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.

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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 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 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 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.

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.

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.

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.

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.

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.