Lithium Market Size, Share, Trends, Industry Analysis Report By Product (Carbonates, Hydroxide, Others), By Application (Automotive, Consumer Electronics, Grid Storage, Glass & Ceramics, Others), By Region

Description

List of Tables

The lithium market size is expected to reach USD 147.39 billion by 2034, according to a new study by Polaris Market Research. The report "Lithium Market Share, Size, Trends, Industry Analysis Report By Product (Carbonates, Hydroxide, Others), By Application (Automotive, Consumer Electronics, Grid Storage, Glass & Ceramics, Others), By Region; Market Forecast, 2025-2034" gives a detailed insight into current market dynamics and provides analysis on future market growth.

Lithium is a soft, silvery-white alkali metal. It is the lightest metal and the least dense solid element, making it highly reactive, especially with water and air. Lithium is found in small amounts in igneous rocks and mineral springs, with major reserves in countries such as Australia, Chile, and China. Lithium has become a crucial component in modern technology, particularly in rechargeable lithium-ion batteries, which power smartphones, laptops, electric vehicles (EVs), and renewable energy storage systems due to its high electrochemical potential. These batteries are favored for their high energy density, lightweight properties, and long lifespan.

Lithium is also used in ceramics and glass to improve durability and heat resistance, as well as in lubricating greases for high-temperature applications. In the pharmaceutical industry, lithium compounds such as lithium carbonate and lithium citrate are prescribed as mood stabilizers to treat bipolar disorder and depression. Additionally, lithium is used in metallurgy to strengthen alloys, particularly in aerospace engineering, where lightweight materials are essential.

Lithium Market Report Highlights

In terms of product, the carbonates segment accounted for a major revenue share in 2024 due to their extensive usage in rechargeable batteries, ceramics, glass, and pharmaceuticals.

Based on application, the consumer electronics segment is expected to register a CAGR of 25.42% from 2025 to 2034, owing to rising demand for smartphones, laptops, wearables, and other portable devices.

The Asia Pacific lithium market accounted for 46.02% of global lithium revenue share in 2024. This dominance is attributed to the rapid growth of electric vehicle (EV) manufacturing, particularly in countries such as Japan, South Korea, and India.

China held the largest revenue share in the Asia Pacific lithium landscape in 2024, due to its strong position in EV and battery production.

The market in North America is projected to hold a substantial revenue share in 2034 due to the rapid expansion of the EV sector, led by automakers such as Tesla, Ford, and GM.

The industry in Europe is projected to grow at the fastest pace in the coming years, owing to stringent EU emissions targets and the rapid transition to electric mobility.

A few key players in the global lithium market include Albemarle Corp.; Arcadium Lithium; Eramet; Exxon Mobil Corporation; Farasis Energy; Ganfeng Lithium Co., Ltd.; LG Energy Solution; Lithium Americas Corp; Mineral Resources Group Co., Ltd; Pilbara Minerals; SQM S.A.; and Tianqi Lithium Corporation.

Polaris Market Research has segmented the lithium market report on the basis of product, application, and region:

By Product Outlook (Revenue, USD Billion, Volume, Kilotons, 2020-2034)

Carbonates

Hydroxide

Others

By Application Outlook (Revenue, USD Billion, Volume, Kilotons, 2020-2034)

Automotive

Consumer Electronics

Grid Storage

Glass & Ceramics

Others

By Regional Outlook (Revenue, USD Billion, Volume, Kilotons, 2020-2034)

North America

U.S.

Canada

Europe

Germany

France

Italy

Spain

Netherlands

Russia

Rest of Europe

Asia Pacific

China

Japan

India

Malaysia

South Korea

Indonesia

Australia

Vietnam

Rest of Asia Pacific

Middle East & Africa

Saudi Arabia

UAE

Israel

South Africa

Rest of Middle East & Africa

Latin America

Mexico

Brazil

Argentina

Rest of Latin America

Product Code: PM6380

1. Introduction

1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
1.2. Stakeholders

2. Executive Summary

2.1. Market Highlights

3. Research Methodology

3.1. Overview
- 3.1.1. Data Mining
3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources

4. Global Lithium Market Insights

4.1. Lithium Market - Market Snapshot
4.2. Lithium Market Dynamics
- 4.2.1. Drivers and Opportunities
  - 4.2.1.1. Increasing Sales of Electric Vehicles
  - 4.2.1.2. Rising Investment in Renewable Energy
- 4.2.2. Restraints and Challenges
  - 4.2.2.1. High Cost
4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
4.4. PESTEL Analysis
4.5. Lithium Market Trends
4.6. Value Chain Analysis
4.7. COVID-19 Impact Analysis

