Lithium Metal Market Size, Share, Growth, and Industry Analysis by Type (Salt Lake Brine, and Lithium Ore) By Application (Alloy, Pharmaceutical & Intermediate, Battery, and Others), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Lithium Metal Market Report Overview

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The global lithium metal market size was USD 534.6 million in 2021 and market is projected to touch USD 1346.94 million by 2031, exhibiting a compound annual growth rate (CAGR) of 9.6% during the forecast period.

In the periodic table of elements, lithium belongs to the group of alkali metals, which consists of soft, silvery-white metals. Among solid metals, it is the lightest. Earth's crust contains 65 parts per million of this element, which is moderately abundant.  Lithium, along with hydrogen and helium, was discovered in 1817 by the Swedish chemist Johan August Arfwedson. Its name comes from a Greek word that means stone. In addition to reacting with organic reactants, lithium also reacts with inorganic reactants. In the presence of oxygen, it produces monoxide and peroxide. Unlike other alkaline metals, it produces black nitrogen at ambient temperatures. Lithium hydride is formed by reacting with hydrogen at almost 500oC (930oF). The reaction between metallic lithium and water is extremely vigorous. Carbure is produced by the direct reaction between lithium and carbon. Halogenures are formed when it binds to halogens and emits light. In spite of the fact that it does not react with parafinic hydrocarbons, it experiments with addition reactions with alquenes substituted by arile and diene groups. Furthermore, it forms lithium acetylures when it reacts with acetylenic compounds.

Lithium metal has widespread usage in the field of pharmaceuticals, batteries, and others. The market is expected to grow due to the increasing demand for lubricants, batteries, foundry, glass & ceramics, and other applications. Market growth has been driven largely by the adoption of portable electronics, hybrid electric vehicles and electric vehicles, and energy storage technologies. As EVs reduce carbon emissions, they have become more popular because of growing environmental concerns, which is enhancing market growth.

COVID-19 Impact: Halt on Chemicals and Advanced Materials to Hamper market 

COVID-19 has disrupted global industrial production. The supply chain of companies is being redesigned, especially in industries that rely heavily on imports. The transport sector is likely to rely heavily on lithium-ion batteries (LIBs). Markets for batteries and electric vehicles (EVs) have been adversely affected by the Coronavirus outbreak. During this COVID-19 outbreak, lithium batteries are used in ventilators and other medical solutions.

Latest Trends

"Increase in the Usage of Electronic Vehicles to Drive market Growth"

The growth of the electric vehicle market will be aided by the increased adoption of electric vehicles in recent years, along with technological innovations. Advances in technology have made EVs suitable for replacing conventional transportation methods because they emit low carbon emissions. HEVs, EVs, and PHEVs rely heavily on batteries. EVS using Lithium batteries could significantly reduce road vehicle emissions.

Lithium Metal Market Segmentations

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• By Type

The market is classified into salt lake brine, and lithium ore based on type. The salt lake brine segment will lead the lithium metal market share throughout the forecast period.

• By Application

The market is classified into alloy, pharmaceutical & intermediate, battery, and others on the basis of application. The alloy segment will lead the lithium metal market share throughout the forecast period.

Driving Factors

"Increased Usage of Lithium Metal in the Production of Pharmaceuticals to Drive the market"

In the production of synthetic vitamin A and other pharmaceutical products, lithium metal can be used as an alkylating agent in Grignard-type reactions, as an ionic catalyst in new polymer technology, as a direct reducing agent in organic reactions, as a flux in new brazing techniques, as a starting point in the production of metallic hydrides and borohydrides, as well as an agent that can transfer heat in new engineering developments.

"Increasing Demand for Salt Lake Brine Method Production to Drive the market"

Lithium is in high demand due to its diverse applications, such as rechargeable batteries, light aircraft alloys, air purification, medicine, and nuclear fusion. As a result of its low cost and extensive reserves, lithium in salt lake brines has emerged as the primary source of industrial lithium extraction. In order to achieve high lithium recovery efficiency and purity, Mg2+ and Li+ must be separated effectively. Salt lake brine method of lithium metal production is increasing, which thereby increases the market growth as well.

Restraining Factors

"Toxic Chemicals Present During Lithium Extraction to Restrain the market"

Due to water pollution and depletion, lithium metal extraction has negative environmental effects. Toxic chemicals must also be used during processing. When these dangerous substances are discharged through air emissions, leaching, or spills, they can damage communities, ecosystems, and food production. Its exploitation always leads to land erosion and air pollution. Locals in Argentina assert that the operations have contaminated human and livestock water sources. The product's recycling raises further issues. Low collection rates, fluctuating lithium prices, and high recycling costs have all been implicated in the absence of lithium metal recycling. Recycling is unlikely to be an option because of the material's extreme flammability, reactivity, and toxicity.

Lithium Metal Market Regional Insights

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"North America to Dominate the market Owing to the Increasing Usage of Li Batteries"

North America holds the first rank in the global lithium metal market during the forecast period. North America's market is expected to grow at a considerable pace due to stringent regulatory rules, which drives the adoption of cleaner energy sources throughout the region. Lithium metal batteries are used to power aircraft, helicopters, and satellites in the aerospace industry. The growing use of Li-ion batteries in space applications will drive up product demand.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage  "

Prominent market players are making collaborative efforts by collaborating with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of market Players Profiled

• GanFeng (China)
• CNNC Jianzhong (China)
• FMC (U.S.)
• Rockwood (U.S.)
• Hongwei Lithium (China)
• Novosibirsk (Russia)
• CEL (India)
• Tianqi Lithium (China)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.