Report Description

Forecast Period

2025-2029

Market Size (2023)

USD 8.14 Billion

CAGR (2024-2029)

5.01%

Fastest Growing Segment

Carbonate

Largest Market

Asia Pacific


Market Overview

Global Lithium Market was valued at USD 8.14 Billion in 2023 and is anticipated to project impressive growth in the forecast period with a CAGR of 5.01% through 2029. The Global Lithium Market refers to the worldwide industry centered around the extraction, production, and distribution of lithium, a chemical element that is vital in the manufacturing of batteries for electronic devices, electric vehicles, and large-scale energy storage solutions. As the demand for sustainable energy sources and technologies has soared, so too has the need for lithium, making it a key substance at the heart of the clean energy revolution. The market dynamics are influenced by various factors, including lithium reserves, advancements in mining technologies, global economic trends, environmental regulations, and geopolitical considerations.

Key Market Drivers

Increasing Demand for Lithium-ion Batteries

The increasing demand for lithium-ion batteries is a crucial factor driving the growth of the lithium market. The proliferation of smartphones, laptops, tablets, and other portable electronic devices has led to a surge in demand for lithium-ion batteries. The lithium-based batteries offer high energy density and longer-lasting power and making them the preferred choice of power source for different consumer electronics. One of the major key contributors responsible for lithium market growth is the rapid growth of the electric vehicle market where lithium-ion batteries dominate the other element-based battery for power supply. Due to their high energy density and ability to store enough power for extended driving ranges, EVs prefer lithium-ion batteries as their primary energy storage system. According to Tesla Motors, tesla is expecting that they will need approximately 1,000 kilotons of lithium carbonate equivalent (LCE) per year by 2030, or 16 times its 2022 needs and 30 percent more than lithium that the lithium is currently produced worldwide.

With the increasing adoption of renewable energy sources like solar and wind, there is a growing need for energy storage solutions to address intermittent energy generation. Lithium-ion batteries are a popular choice for energy storage systems due to their efficiency, fast response times, and ability to store large amounts of energy. In recent years, the popularity of portable power banks has soared as they provide a convenient way to recharge electronic devices in a short period. As a result, major portable power banks use lithium-ion batteries in their product for their compact size and high energy storage capacity. Another, lithium-based batteries are widely used manufacturing of medical devices such as pacemakers, defibrillators, and portable medical equipment due to their long life, reliability, and compact size. The lithium-ion batteries are also used in aerospace and defense industries for various applications, including powering aircraft, satellites, and military equipment. The high energy density and lightweight properties of lithium-ion batteries make them ideal for these applications. Grid-level energy storage solutions are becoming increasingly important for stabilizing power grids, managing peak demand, and improving grid resilience. Due to their scalability and rapid response capabilities, lithium-ion batteries are accepted as the best source for large-scale energy storage projects. Hence, the demand for lithium-ion batteries is driving the growth of the lithium market as industries and consumers seek efficient, reliable, and sustainable energy storage solutions. As a result, the Government is increasing their interest in lithium mining, production, and exploration same as crude oil to meet the rising demand for this critical component of modern energy storage systems.

Growing Use of Lithium for Various Applications

The growing use of lithium in various applications such as glass, ceramics, and lubricants is expected to increase the demand for lithium in the forecasted period. While the primary focus of lithium demand is often associated with lithium-ion batteries, other important applications contribute to the demand for lithium in the forecasted period. Lithium compounds, particularly lithium carbonate and lithium oxide, are used in the glass and ceramics industries to improve properties like thermal expansion, durability, and transparency. Lithium is also employed as a fluxing agent to lower the melting temperature of raw materials during glass and ceramic production. The expanding construction and automotive industries worldwide contribute to the increasing demand for lithium in these applications. Lithium is used to produce lithium greases that are high-performance lubricants known for their water resistance, mechanical stability, and wide temperature range usability. As lithium-based lubrication is reliable and long-lasting lubrication, these greases have wide applications in the manufacturing of automotive components, industrial machinery, and other equipment.

