The lithium metal market is projected to grow from USD 2.5 billion in 2023 to USD 6.4 billion by 2028, at a CAGR of 20.4% from 2023 to 2028. The market's growth is driven by the rising demand for lithium metal in various applications such as anode material, intermediate in the pharmaceutical industry, and metal processing.
Companies such as Ganfeng Lithium Co., Ltd. (China), Tianqui Lithium Industries Inc. (China), Shenzhen Chengxin Lithium Group Co., Ltd. (China), Albemarle Corporation (US), Livent Corporation (US) fall under the winners' category. These are leading players in the Lithium metal market globally. These players have adopted the strategies of investments, expansions, product launches, mergers and acquisitions, joint ventures, and agreements to fulfill the rising demand for lithium metal on the regional and global levels.
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Ganfeng Lithium Co., Ltd. is a global leader in the business of lithium metal. It manufactures lithium metal for battery and pharmaceutical applications. In June 2020, Ganfeng Lithium and BMW, have formed a long-term strategic cooperative relationship and signed an agreement to meet German BMW's demand for lithium raw materials for battery production, as well as to provide a reliable supply of lithium raw materials for BMW's electric vehicle production capacity and cost.
Tianqui Lithium Industries Inc. is one of the leading companies in the lithium metal market. The company offers lithium metal to cater to various industries. The company currently operates in Australia, China, and Hong Kong. Tianqi Lithium acquired a 23.77% stake in Sociedad Quimica Y Minera De Chile (SQM), Chile's mining company, for USD 4 billion. This acquisition made the global position of the company strong.
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.
Albemarle Corporation is the world's leading Lithium company. The company operates in four segments, namely Lithium, Bromine Specialties, Catalysts, and All others, and has one of the most diversified product offerings in the lithium derivatives industry. The company sources its lithium from Chile, the US, and, most recently, Australia. In October 2022, the subsidiary company of Albemarle Corporation, Albemarle Lithium UK Limited, acquired a cent percent stake in Guangxi Tianyuan New Energy Materials Co., Ltd. for approximately USD 200 million. This acquisition will strengthen the company's ability to meet global demand for battery-grade lithium.
Livent Corporation specializes in manufacturing and selling various grades of lithium metal in performance applications like energy storage, greases, pharmaceuticals, polymer production, and aerospace material manufacturing. Livent predominantly extracts ores in the lithium manufacturing process from lithium brines in Argentina and China.
Lithium Metal Market by Source(Salt Lake brine, Lithium Ores), Application(Lithium-ion anode material, Alloy, Intermediate), End-Use Industry(Batteries, Metal Processing, Pharmaceuticals), & Region(APAC, North America, Europe, RoW)-Global Forecast to 2028
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