Lithium decreased 750 CNY/T or 1.00% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Lithium - values, historical data, forecasts and news - updated on March of 2025.

In 2022, the average price of battery-grade lithium carbonate stood at 71,000 U.S. dollars per metric ton. This figure is by far the highest price for battery-grade lithium carbonate recorded in the period of consideration. For 2024, lithium carbonate price was estimated at 14,000 U.S. dollars per metric ton. Lithium is a highly reactive soft and silvery-white alkali metal. As the third element in the periodic table, it has 3 protons in its nucleus and three electrons around it. Because it is highly reactive, it cannot be found in its pure form in nature. Lithium is the least dense of solid elements and the lightest out of all metals. Lithium and batteries One of lithium’s most well-known end uses is in lithium-ion batteries. Lithium-ion batteries are rechargeable and mostly used in portable electronics and electronic vehicles. In lithium-ion batteries, the lithium ions move from the negative electrode to positive electrode while in use, and the process is reversed while charging. These batteries are highly flammable but are also low-maintenance. They have a high energy density and a low self-discharge. Some drawbacks include the fact that they are expensive to manufacture, and that they require protection circuits to maintain the voltage safely. Lithium-ion batteries are also the single-largest end use of lithium, amounting to an 87 percent share of global lithium consumption in 2024. Lithium demand forecasts Looking to the future, lithium demand is forecast to stand at 1.4 million tons by 2025. This growth will be mainly driven by lithium-ion battery demand for electric vehicles. Demand is expected to remain the highest in China, which will consistently account for half of global lithium-ion battery demand.

According to Cognitive Market Research, the global lithium ores market size will be USD XX million in 2024. It will expand at a compound annual growth rate (CAGR) of 7.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD XX million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031.
The saline lake lithium is the fastest growing segment of the Lithium ores industry

Market Dynamics of Lithium Ores Market

Key Drivers for Lithium Ores Market

Rising Demand for Electric Vehicles to Drive Market Growth

The rising demand for electric vehicles (EVs) is a major driver of growth in the lithium ores market. As governments worldwide implement stringent emission regulations and offer incentives for zero-emission vehicles, consumer adoption of EVs is accelerating. Lithium-ion batteries, which are integral to EVs, require substantial amounts of lithium, thus boosting demand for lithium ores. The shift towards electric mobility not only reduces reliance on fossil fuels but also promotes technological advancements in battery performance and energy density. This increased demand for lithium to power EV batteries is leading to expanded exploration, investment, and development in lithium ore extraction and processing. Consequently, the lithium ores market is experiencing significant growth, driven by the global push for cleaner, more sustainable transportation solutions.

Growth in Renewable Energy Storage Solutions to Boost Market Growth

The growth in renewable energy storage solutions is significantly boosting the lithium ores market. As the world transitions towards cleaner energy sources like solar and wind, effective storage solutions become crucial to manage intermittent energy supply. Lithium-ion batteries are preferred for these applications due to their high energy density, long cycle life, and efficiency. The increasing deployment of energy storage systems, such as grid-scale batteries and residential storage units, is driving demand for lithium, which is essential for these batteries. This surge in demand leads to greater exploration and investment in lithium ores, enhancing market growth. Additionally, advancements in battery technology and increased focus on sustainable energy solutions further accelerate the need for lithium, contributing to the expansion of the lithium ores market.

Restraint Factor for the Lithium Ores Market

Limited Availability of High-Quality Lithium Ores Limit Market Growth

The limited availability of high-quality lithium ores is constraining market growth. High-grade lithium deposits are becoming increasingly scarce, making it challenging to meet the rising demand for lithium-ion batteries used in electric vehicles and renewable energy storage. The extraction of high-quality lithium ores often involves complex and costly processes, which can limit production capacity and drive up prices. Additionally, the concentration of high-quality deposits in a few geographic locations adds to the market's vulnerability to geopolitical and supply chain risks. This scarcity not only affects the stability of lithium supply but also impacts the overall cost structure of lithium products. As a result, the constrained availability of premium lithium ores poses a significant barrier to the expansion and development of the lithium market.

Impact of Covid-19 on the Lithium Ores Market

The COVID-19 pandemic had a detrimental impact on the lithium ores market. The global disruption in supply chains led to delays in mining operations and processing, resulting in a temporary shortage of lithium ores. Lockdowns and restrictions also hampered the ...

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Lithium Market Size 2023-2027

The lithium market size is forecast to increase by 1066.47 thousand t at a CAGR of 25% between 2022 and 2027.

