The global Lithium Metal Market is projected to grow USD 2.5 billion in 2023 to USD 6.4 billion by 2028, at a CAGR of 20.4% from 2022 to 2027. as per the recent study by MarketsandMarkets™. Crucial information accessible in this research report includes lithium metal industry growth drivers, restraints, current trends, economic and financial structures, and other pertinent market details.
The major factors driving the lithium metal market are consumption in diversified applications, such as batteries, metal processing, and intermediates in pharmaceuticals, among others. The primary factor driving the lithium metal market is its usage in lithium metal batteries.
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List of Key Players in Lithium Metal Market:
- Ganfeng Lithium Co., Ltd. (China)
- Tianqui Lithium Industries Inc. (China)
- Shenzhen Chengxin Lithium Group Co., Ltd. (China)
- Albemarle Corporation (US)
- Livent Corporation (US)
- Shanghai China Lithium Industrial Co., Ltd. (China)
- China Energy Lithium Co., Ltd. (China)
- CNNC Jianzhong Nuclear Fuel Co., Ltd. (China)
Shenzhen Chengxin Lithium Group Co., Ltd. is a leading company in the lithium metal business. It operates a lithium metal business under the subsidiary company Shengwei Lithium Industry with a production capacity of 1000 tons which is expected to reach 1600 tons in upcoming years. The company's primary business is the manufacture and sale of new energy lithium battery materials.
Drivers, Restraints, Opportunities and Challenges in Lithium Metal Market:
- Drivers: Growing demand for lithium metal in lithium batteries.
- Restraints: Concentration of lithium deposits in a few countries can create supply chain issues.
- Opportunity: Adoption of lithium metal in manufacturing alloys for high end industry.
- Challenges: Safety issues related to the production of lithium metal.
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Key Findings of the Study:
- The Salt Lake brine segment accounted for the highest share of the lithium metal market from 2023 to 2028
- The lithium-ion anode material segment accounted for the highest share of the lithium metal market from 2023 to 2028.
- Asia Pacific is the largest region in the Lithium metal market.
The Salt Lake brine segment, by source, market accounted for the largest share. The use of brine as a source of lithium is becoming increasingly popular, as it is a more cost-effective and environmentally friendly alternative to traditional mining methods. Also, brine deposits containing lithium are more abundant compared to hard rock lithium deposits. Many regions around the world hold significant lithium resources in brine form. Brine extraction typically involves lower production costs compared to hard rock mining. Brine deposits are often located near the surface, requiring less extensive and expensive mining operations.
The lithium-ion anode material segment, by application, accounted for the highest share. In a lithium-metal battery, an anode is made of pure lithium metal. Lithium metal batteries have a higher energy density compared to lithium-ion batteries. This means they can store more energy per unit of weight or volume, allowing for longer-lasting power and potentially enabling smaller and lighter battery designs. Also, Lithium metal batteries typically have a higher voltage than lithium-ion batteries. This higher voltage output can be advantageous for applications that require higher power or voltage levels. Such factors are enhancing the usage of lithium metal batteries during the forecast period.
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Lithium-ion anode material segment, by application of the lithium metal market, is projected to be the fastest-growing segment from 2023 to 2028. Lithium metal anodes have gained attention in the development of solid-state batteries, which use solid electrolytes instead of liquid electrolytes. In recent years, there has been a significant increase in demand for solid-state batteries due to factors such as improved safety, higher energy density, and wider temperature range. Lithium metal anodes are compatible with solid-state battery designs, providing a pathway to next-generation battery technologies. These factors are expected to enhance the demand for the segment during the forecast period.
Salt lake brine segment, by the source of the lithium metal market, is projected to be the fastest-growing segment from 2023 to 2028. Salt Lake brines are found in various regions globally, including the "Lithium Triangle" in South America (Chile, Argentina, Bolivia) and other locations like the Clayton Valley in Nevada, USA. These brines often contain high concentrations of lithium, making them a valuable and abundant source of the metal.