Another, lithium chloride is used in air treatment systems, such as air conditioning units, as a desiccant. It helps remove moisture from the air and improves the efficiency of the air conditioning process. Lithium compounds are also used in the aluminum smelting industry to improve the electrolytic process and enhance the quality of the aluminum produced. Beyond lithium-ion batteries, the demand for lithium extends to ceramics used in electric vehicles (EVs). Lithium compounds are used in the production of ceramics that play critical roles in the manufacturing of batteries' anode, cathode, and electrolyte components.

In addition, lithium has medical applications and is used as a mood stabilizer in the treatment of certain psychiatric disorders, such as bipolar disorder. While this application is relatively niche compared to other uses of lithium, but it does a significant contribution to the overall lithium demand. As technological advancements continue and industries seek more efficient and sustainable solutions, the demand for lithium in these applications is projected to grow. Therefore, all these factors are related to various applications of lithium and hold a significant impact on the overall global lithium market share in the forecasted period.

Growing Demand for Electric Vehicles (EVs)

The growing demand for electric vehicles (EVs) is significantly increasing the demand for lithium globally. Lithium-ion batteries are the primary power source for electric vehicles, owing to their high energy density and long cycle life. As the automotive industry shifts towards electrification to reduce carbon emissions and dependence on fossil fuels, the demand for lithium-ion batteries is surging. Lithium is a key component in these batteries, making it a critical raw material for EV production. Furthermore, advancements in battery technology and government incentives promoting EV adoption are driving rapid growth in the electric vehicle market, further fueling demand for lithium. Consequently, lithium producers are ramping up production to meet the growing demand from the automotive sector, while exploration efforts are underway to identify new lithium reserves and secure future supply. The increasing demand for electric vehicles is thus propelling the global demand for lithium, highlighting its strategic importance in the transition towards sustainable transportation.

Improvements in Battery Lifespan & Efficiency

Improvements in battery lifespan and efficiency are driving an increase in the global demand for lithium. As lithium-ion battery technology continues to advance, with ongoing research and development efforts focused on enhancing energy density, extending battery lifespan, and improving charging efficiency, the demand for lithium as a key component in these batteries is on the rise. Longer-lasting batteries with higher energy storage capacities are crucial for meeting the evolving needs of various industries, including electric vehicles, renewable energy storage, and portable electronics. The increasing adoption of electric vehicles and the integration of renewable energy sources into the power grid further amplify the demand for lithium-ion batteries with improved performance characteristics. Consequently, the demand for lithium is growing as manufacturers prioritize the development and production of batteries capable of delivering higher energy densities, longer lifespans, and improved overall efficiency, driving the global demand for lithium.


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Key Market Challenges

Infrastructure Limitations

Infrastructure limitations are a significant factor that is decreasing the demand for lithium globally. Despite the increasing demand for lithium-ion batteries in various applications such as electric vehicles, renewable energy storage, and consumer electronics, infrastructure limitations hinder the widespread adoption of these technologies. Inadequate charging infrastructure for electric vehicles, limited access to reliable electricity grids for renewable energy storage systems, and insufficient recycling facilities for lithium-ion batteries contribute to bottlenecks in the lithium supply chain. Moreover, the transportation and logistics infrastructure required to transport lithium and lithium-ion batteries from production facilities to end-users can also be lacking in certain regions. These infrastructure limitations create barriers to market penetration and inhibit the scalability of lithium-based technologies, thereby restraining the overall demand for lithium on a global scale. Addressing infrastructure challenges through investment in charging infrastructure, grid modernization, and recycling facilities is essential to unlock the full potential of lithium and facilitate its widespread adoption across various industries.