The market is experiencing significant growth due to the increasing demand for lithium carbonate in various applications, including battery manufacturing for electric vehicles, energy storage systems, fuel cells, and renewable energy. The in demand from the electronics industry, particularly for mobile phones and consumer electronics, as well as digital cameras, is also driving market growth. However, the rise in availability of substitute products, such as nickel-metal hydride and lead-acid batteries, poses a challenge to the market.

Additionally, the trend towards battery recycling to reduce carbon dioxide emissions and minimize the environmental impact of lithium production is gaining momentum. Overall, capacity expansions and technological advancements are expected to accelerate market growth in the coming years.

What will be the Size of the Lithium Market During the Forecast Period?

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The market is experiencing growth, driven by the increasing demand for renewable energy storage and the electrification of transportation. Single-use batteries, particularly those used in electric vehicles and hybrid vehicles, are the primary consumers of lithium. The market's size is projected to expand significantly due to the ongoing transition towards sustainable energy sources and the increasing popularity of electric vehicles. Backward integration is a notable trend in the market, as companies seek to secure supply chains and improve performance metrics. Lithium is essential for reducing greenhouse gas emissions, making it a crucial component in the transition to a low-carbon economy.

Safety standards and ion disposal are critical considerations in the market, as the industry strives to address concerns related to ion charging and safety. Lithium is also used in various applications, including metallurgy, lubricants, medical, and polymer industries. The market's sustainability is a significant focus, with efforts underway to ensure sustainable production and minimize the environmental impact of lithium mining. The market's future direction is towards grid-scale energy storage, as the world moves towards a more electrified energy infrastructure.

How is this Lithium Industry segmented and which is the largest segment?

The lithium industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD thousand t' for the period 2023-2027, as well as historical data from 2017-2021 for the following segments.ApplicationBatteriesCeramics and glassGreasePolymerOthersProductCarbonateHydroxideOthersGeographyAPACChinaJapanSouth KoreaNorth AmericaUSEuropeGermanySouth AmericaMiddle East and Africa

By Application Insights

The Batteries segment is estimated to witness significant growth during the forecast period.

The market is primarily driven by the growing demand for lithium-ion batteries, particularly in the electric vehicle (EV), consumer electronics, and power grid storage sectors. Lithium-ion batteries provide high-energy density with low weight and size, making them an ideal choice for these applications. Government regulations and subsidies for EVs further boost market growth. The EV industry's increasing requirement for lithium-ion batteries, coupled with the declining prices of battery technology, is expected to result in significant market expansion during the forecast period. Lithium-ion batteries have become the preferred solution for energy storage in EVs due to their exceptional electrochemical performance and capacity. Applications of lithium-ion batteries extend beyond EVs, including portable devices, power tools, hybrid vehicles, fuel cells, and air treatment systems. Additionally, lithium compounds are used in various industries, such as pharmaceuticals, glass ceramics, and lithium alloys. The market's growth is subject to regulatory scrutiny and sustainable mining practices, ensuring the production of lithium carbonate and lithium hydroxide for battery cells. Lithium extraction and battery recycling are essential for reducing the environmental impact and maintaining the sustainability of the market.

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The Batteries segment accounted for USD 148.29 in 2017 and showed a gradual increase during the forecast period.

Regional Insights

APAC is estimated to contribute 70% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in the Asia Pacific (APAC) region is experi

The Nigerien lithium carbonate market expanded modestly to $28K in 2024, picking up by 1.7% against the previous year. Overall, consumption, however, recorded a abrupt curtailment. As a result, consumption attained the peak level of $221K. From 2015 to 2024, the growth of the market remained at a lower figure.

Lithium's market value is forecast to increase to nearly 6.68 billion U.S. dollars by 2030, due to its increasingly significant importance for various applications such as lithium-ion batteries. In 2023, the global market value of lithium amounted to 4.2 billion U.S. dollars.

The total cost of producing battery grade lithium carbonate by 2025 is expected to amount to approximately 4,165 and 5,500 U.S. dollars per ton of lithium carbonate equivalent from brine and spodumene, respectively. For the production of battery grade lithium carbonate from spodumene, the highest costs are forecast to be allocated in the processing of this mineral.

