Lithium Market Size Worth USD 147.39 Billion by 2034 | CAGR: 18.08%

The lithium market size is expected to reach USD 147.39 billion by 2034, according to a new study by Polaris Market Research. The report “Lithium Market Share, Size, Trends, Industry Analysis Report By Product (Carbonates, Hydroxide, Others), By Application (Automotive, Consumer Electronics, Grid Storage, Glass & Ceramics, Others), By Region; Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Lithium is a soft, silvery-white alkali metal. It is the lightest metal and the least dense solid element, making it highly reactive, especially with water and air. Lithium is found in small amounts in igneous rocks and mineral springs, with major reserves in countries such as Australia, Chile, and China. Lithium has become a crucial component in modern technology, particularly in rechargeable lithium-ion batteries, which power smartphones, laptops, electric vehicles (EVs), and renewable energy storage systems due to its high electrochemical potential. These batteries are favored for their high energy density, lightweight properties, and long lifespan.

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Lithium is also used in ceramics and glass to improve durability and heat resistance, as well as in lubricating greases for high-temperature applications. In the pharmaceutical industry, lithium compounds such as lithium carbonate and lithium citrate are prescribed as mood stabilizers to treat bipolar disorder and depression. Additionally, lithium is used in metallurgy to strengthen alloys, particularly in aerospace engineering, where lightweight materials are essential.

Top of FormLithium Market Report Highlights

• In terms of product, the carbonates segment accounted for a major revenue share in 2024 due to their extensive usage in rechargeable batteries, ceramics, glass, and pharmaceuticals.
• Based on application, the consumer electronics segment is expected to register a CAGR of 25.42% from 2025 to 2034, owing to rising demand for smartphones, laptops, wearables, and other portable devices.
• The Asia Pacific lithium market accounted for 46.02% of global lithium revenue share in 2024. This dominance is attributed to the rapid growth of electric vehicle (EV) manufacturing, particularly in countries such as Japan, South Korea, and India.
• China held the largest revenue share in the Asia Pacific lithium landscape in 2024, due to its strong position in EV and battery production.
• The market in North America is projected to hold a substantial revenue share in 2034 due to the rapid expansion of the EV sector, led by automakers such as Tesla, Ford, and GM.
• The industry in Europe is projected to grow at the fastest pace in the coming years, owing to stringent EU emissions targets and the rapid transition to electric mobility.
• A few key players in the global lithium market include Albemarle Corp.; Arcadium Lithium; Eramet; Exxon Mobil Corporation; Farasis Energy; Ganfeng Lithium Co., Ltd.; LG Energy Solution; Lithium Americas Corp; Mineral Resources Group Co., Ltd; Pilbara Minerals; SQM S.A.; and Tianqi Lithium Corporation.

Polaris Market Research has segmented the lithium market report on the basis of product, application, and region:

By Product Outlook (Revenue, USD Billion, Volume, Kilotons, 2020–2034)

• Carbonates
• Hydroxide
• Others

By Application Outlook (Revenue, USD Billion, Volume, Kilotons, 2020–2034)

• Automotive
• Consumer Electronics
• Grid Storage
• Glass & Ceramics
• Others

By Regional Outlook (Revenue, USD Billion, Volume, Kilotons, 2020–2034)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Malaysia
  • South Korea
  • Indonesia
  • Australia
  • Vietnam
  • Rest of Asia Pacific
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America