Resource Scarcity

Resource scarcity is a significant factor that is decreasing the demand for lithium globally. While lithium is abundant in the Earth's crust, access to economically viable lithium deposits is limited. The extraction and processing of lithium also require significant water and energy resources, further exacerbating concerns about resource scarcity and environmental sustainability. Additionally, geopolitical factors and regulatory constraints can restrict access to lithium reserves in certain regions, complicating efforts to meet growing demand. As a result, uncertainty surrounding future lithium supply and concerns about resource depletion deter potential investors and consumers from fully committing to lithium-based technologies, such as electric vehicles and renewable energy storage systems. Moreover, the exploration and development of new lithium reserves can be time-consuming and capital-intensive, further constraining the availability of lithium for various applications. Addressing resource scarcity through sustainable mining practices, recycling initiatives, and diversification of lithium sources is essential to ensure the long-term viability and scalability of lithium-based technologies and stimulate demand on a global scale.

Key Market Trends

Upsurge In Demand for Consumer Electronics

The upsurge in demand for consumer electronics is significantly increasing the global demand for lithium. With the proliferation of smartphones, laptops, tablets, wearables, and other portable electronic devices, lithium-ion batteries have become the preferred power source due to their high energy density, lightweight design, and long-lasting performance. As consumers seek devices with longer battery life and faster charging capabilities, manufacturers are increasingly turning to lithium-ion batteries to meet these expectations. Additionally, the rise of emerging technologies such as electric vehicles, energy storage systems, and renewable energy sources further fuels the demand for lithium-ion batteries. The versatility and reliability of lithium-ion batteries make them indispensable across a wide range of consumer electronics applications, driving the global demand for lithium. As consumer preferences continue to evolve, the demand for lithium is expected to remain robust, underpinning its strategic importance in powering the modern digital economy.

Technological Advancements in Battery Management Systems

Technological advancements in battery management systems (BMS) are driving an increase in the global demand for lithium. Battery management systems play a crucial role in monitoring and controlling lithium-ion batteries' performance, ensuring safe and efficient operation. With ongoing research and development efforts focused on improving BMS capabilities, including enhanced energy efficiency, optimized charging algorithms, and advanced diagnostic features, the demand for lithium-ion batteries is on the rise. These advancements enable batteries to deliver higher energy densities, longer lifespans, and improved overall performance, making them increasingly attractive for a wide range of applications, from electric vehicles to renewable energy storage systems. As industries seek to maximize the potential of lithium-ion batteries through sophisticated BMS technology, the demand for lithium as a key component in these batteries is growing. Consequently, technological innovations in battery management systems are driving the global demand for lithium, underscoring its pivotal role in powering the future of energy storage and transportation.

Segmental Insights

Product Insights

Based on the product, in the global Lithium market, the Carbonate segment has traditionally dominated demand. Lithium carbonate, a key raw material in the production of lithium-ion batteries, plays a crucial role in powering various applications such as electric vehicles (EVs), portable electronics, and renewable energy storage systems. As the world increasingly embraces a greener economy and the adoption of EVs gains momentum, the demand for lithium carbonate is expected to witness significant growth.

This surge in demand is driven by the need for sustainable energy solutions and the transition towards cleaner transportation alternatives. With governments and organizations worldwide focusing on reducing carbon emissions and promoting renewable energy sources, lithium carbonate emerges as an indispensable component in the advancement of these initiatives. Its unique properties make it an ideal choice for energy storage, enabling efficient and reliable power supply in EVs and renewable energy storage systems. Moreover, the lithium carbonate sector holds immense potential for future growth and innovation. Ongoing research and development efforts aim to improve battery technology, enhance energy density, and extend the lifespan of lithium-ion batteries. These advancements will further drive the demand for lithium carbonate, creating new opportunities for manufacturers and suppliers in the market.

Application Insights

Based on the Application segment, within the global lithium market, batteries are currently dominating demand. The rise of electric vehicles (EVs) and the increased need for energy storage solutions for renewable energy systems have significantly driven up the need for high-capacity lithium-ion batteries. This surge in demand has positioned the battery segment at the forefront of the lithium market, surpassing other applications such as glass and ceramics, lubricants, polymers, metallurgy, medical, air treatment, and others.