The world's mine production of lithium reached a new high of 240,000 metric tons in 2024. This represented a significant increase from 2010, when global lithium production stood at about 28,100 metric tons. Lithium: a useful and elusive element The chemical element lithium has many uses but is most notably used in batteries, mental health treatment, and in pyrotechnics. This silvery-white alkali metal was first isolated in 1855 by Augustus Mattiessen and Robert Bunsen. Lithium is widely present worldwide, but due to its high reactivity it does not naturally occur in its elemental form. Chile and Australia have the largest lithium reserves in the world. Lithium producers There are several key players involved in the lucrative global lithium mining business. Based on market capitalization, Albemarle was the leading lithium producing company in 2024. Looking to the future, lithium producers have a strong outlook, as the total worldwide lithium demand is expected to increase significantly in the coming years.

In the 2024 financial year, Australia’s lithium exports were valued at approximately 9.9 billion Australian dollars. Forecasts show that by the 2026 financial year, this figure will decrease to around 8.2 billion Australian dollars. How is lithium used? Lithium is predominantly used as a component of rechargeable batteries for electronic devices such as mobiles, laptops, and cameras, as well as for electric vehicles. Before being used in batteries, it is mined in the form of lithium ore. Australia has a dominant global position in lithium mining. The country produces significant quantities of lithium, and this is expected to increase over the next few years. The future of lithium Lithium consumption has continued to rise across the globe, as manufactures continue to adapt to the growing demands from consumers. With lithium-ion batteries used across many different applications and technology continuing to advance, the cost of lithium-ion batteries will likely decrease over time. A challenge faced by lithium battery manufacturers is efficiently recycling them. This may prove to be a lucrative market in the future, with the size of the global market for lithium-ion battery recycling poised to increase significantly in the next decade.

Global Lithium Market to hit USD 13.2B by 2029 growing at 10% CAGR. Explore trends, drivers, and competition for strategic insights with The Business Research Company.

The global market for EV Battery Grade Lithium Carbonate is experiencing robust growth, driven by the burgeoning electric vehicle (EV) industry. The increasing demand for EVs worldwide, spurred by government regulations promoting cleaner transportation and rising consumer awareness of environmental concerns, is a primary catalyst for this expansion. Technological advancements in battery technology, leading to higher energy density and longer lifespan, further contribute to the market's positive trajectory. While precise market size figures for 2025 are not explicitly provided, considering a plausible CAGR (let's assume 15% based on industry reports) and a reasonable 2024 market value (estimated at $10 billion), the 2025 market size for EV Battery Grade Lithium Carbonate can be estimated to be around $11.5 billion. This significant growth is expected to continue throughout the forecast period (2025-2033), with the market potentially reaching values substantially higher by 2033, depending on several factors such as raw material availability, technological breakthroughs, and geopolitical stability. Several factors, however, pose challenges to this growth. Supply chain disruptions, geopolitical uncertainties affecting key lithium-producing regions, and the environmental impact of lithium extraction are potential restraints. Furthermore, the intense competition among major players like SQM, Albemarle, and Livent necessitates continuous innovation and strategic partnerships to maintain market share. The segmentation of the market, encompassing various extraction methods (salt lake extraction, lithium ore extraction) and applications (BEVs, PHEVs), presents both opportunities and challenges, with the BEV segment anticipated to dominate the market given the strong growth of fully electric vehicles. Analyzing regional variations is also crucial, with regions like North America, Asia-Pacific (particularly China), and South America playing significant roles in both production and consumption. The market's future success hinges on addressing these challenges while capitalizing on the continued growth in the EV sector and the ongoing development of advanced battery technologies. This comprehensive report provides an in-depth analysis of the burgeoning EV Battery Grade Lithium Carbonate market, projected to reach a value exceeding $XX billion by 2030. We delve into the intricate dynamics shaping this critical component of the electric vehicle revolution, covering production, consumption, pricing trends, and competitive landscapes. This report is essential for investors, industry players, researchers, and policymakers seeking a granular understanding of this rapidly evolving market.

As of November 2022, lithium carbonate was the most expensive battery mineral worldwide, with a price of over 78,000 U.S. dollars per metric ton. Cobalt ranked second, commanding a price of around 46,900 U.S. dollars per metric ton. As the global electric vehicle market expands, battery minerals used in the production of lithium-ion batteries have seen steep price increases in recent years.

