Lithium Market Forecast To Register CAGR Of Over 12.0% From 2022 To 2030Posted by rahul nikade on December 30th, 2022 Lithium Industry Overview The global lithium market size was valued at USD 6.83 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 12.0% from 2022 to 2030. Electrification of vehicles is projected to attract a significant volume of lithium-ion batteries, thus anticipated to drive the market over the forecast period. The automotive application segment is expected to witness substantial growth over the forecast period, driven by stringent regulations for ICE automakers imposed by government bodies to reduce carbon dioxide emissions from vehicles. This has shifted the interest of automakers toward producing EVs, which is anticipated to benefit the demand for lithium and related products. Government subsidies for EVs, along with investments in this space, are likely to act as an additional booster to the growth of the market. Gather more insights about the market drivers, restrains and growth of the Global Lithium Market The U.S. holds major significance in battery production after China, which makes it one of the key lithium-consuming countries in the world. The country has huge reserves of this important metal. According to the USGS, lithium resources from brines and minerals accounted for 7.9 million tons in the U.S., in 2020. However, the country mines only about 1.0% of the total demand in the world. In 2020, the production took place at only one location in the U.S., which is a brine operation in Nevada. However, the country is expected to boost its mining capabilities in the industry over the coming years. The market players in the U.S. are focusing on getting a hold on the battery supply chain owing to the increasing production of EVs in the country and as transportation of batteries is dangerous. In 2018, the Interior Department listed lithium as a critical mineral, which paced up the mine permitting process. Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.
Lithium Market Segmentation Grand View Research has segmented the global lithium market on the basis of product, application, and region: Lithium Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
Lithium Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
Lithium Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
Market Share Insights
Key Companies profiled: Some prominent players in the global lithium market include
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