As the world transitions towards sustainable energy sources, the demand for lithium-ion batteries continues to grow exponentially. These batteries play a crucial role in powering EVs, enabling longer driving ranges and shorter recharge times. Additionally, they are vital for storing excess energy generated by renewable sources like solar and wind, ensuring a stable and reliable power supply even during periods of low generation. The increasing adoption of lithium-ion batteries across various industries highlights their versatility and potential for innovation. From portable electronics to grid-scale energy storage, lithium-ion batteries offer a high-capacity and efficient solution. With ongoing advancements in battery technology and the pursuit of greener alternatives, the battery segment is poised to maintain its dominance in the lithium market for the foreseeable future.


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Regional Insights

The Asia-Pacific region stands as the dominant force in the global lithium market. This is primarily attributed to its extensive lithium mining operations and the rapid expansion of high-demand sectors like electronics and electric vehicles. In particular, countries such as China and Australia have emerged as frontrunners, making substantial contributions to both the production and consumption of lithium. This not only fosters technological advancements but also serves as a catalyst for economic growth within the industry. By leveraging these resources and driving innovation, the Asia-Pacific region is effectively shaping the future of the lithium market on a global scale.

Recent Developments

  • In 2023, Allkem Ltd. and Livent Crop announced a merger valued at USD 10.6 billion, establishing themselves as the world's third-largest lithium producer. The combined entity will possess a substantial portfolio of cost-effective assets spanning vital markets, geographies, and clientele. With a formidable presence in both lithium carbonate and lithium hydroxide sectors, it will emerge as a prominent contender in the global lithium industry.

Key Market Players

  • Livent Corporation (FMC Corporation)
  • Albemarle Corporation
  • Sociedad Química y Minera S.A.
  • Tianqi Lithium Corp
  • International Lithium Corp.
  • LSC Lithium Corp
  • American Lithium Corp.
  • Livent Corporation
  • Avalon Advanced Materials Inc.
  • Sayona Mining Limited

By Product

By Application

By Region

  • Carbonate
  • Hydroxide
  • Chloride
  • Metals
  • Others
  • Batteries
  • Glass & Ceramics
  • Lubricant
  • Polymers
  • Metallurgy
  • Medical
  • Air Treatment
  • Others
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa


Report Scope:

In this report, the Global Lithium Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Lithium Market, By Product:

o   Carbonate

o   Hydroxide

o   Chloride

o   Metals

o   Others

  • Lithium Market, By Application:

o   Batteries

o   Glass & Ceramics

o   Lubricant

o   Polymers

o   Metallurgy

o   Medical

o   Air Treatment

o   Others

  • Lithium Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Lithium Market.

Available Customizations:

Global Lithium market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Lithium Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.    Markets Covered

1.2.2.    Years Considered for Study

1.2.3.    Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Overview of the Market

3.2.  Overview of Key Market Segmentations

3.3.  Overview of Key Market Players

3.4.  Overview of Key Regions/Countries

3.5.  Overview of Market Drivers, Challenges, Trends

4.    Global Lithium Market Outlook

4.1.  Market Size & Forecast

4.1.1.    By Value & Volume

4.2.  Market Share & Forecast

4.2.1.    By Product (Carbonate, Hydroxide, Chloride, Metals, and Others)

4.2.2.    By Application (Batteries, Glass & Ceramics, Lubricant, Polymers, Metallurgy, Medical, Air Treatment, and Others)