The global lithium carbonate market for electric vehicles (EVs) is experiencing explosive growth, fueled by the accelerating adoption of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) worldwide. The market, currently valued at approximately $15 billion in 2025 (this figure is an estimation based on typical market sizes for similar rapidly growing sectors and publicly available data on lithium carbonate production), is projected to experience a robust Compound Annual Growth Rate (CAGR) of 25% from 2025 to 2033. This significant expansion is driven by several key factors, including increasing government incentives for EV adoption, stringent emission regulations pushing automakers towards electrification, advancements in battery technology leading to improved energy density and lifespan, and the rising consumer demand for sustainable transportation solutions. Key players like SQM, Albemarle, and Ganfeng Lithium are strategically investing in expanding their lithium carbonate production capacity to meet this surging demand. Different extraction methods, including salt lake extraction and lithium ore extraction, contribute to the overall supply chain, with salt lakes currently holding a significant market share. However, geographical constraints and environmental concerns related to certain extraction methods present challenges for the industry. The market segmentation reveals a strong correlation between lithium carbonate production and EV types. BEVs, with their larger battery packs, dominate the application segment. Regional analysis indicates that Asia Pacific, particularly China, is the leading market, driven by its massive EV manufacturing base and substantial government support. North America and Europe are also significant markets, experiencing substantial growth fueled by increasing EV sales and infrastructure development. While the market enjoys strong growth prospects, challenges remain, including geopolitical risks associated with lithium supply chains, price volatility of lithium raw materials, and the ongoing need for sustainable and environmentally responsible mining practices. Sustained innovation in battery technology and lithium extraction methods will be crucial in ensuring the long-term viability and sustainability of the lithium carbonate market for EVs. This report provides a detailed analysis of the burgeoning lithium carbonate market for electric vehicles (EVs), a crucial component driving the global transition to sustainable transportation. We delve into production trends, key players, market segmentation, and future projections, offering invaluable insights for industry stakeholders. The market is projected to experience significant growth, driven by the escalating demand for EVs globally.

Pilbara Minerals expects a rebound in lithium demand as a key Chinese refinery restarts, marking a potential recovery despite recent financial setbacks.

As of March 2025, the leading mining company with lithium operations listed on the Australian Securities Exchange (ASX) was Pilbara Minerals Ltd, with a market capitalization of around 5.68 billion Australian dollars. Mineral Resources Ltd followed, with a market capitalization of 4.21 billion dollars. The world’s largest lithium mine In 2023, Pilbara Minerals’ Pilgangoora mine, located in Western Australia, became the largest hard-rock lithium mine in the world. In the 2023 financial year, Pilbara Minerals’ revenue soared to over four billion Australian dollars, before declining in 2024. The company’s production volume of lithium spodumene concentrates amounted to just over 725 thousand dry metric tons in 2024. Australia’s lithium trade Australia plays a vital role in the global lithium market. While fiscal year 2023 saw a relatively high export value of lithium from Australia, primarily due to high production volumes and global demand, this decreased in the following years. Most of Australia’s lithium mines are in Western Australia. In 2024, China was the major export destination for Western Australian lithium spodumene concentrate. As the country explores more mid-stream lithium processing opportunities, it remains to be seen if China will still be the nation’s leading lithium trade partner.

Rio Tinto is investing $2.5 billion in a new lithium mine in Argentina, supporting economic deregulation efforts and expanding its commodity portfolio amidst a global lithium price slowdown.

In 2024, reserves of lithium in Chile amounted to an estimated 9.3 million metric tons, the largest worldwide. That same year, Australia held a total lithium reserves of some seven million metric tons. Australia leads lithium production Lithium is a soft, silver-white metal which occurs only in compounds as a mineral due to its high reactivity. Mineral reserves are defined as those minerals that were extractable or producible at the time of estimate. Chile had the largest lithium reserves worldwide, by a large margin. However, Australia was the top country in lithium mine production in 2024, with an output of 88 thousand metric tons of lithium that year.

Lithium and the future of mobility Batteries account for the largest share of lithium end-usage. Propelled by the growth in the electric vehicle market, powered by rechargeable lithium batteries, global lithium demand is forecast to reach 1.4 million metric tons by 2025. As of the first half of 2024, Chinese CATL and BYD were the top producers of lithium battery cells, combined accounting for more than half of the global market.

Cobalt increased 9,310 USD/T or 38.31% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Cobalt - values, historical data, forecasts and news - updated on March of 2025.

Nickel increased 995.38 USD/MT or 6.51% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Nickel - values, historical data, forecasts and news - updated on March of 2025.

Platinum increased 78.50 USD/t oz. or 8.78% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Platinum - values, historical data, forecasts and news - updated on March of 2025.