The global market for lithium will be worth about US$22.6 billion by the end of the decade, according to the French market researcher ReportLinker.
The organization released details from its latest lithium market report on Wednesday and expects the industry to grow at a compound annual growth rate (CAGR) of 15.7 per cent between now and 2030. ReportLinker says the market for lithium was worth approximately US$7 billion last year.
The carbonate segment is expected to account for over 50 per cent of the lithium market’s share and will be worth US$13.2 billion alone by the end of the forecast period.
China, most notably, is expected to account for US$5.3 billion of the market’s value by 2030, ascending to that dollar figure with a CAGR of 20.7 per cent between now and the end of the decade.
The United States, Canada, Japan and Germany will be other significant contributors, according to ReportLinker.
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Other market researchers have reported different predictions for lithium in recent days
At the end of February, India-based Fortune Market Insights reported that the global lithium market would only be worth US$6.6 billion by 2028.
Earlier that month, Facts & Factors — a market researcher also based in India, predicted that the lithium ion battery market specifically would be worth far more than the “global lithium market” value anticipated by ReportLinker.
According to Facts & Factors, the international market for those batteries will be valued at approximately US$166 billion by 2030. The Indian market researcher says the battery market was worth about US$50 billion in 2021.
Similarly, India’s Maximize Market Research predicted earlier this month that the lithium ion battery market would be worth about US$142 billion by 2029.
Key drivers of the markets’ include government initiatives to promote sustainable and clean energy, technological advancements with lithium ion batteries resulting in reduced costs and improved performance and a limited availability of lithium reserves increasing demand for the element.
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The price for access to ReportLinker’s full report ranges between US$5,600-US$16,800 depending on the amount of readers who will be accessing it.
Key market players include Lithium Americas Corporation (TSX: LAC) (NYSE: LAC), Albemarle Corporation (NYSE: ALB), Neometals Ltd (ASX: AMT), Toshiba Corporation (TOKYO: 6502), Panasonic Corporation (TOKYO: 6752) and Pilbara Minerals (ASX: PLS).