lasting power and potentially enabling smaller and lighter battery designs. Also, Lithium metal batteries typically have a higher voltage than lithium-ion batteries. This higher voltage output can be advantageous for applications that require higher power or voltage levels. Such factors are enhancing the usage of lithium metal batteries during the forecast period.

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Asia Pacific is the largest region in the Lithium metal market.

The increasing use of lithium metal batteries in various countries is the major driving factor of the lithium metal market in the region. The region is one of the major manufacturers and exporters of lithium metal. It has various lithium metal manufacturers, such as Ganfeng Lithium Co., Ltd. (China), Tianqui Lithium Industries Inc. (China), and Shenzhen Chengxin Lithium Group Co., Ltd. (China), which hold significant market share. Asia Pacific is a major battery manufacturer across the globe, and battery is the largest application for lithium metal batteries, thus is expected to boost the market for lithium metal during the forecast period. Also, Governments in the Asia Pacific region have been actively supporting the development of the lithium metal industry. They are implementing favorable policies, providing subsidies, and investing in research and development to promote the domestic production and use of lithium-metal batteries. These initiatives are driving the growth of the lithium metal market in the region.

Market Players :

The major players operating in the lithium metal market include Ganfeng Lithium Co., Ltd. (China), Tianqui Lithium Industries Inc. (China), Shenzhen Chengxin Lithium Group Co., Ltd. (China), Albemarle Corporation (US), Livent Corporation (US), Shanghai China Lithium Industrial Co., Ltd. (China), China Energy Lithium Co., Ltd. (China), CNNC Jianzhong Nuclear Fuel Co., Ltd. (China) and others.

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