The lithium market size, estimated at USD 0.71 million in 2024, is expected to reach USD 1.72 million by 2029, growing at a CAGR of 19.57% during the forecast period (2024-2029).

Key Market Drivers:

Surge in Electric Vehicle Production: The global shift towards sustainable transportation has bolstered the demand for lithium-ion batteries, a core component in EV manufacturing.

Energy Storage Solutions: The growing adoption of renewable energy sources, such as solar and wind, necessitates efficient energy storage systems, further fueling lithium demand.

Consumer Electronics Growth: The rise in portable electronic devices such as smartphones, laptops, and tablets is another significant driver for lithium-ion battery consumption.

Challenges:

Environmental Concerns: The extraction of lithium poses environmental risks, and there is a rising need for sustainable mining practices.

Supply Chain Constraints: Geopolitical factors and the concentration of lithium reserves in a few regions, like Chile, Australia, and Argentina, present supply chain risks.

Market Outlook:

The Asia-Pacific region dominates the lithium market, primarily due to robust demand from China, which is a major producer and consumer of lithium batteries. Additionally, North America and Europe are expected to see significant growth, driven by the expansion of EV production and renewable energy projects.

As the demand for lithium continues to escalate, companies are investing in innovative mining technologies, battery recycling solutions, and alternative sources such as lithium brine extraction to meet future supply needs.

For more information, please refer to the full report by Mordor Intelligence on the Global Lithium Market.

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