(Fortune Business Insights) Growing demand for lithium is expected to push the market size to $516.22 million by 2028, with a CAGR of 6% between 2021 and 2028.
Global EV outlook 2020 points out a rising trend of electric vehicles adoption that could increase demand for lithium, with 2019 recording 2.1 million sales accounting for 2.6% of total car sales.
The demand for lithium is also driven by the industrialization growth that requires energy storage, and lithium-ion batteries provide the needed solution.
There is a growing demand for lithium-based ceramics and glasses made from the carbonate and spodumene compounds.
Environmental impact constraints are considered constraints in lithium market growth, with water pollution and the lack of a clear lithium-ion battery-recycling plan topping the list.
Australia remains the largest lithium producer having large reserves and environmentally friendly mining techniques.
The world lithium mining market size was $321.36 million in 2020, with a negative demand during the pandemic.
