Lithium Market Size Worth $8.2 Billion By 2028 | CAGR: 14.8%: Grand View Research, Inc.

Read 116 page market research report, "Lithium Market Size, Share & Trends Analysis Report By Product (Carbonate, Hydroxide), By Application (Automotive, Consumer Goods, Grid Storage), By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research Read 116 page market research report, " Lithium Market Size, Share & Trends Analysis Report By Product (Carbonate, Hydroxide), By Application (Automotive, Consumer Goods, Grid Storage), By Region, And Segment Forecasts, 2021 - 2028 ",...

Read 116 page market research report, "Lithium Market Size, Share & Trends Analysis Report By Product (Carbonate, Hydroxide), By Application (Automotive, Consumer Goods, Grid Storage), By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research

Lithium mining is witnessing rapid growth as its demand is accelerating owing to its application in batteries. The element is found in dry places that require thousands of liters of water for its mining. Considering the rising demand for elements and increasing usage of water required for its extraction, R&D is in place to find better alternative methods. For instance, in February 2020, funding of around USD 20 million by Bill Gates was provided to Lilac Solutions, a lithium mining technology firm located in the U.S. The investment was announced in February 2020. According to the firm, its ion exchange technology is two times more efficient compared to the current mining process and requires a fraction of time.

Lithium recycling is a complex process; however, with the rising penetration of lithium-ion batteries, the demand for lithium may outpace supply. Therefore, researchers are focusing on the extraction and recycling of lithium through various new technologies. Lithium compounds are extracted from batteries as per individual methods and stages. The stages are divided into pre-treatment and extraction stages; while extraction is again categorized into hydrometallurgy, pyrometallurgy, and electrochemical extraction. Despite the growing emphasis and development of different recycling technologies, less than 1% of lithium is recycled currently.

Over the last decade, the rise in usage of lithium-ion battery storage has led to a decline in their prices by over 80%, leading to enhanced energy storage and paving the way for electric vehicles to be commercially viable. Government regulations and subsidies are working on expanding clean energy; thus, energy storage systems represent a huge opportunity for investors. However, expensive raw materials required to produce energy storage systems may remain a critical factor for investors.

As per the International Energy Agency, new companies in clean energy have attracted significant investments during COVID-19. Early-stage Venture Capital (VC) investments reduced slightly in the first half of 2020. However, these investments recovered quickly, with record investments from the third quarter of 2020.

Grand View Research has segmented the global lithium market on the basis of product, application, and region:

List of Key Players of Lithium Market

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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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