5. Global Lithium Market, by Product

5.1. Key Findings
5.2. Introduction
- 5.2.1. Global Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
5.3. Carbonates
- 5.3.1. Global Lithium Market, by Carbonates, by Region, 2020-2034 (USD Billion, Volume Kilotons)
5.4. Hydroxide
- 5.4.1. Global Lithium Market, by Hydroxide, by Region, 2020-2034 (USD Billion, Volume Kilotons)
5.5. Others
- 5.5.1. Global Lithium Market, by Others, by Region, 2020-2034 (USD Billion, Volume Kilotons)

6. Global Lithium Market, by Application

6.1. Key Findings
6.2. Introduction
- 6.2.1. Global Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
6.3. Automotive
- 6.3.1. Global Lithium Market, by Automotive, by Region, 2020-2034 (USD Billion, Volume Kilotons)
6.4. Grid Storage
- 6.4.1. Global Lithium Market, by Grid Storage, by Region, 2020-2034 (USD Billion, Volume Kilotons)
6.5. Consumer Electronics
- 6.5.1. Global Lithium Market, by Consumer Electronics, by Region, 2020-2034 (USD Billion, Volume Kilotons)
6.6. Glass & Ceramics
- 6.6.1. Global Lithium Market, by Glass & Ceramics, by Region, 2020-2034 (USD Billion, Volume Kilotons)
6.7. Others
- 6.7.1. Global Lithium Market, by Others, by Region, 2020-2034 (USD Billion, Volume Kilotons)

7. Global Lithium Market, by Geography

7.1. Key Findings
7.2. Introduction
- 7.2.1. Lithium Market Assessment, By Geography, 2020-2034 (USD Billion, Volume Kilotons)
7.3. Lithium Market - North America
- 7.3.1. North America: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
- 7.3.2. North America: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.3.3. Lithium Market - U.S.
  - 7.3.3.1. U.S.: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.3.3.2. U.S.: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.3.4. Lithium Market - Canada
  - 7.3.4.1. Canada: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.3.4.2. Canada: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
7.4. Lithium Market - Europe
- 7.4.1. Europe: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
- 7.4.2. Europe: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.4.3. Lithium Market - UK
  - 7.4.3.1. UK: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.4.3.2. UK: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.4.4. Lithium Market - France
  - 7.4.4.1. France: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.4.4.2. France: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.4.5. Lithium Market - Germany
  - 7.4.5.1. Germany: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.4.5.2. Germany: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.4.6. Lithium Market - Italy
  - 7.4.6.1. Italy: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.4.6.2. Italy: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.4.7. Lithium Market - Spain
  - 7.4.7.1. Spain: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.4.7.2. Spain: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.4.8. Lithium Market - Netherlands
  - 7.4.8.1. Netherlands: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.4.8.2. Netherlands: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.4.9. Lithium Market - Russia
  - 7.4.9.1. Russia: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.4.9.2. Russia: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.4.10. Lithium Market - Rest of Europe
  - 7.4.10.1. Rest of Europe: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.4.10.2. Rest of Europe: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
7.5. Lithium Market - Asia Pacific
- 7.5.1. Asia Pacific: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
- 7.5.2. Asia Pacific: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.5.3. Lithium Market - China
  - 7.5.3.1. China: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.5.3.2. China: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.5.4. Lithium Market - India
  - 7.5.4.1. India: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.5.4.2. India: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.5.5. Lithium Market - Malaysia
  - 7.5.5.1. Malaysia: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.5.5.2. Malaysia: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.5.6. Lithium Market - Japan
  - 7.5.6.1. Japan: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.5.6.2. Japan: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.5.7. Lithium Market - Indonesia
  - 7.5.7.1. Indonesia: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.5.7.2. Indonesia: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.5.8. Lithium Market - South Korea
  - 7.5.8.1. South Korea: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.5.8.2. South Korea: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.5.9. Lithium Market - Australia
  - 7.5.9.1. Australia: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.5.9.2. Australia: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.5.10. Lithium Market - Rest of Asia Pacific
  - 7.5.10.1. Rest of Asia Pacific: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.5.10.2. Rest of Asia Pacific: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
7.6. Lithium Market - Middle East & Africa
- 7.6.1. Middle East & Africa: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
- 7.6.2. Middle East & Africa: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.6.3. Lithium Market - Saudi Arabia
  - 7.6.3.1. Saudi Arabia: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.6.3.2. Saudi Arabia: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.6.4. Lithium Market - UAE
  - 7.6.4.1. UAE: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.6.4.2. UAE: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.6.5. Lithium Market - Israel
  - 7.6.5.1. Israel: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.6.5.2. Israel: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.6.6. Lithium Market - South Africa
  - 7.6.6.1. South Africa: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.6.6.2. South Africa: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.6.7. Lithium Market - Rest of Middle East & Africa
  - 7.6.7.1. Rest of Middle East & Africa: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.6.7.2. Rest of Middle East & Africa: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
7.7. Lithium Market - Latin America
- 7.7.1. Latin America: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
- 7.7.2. Latin America: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.7.3. Lithium Market - Mexico
  - 7.7.3.1. Mexico: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.7.3.2. Mexico: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.7.4. Lithium Market - Brazil
  - 7.7.4.1. Brazil: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.7.4.2. Brazil: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.7.5. Lithium Market - Argentina
  - 7.7.5.1. Argentina: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.7.5.2. Argentina: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)
- 7.7.6. Lithium Market - Rest of Latin America
  - 7.7.6.1. Rest of Latin America: Lithium Market, by Product, 2020-2034 (USD Billion, Volume Kilotons)
  - 7.7.6.2. Rest of Latin America: Lithium Market, by Application, 2020-2034 (USD Billion, Volume Kilotons)

