Lithium is a smooth, silvery-white alkali metal that is extremely reactive, incredibly light and low in density. According to BlueQuark Research & Consulting, the global lithium market is expected to witness significant growth during the forecasted period. Factors such as the increasing demand for increasing technological developments and the need for cleaner energy sources resulting in increased demands in the portable electronic device market, the electric vehicle industry, and the development of energy storage systems are expected to drive the direction of the Lithium market in the forecasted period. Further, the ongoing research and innovations in lithium applications are expected to provide growth opportunities for the lithium market in the forecast period. Furthermore, the automotive application segment is expected to witness substantial growth over the forecasted period, driven by stringent regulations for ICE automakers regulated by government bodies to minimize vehicle carbon dioxide emissions. 

Various of its alloys and compounds are manufactured on an industrial scale and used in applications owing to electronics, batteries, polymers, healthcare, etc. 

The electric vehicle segment is awaited to drive the market due to the high usage of lithium batteries that have a long life compared to other standard batteries. Hence, due to the growth in EV technology and concerns over increased CO2 pollution from combustion engines and rising fuel costs, lithium has been used widely in EV batteries. The automobile industry quickly evolves, pushing companies to cope regularly with new issues. Electric vehicle demand is growing worldwide, while buyers also desire automobiles with greater customization possibilities. Lithium demand growth during FY19 moderated to reflect the impact of China's updated EV policy. More advanced battery performance requirements favoring nickel-based cathodes generated a prompt hydroxide supply response greater than demand. Chinese battery manufacturers were slow to commercialize advanced nickel-based lithium hydroxide formats. As a result, Chinese battery manufacturers refocused on producing LFP or earlier generation nickel-based cathodes that allow for greater carbonate use. The widespread use of electric and plug-in hybrid vehicles has boosted the adoption of lithium-ion batteries, which is expected to surge further. The rising adoption of electric vehicles among consumers has helped boost the market for these energy-saving, pollution-reducing vehicles. The number of automobile companies developing new and improved electric cars has also increased. Electrification of vehicles is predicted to attract a significant volume of lithium-ion batteries, thus anticipated to drive the market over the forecast period. The segment is expected to grow owing to the increasing sales of electronic devices, such as laptops, cameras, portable radios, speakers, mobile phones, and Mp3 players, which use Li-ion batteries. Characteristics such as low weight, ample energy storage, and small size fuel the need for batteries, thus, positively influencing the development of the market. Single-use, non-rechargeable Li-ion batteries are used in handheld games, cameras, remote controllers, and smoke detectors. Rechargeable lithium-polymer cells are utilized in cell phones, toys, digital cameras, small and large appliances, laptops, e-readers, tablets, and power tools. These batteries are manufactured from critical materials, such as graphite, cobalt, and lithium, and need to be handled with safety and precautions. Various developed countries are investing increasingly in deploying energy storage systems based on Li-ion batteries, thus, fueling the market's growth. Government subsidies for EVs and investments in this space will likely boost the market's growth.

The Asia Pacific region is anticipated to be the most significant global lithium market due to the expansion of the electronics and electric vehicle industries. Further, technological developments and the increasing need for cleaner energy sources have brought Li-ion batteries to the forefront across end-users of developing countries like China and India. The carbonate product segment led the market and is reported for the largest share. Lithium Carbonate (Li2CO3) is the stable inorganic compound used to form other compounds, such as LiOH and even pure metal. Carbonate products are also used in the treatment of the bipolar disorder. This compound is also utilized in batteries and has several applications in the construction sector for waterproofing slurries and adhesives. Lithium hydroxide is a hygroscopic crystalline material and an inorganic compound primarily used by battery manufacturers, and it is commercially available as an anhydrous and monohydrate. It has been used in transportation applications in the manufacturing of spacecraft and submarines. In addition, rapid growth in battery technologies is propelling the demand for LiOH, thus, driving the market growth. Many automotive players are likely to adopt LiOH for battery production, which is awaited to benefit market growth positively. Pollution from fossil fuel emissions kills millions yearly, and greenhouse gas emissions are causing rapid climate change. The world is thus increasingly switching to renewable energy sources, which due to their "peaks and troughs" in power production, require cheap, efficient energy storage to ensure smooth delivery to the end-user. This requires rechargeable lithium-ion batteries. 

The global lithium market is highly consolidated. Major market players were Livent Corporation, Albemarle Corporation, Tianqi Lithium Industries Inc., and Lithium Americas, among others.

In February 2020, Bill Gates and MIT's The Engine fund announced an investment of USD 20 million for Lilac Solutions. This U.S. startup aimed to make lithium extraction less water-intensive and more sustainable.

The Global Lithium Market report provides deep insight into the lithium market's current and future state across various regions. The study comprehensively analyzes the lithium market by segmenting based on Type (Metal, Compound, and Alloy), Application (Battery, Smelting & Alloy, Metallurgy, Glass & Ceramics, Polymer, Air Treatment, Lubricant, and Others), by End-user Industry (Electric Vehicle, Healthcare, Consumer Electronics, Energy Storage, and Others), and b Geography (Asia-Pacific, North America, Europe, South America, and Middle-East & Africa). The report examines the market drivers and restraints, along with the impact of Covid-19 on the market growth, in detail. The study covers & includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with profiles of prominent companies, including their market shares and projects.