4.2.3.    By Region

4.2.4.    By Company (2023)

4.3.  Market Map

5.    North America Lithium Market Outlook

5.1.  Market Size & Forecast       

5.1.1.    By Value & Volume

5.2.  Market Share & Forecast

5.2.1.    By Product

5.2.2.    By Application

5.2.3.    By Country

5.3.  Pricing Analysis

5.4.  North America: Country Analysis

5.4.1.    United States Lithium Market Outlook

5.4.1.1.        Market Size & Forecast

5.4.1.1.1.           By Value & Volume

5.4.1.2.        Market Share & Forecast

5.4.1.2.1.           By Product

5.4.1.2.2.           By Application

5.4.2.    Mexico Lithium Market Outlook

5.4.2.1.        Market Size & Forecast

5.4.2.1.1.           By Value & Volume

5.4.2.2.        Market Share & Forecast

5.4.2.2.1.           By Product

5.4.2.2.2.           By Application

5.4.3.    Canada Lithium Market Outlook

5.4.3.1.        Market Size & Forecast

5.4.3.1.1.           By Value & Volume

5.4.3.2.        Market Share & Forecast

5.4.3.2.1.           By Product

5.4.3.2.2.           By Application

6.    Europe Lithium Market Outlook

6.1.  Market Size & Forecast       

6.1.1.    By Value & Volume

6.2.  Market Share & Forecast

6.2.1.    By Product

6.2.2.    By Application

6.2.3.    By Country

6.3.  Pricing Analysis

6.4.  Europe: Country Analysis

6.4.1.    Germany Lithium Market Outlook

6.4.1.1.        Market Size & Forecast

6.4.1.1.1.           By Value & Volume

6.4.1.2.        Market Share & Forecast

6.4.1.2.1.           By Product

6.4.1.2.2.           By Application

6.4.2.    Spain Lithium Market Outlook

6.4.2.1.        Market Size & Forecast

6.4.2.1.1.           By Value & Volume

6.4.2.2.        Market Share & Forecast

6.4.2.2.1.           By Product

6.4.2.2.2.           By Application

6.4.3.    United Kingdom Lithium Market Outlook

6.4.3.1.        Market Size & Forecast

6.4.3.1.1.           By Value & Volume

6.4.3.2.        Market Share & Forecast

6.4.3.2.1.           By Product

6.4.3.2.2.           By Application

6.4.4.    France Lithium Market Outlook

6.4.4.1.        Market Size & Forecast

6.4.4.1.1.           By Value & Volume

6.4.4.2.        Market Share & Forecast

6.4.4.2.1.           By Product

6.4.4.2.2.           By Application

6.4.5.    Italy Lithium Market Outlook

6.4.5.1.        Market Size & Forecast

6.4.5.1.1.           By Value & Volume

6.4.5.2.        Market Share & Forecast

6.4.5.2.1.           By Product

6.4.5.2.2.           By Application

7.    Asia-Pacific Lithium Market Outlook

7.1.  Market Size & Forecast       

7.1.1.    By Value & Volume

7.2.  Market Share & Forecast

7.2.1.    By Product

7.2.2.    By Application

7.2.3.    By Country

7.3.  Pricing Analysis

7.4.  Asia-Pacific: Country Analysis

7.4.1.    China Lithium Market Outlook

7.4.1.1.        Market Size & Forecast

7.4.1.1.1.           By Value & Volume

7.4.1.2.        Market Share & Forecast

7.4.1.2.1.           By Product

7.4.1.2.2.           By Application

7.4.2.    Japan Lithium Market Outlook

7.4.2.1.        Market Size & Forecast

7.4.2.1.1.           By Value & Volume

7.4.2.2.        Market Share & Forecast

7.4.2.2.1.           By Product

7.4.2.2.2.           By Application

7.4.3.    India Lithium Market Outlook

7.4.3.1.        Market Size & Forecast

7.4.3.1.1.           By Value & Volume

7.4.3.2.        Market Share & Forecast

7.4.3.2.1.           By Product

7.4.3.2.2.           By Application

7.4.4.    South Korea Lithium Market Outlook

7.4.4.1.        Market Size & Forecast

7.4.4.1.1.           By Value & Volume

7.4.4.2.        Market Share & Forecast

7.4.4.2.1.           By Product

7.4.4.2.2.           By Application

7.4.5.    Australia Lithium Market Outlook

7.4.5.1.        Market Size & Forecast

7.4.5.1.1.           By Value & Volume

7.4.5.2.        Market Share & Forecast

7.4.5.2.1.           By Product

7.4.5.2.2.           By Application

8.    South America Lithium Market Outlook

8.1.  Market Size & Forecast       

8.1.1.    By Value & Volume

8.2.  Market Share & Forecast

8.2.1.    By Product

8.2.2.    By Application

8.2.3.    By Country

8.3.  Pricing Analysis

8.4.  South America: Country Analysis

8.4.1.    Brazil Lithium Market Outlook