8. Competitive Landscape

8.1. Expansion and Acquisition Analysis
- 8.1.1. Expansion
- 8.1.2. Acquisitions
8.2. Partnerships/Collaborations/Agreements/Exhibitions

9. Company Profiles

9.1. Albemarle Corp.
- 9.1.1. Company Overview
- 9.1.2. Financial Performance
- 9.1.3. Product Benchmarking
- 9.1.4. Recent Development
9.2. Arcadium Lithium
- 9.2.1. Company Overview
- 9.2.2. Financial Performance
- 9.2.3. Product Benchmarking
- 9.2.4. Recent Development
9.3. Eramet
- 9.3.1. Company Overview
- 9.3.2. Financial Performance
- 9.3.3. Product Benchmarking
- 9.3.4. Recent Development
9.4. Exxon Mobil Corporation
- 9.4.1. Company Overview
- 9.4.2. Financial Performance
- 9.4.3. Product Benchmarking
- 9.4.4. Recent Development
9.5. Farasis Energy
- 9.5.1. Company Overview
- 9.5.2. Financial Performance
- 9.5.3. Product Benchmarking
- 9.5.4. Recent Development
9.6. Ganfeng Lithium Co., Ltd.
- 9.6.1. Company Overview
- 9.6.2. Financial Performance
- 9.6.3. Product Benchmarking
- 9.6.4. Recent Development
9.7. LG Energy Solution
- 9.7.1. Company Overview
- 9.7.2. Financial Performance
- 9.7.3. Product Benchmarking
- 9.7.4. Recent Development
9.8. Lithium Americas Corp
- 9.8.1. Company Overview
- 9.8.2. Financial Performance
- 9.8.3. Product Benchmarking
- 9.8.4. Recent Development
9.9. Mineral Resources Group Co., Ltd
- 9.9.1. Company Overview
- 9.9.2. Financial Performance
- 9.9.3. Product Benchmarking
- 9.9.4. Recent Development
9.10. Pilbara Minerals
- 9.10.1. Company Overview
- 9.10.2. Financial Performance
- 9.10.3. Product Benchmarking
- 9.10.4. Recent Development
9.11. SQM S.A.
- 9.11.1. Company Overview
- 9.11.2. Financial Performance
- 9.11.3. Product Benchmarking
- 9.11.4. Recent Development
9.12. Tianqi Lithium Corporation
- 9.12.1. Company Overview
- 9.12.2. Financial Performance
- 9.12.3. Product Benchmarking
- 9.12.4. Recent Development