PUBLISHER: Grand View Research | PRODUCT CODE: 1493421
PUBLISHER: Grand View Research | PRODUCT CODE: 1493421
The global lithium foil market size is expected to reach USD 1.63 billion by 2030, projected to grow at a CAGR of 11.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. Increasing demand for electronic storage systems (ESS) has resulted in increasing R&D for the development and adoption of new-age lithium-ion batteries. These button batteries are predominantly used in solid and semi-solid state batteries.
Based on segmentation by product, the 2N segment held the largest revenue share in 2023, owing to its growing demand for energy storage. In the electronics industry, lithium foils are used as high-energy primary and secondary battery anode material. The 2N type foil is widely used in portable electronic devices such as smartphones, laptops, and cameras.
Based on its higher purity levels, the product is also used in the aerospace & defense industries within thermal batteries. These are designed to provide a burst of power for short durations. Hence, these batteries find application in missiles, torpedoes, and other defense systems where high output power is required for a brief period. Copper-lithium foils are used as welding material in specialized aerospace applications.
The global market is highly concentrated. The growth in the electronics and aerospace & defense industries is anticipated to boost the market. For instance, in April 2023, the South Korean government announced cooperation with three of the world's largest battery manufacturers (Samsung SDI, LG Energy Solution Ltd, SK On) in the country to invest Won 20 trillion (~USD 15.1 billion) to develop advanced battery technologies, including solid-state batteries by 2030. This is anticipated to be a key driver for lithium foils over the forecast period.