8.4.1.1.        Market Size & Forecast

8.4.1.1.1.           By Value & Volume

8.4.1.2.        Market Share & Forecast

8.4.1.2.1.           By Product

8.4.1.2.2.           By Application

8.4.2.    Colombia Lithium Market Outlook

8.4.2.1.        Market Size & Forecast

8.4.2.1.1.           By Value & Volume

8.4.2.2.        Market Share & Forecast

8.4.2.2.1.           By Product

8.4.2.2.2.           By Application

8.4.3.    Argentina Lithium Market Outlook

8.4.3.1.        Market Size & Forecast

8.4.3.1.1.           By Value & Volume

8.4.3.2.        Market Share & Forecast

8.4.3.2.1.           By Product

8.4.3.2.2.           By Application

9.    Middle East and Africa Lithium Market Outlook

9.1.  Market Size & Forecast       

9.1.1.    By Value & Volume

9.2.  Market Share & Forecast

9.2.1.    By Product

9.2.2.    By Application

9.2.3.    By Country

9.3.  Pricing Analysis

9.4.  MEA: Country Analysis

9.4.1.    South Africa Lithium Market Outlook

9.4.1.1.        Market Size & Forecast

9.4.1.1.1.           By Value & Volume

9.4.1.2.        Market Share & Forecast

9.4.1.2.1.           By Product

9.4.1.2.2.           By Application

9.4.2.    Saudi Arabia Lithium Market Outlook

9.4.2.1.        Market Size & Forecast

9.4.2.1.1.           By Value & Volume

9.4.2.2.        Market Share & Forecast

9.4.2.2.1.           By Product

9.4.2.2.2.           By Application

9.4.3.    UAE Lithium Market Outlook

9.4.3.1.        Market Size & Forecast

9.4.3.1.1.           By Value & Volume

9.4.3.2.        Market Share & Forecast

9.4.3.2.1.           By Product

9.4.3.2.2.           By Application

10. Market Dynamics

10.1.             Drivers

10.2.             Challenges

11. Market Trends & Developments

11.1.             Research & Development

11.2.             Product launch

11.3.             Merger and Acquisition

12. Global Lithium Market: SWOT Analysis

13. Porter’s Five Forces Analysis

13.1.             Competition in the Industry

13.2.             Potential of New Entrants

13.3.             Power of Suppliers

13.4.             Power of Customers

13.5.             Threat of Substitute Product

14. Competitive Landscape

14.1.             Livent Corporation (FMC Corporation)

14.1.1. Business Overview

14.1.2. Company Snapshot

14.1.3. Products & Services

14.1.4. Financials (As Reported)

14.1.5. Recent Developments

14.1.6. Key Personnel Details

14.1.7. SWOT Analysis

14.2.             Albemarle Corporation

14.3.             Sociedad Química y Minera S.A.

14.4.             Tianqi Lithium Corp

14.5.             International Lithium Corp.

14.6.             LSC Lithium Corp

14.7.             American Lithium Corp.

14.8.             Livent Corporation

14.9.             Avalon Advanced Materials Inc.

14.10.          Sayona Mining Limited

15. Strategic Recommendations

16. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the Global Lithium Market was estimated to be USD 8.14 Billion in 2023.

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Batteries are now the dominant force in the global lithium market, driven by the surge in electric vehicles and renewable energy systems. High-capacity lithium-ion batteries are in high demand, surpassing other applications like glass, ceramics, and lubricants.

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The Asia-Pacific region currently leads the global lithium market, driven by extensive lithium mining and rapid growth in electronics and electric vehicles. China and Australia play key roles in lithium production, consumption, and fostering technological advancements, stimulating industry growth and economic development.

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Increasing demand for lithium-ion batteries and growing use of lithium for various applications are the major drivers for the Global Lithium Market.

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Sakshi Bajaal

Business Consultant
Press Release

Lithium Market to Grow at 5.01% CAGR over 2025 to 2029

Feb, 2024

Upsurge in demand for consumer electronics and technological advancements in battery management systems is expected to drive the Global Lithium Market growth in the forecast period, 2025-2029.