Lithium Market Overview, Revenue, Size, Sales volume and Cost Lithium Market The lithium metal market is projected to grow from USD 1.7 billion in 2023 to USD 4.3 billion by 2028, at a CAGR of 20.4% from 2023 to 2028. Lithium metal is widely used in primary batteries. The exploration and development of new lithium resources are helping to meet the growing demand for lithium metal. New mining projects and improved extraction technologies are reducing supply constraints which are supporting the market growth for lithium metal. Get Free Sample Report@ http://www.vertexbusinessinsights.com/request-sample/85/lithium-market Lithium Market Analysis The Global Lithium Market size is expected to grow from 587.57 LCE kilotons in 2023 to 1,436.06 LCE kilotons by 2028, at a CAGR of 19.57% during the forecast period (2023-2028). The market was negatively impacted by COVID-19 in 2020, as the first half of the year was affected by the lockdowns, causing unprecedented declines in monthly vehicle sales from February. Presently the market has reached pre-pandemic levels. Over the short term, the major factors driving the market studied are the accelerating demand for electric vehicles and increasing usage and demand for portable consumer electronics . • However, rising concern over the demand-supply gap in the lithium market may hamper the market growth. • Nevertheless, the growing adoption of smart grid electricity is likely to be a major opportunity in the global lithium market over the forecast period. • Asia-Pacific dominates the market across the world, with the most substantial consumption from countries like China, South Korea, and Japan. Lithium Industry Segmentation Lithium is a soft, silvery-white alkali metal with atomic number three and the symbol Li. The main sources of lithium are underground lithium-containing brine reservoirs and lithium-containing rocks, such as spodumene. The lithium market is segmented by type, application, end-user industry, and geography. By type, the market is segmented into metal, compound, and alloy. By application, the market is segmented into battery, grease, air treatment, pharmaceuticals, glass/ceramic (including frits), polymer, and other applications. By end-user industry, the market is segmented into industrial, consumer electronics, energy storage, medical, automotive, and other end-user industries. The report also covers the market size and forecasts for the lithium market in 16 countries across major regions. For each segment, the market sizing and forecasts have been carried out on the basis of volume (lithium carbonate equivalent (LCE) kilotons). Lithium Market Trends This section covers the major market trends shaping the Lithium Market according to our research experts: The Battery Application Segment to Dominate the Market • Lithium is majorly used for the production of lithium batteries. The battery application segment accounted for the largest share of the global lithium market. • Lithium batteries can be categorized into two segments, namely, disposable and rechargeable. Disposable lithium batteries use lithium in the metallic form as an anode. These batteries have a longer life and higher charge density when compared to other standard batteries. These batteries find applications in critical devices, such as pacemakers and other electronic medical devices intended for long-term use. Rechargeable lithium batteries are of two types, i.e., lithium-ion batteries and lithium-ion polymer batteries. Li-ion battery is packed in a rigid case, whereas the Li-po battery comes in a flexible polymer casing. Also, a Li-po battery has a slightly higher specific energy when compared to a Li-ion battery. Enquiry before buying Report @ http://www.vertexbusinessinsights.com/enquiry/85/lithium-market Contact Us [email protected] Phone: +1 210-775-2636 (USA) Address: 1321 Upland Dr. PMB 20205, Houston, Texas, 77043, US