The Global Lithium Mining Market Size is valued at 396.75 million in 2023 and is predicted to reach 685.50 million by the year 2031 at an 7.24% CAGR during the forecast period for 2024-2031.
The process of lithium mining is used to extract metal from a variety of sources, including brines and hard rocks. It is a solid element and the lightest metal ever discovered by nature. Its high energy density, thermal resistance, extended durability, and low maintenance requirements positively influence the market. As a result, they have a wide range of uses, including in manufacturing batteries, glass, grease, and air conditioning systems.
The rising demand for lithium-based batteries for electric vehicles is to blame for the market's expansion. Market expansion is anticipated to be aided by rising global demand for EVs, supported by programs to reduce carbon emissions. Additionally, it is anticipated that increased public-private investment in the mining sector will promote market expansion.
Another essential element anticipated to fuel market expansion is the rising sales of battery-powered electric vehicles (BEVs). The International Energy Agency (IEA) reports that 2,008,024 BEVs were sold globally in 2020, an increase from the 1,542,867 vehicles sold in 2019. The adoption of clean fuel to reduce vehicle pollution is becoming increasingly popular, which is expected to boost market expansion.
Recent Developments:
- In October 2021, SQM requested R&D facilities, academic institutions, and SMEs to submit ideas to advance electromobility and energy storage and lessen the carbon footprint.
- In May 2021, to collaboratively develop a new mid-stream refining method to generate lithium salt, Pilbara Minerals and Sydney-based technology startup Calix made the deal public.
Competitive Landscape:
Some major key players in the lithium mining market are:
- Ganfeng Lithium Co., Ltd.
- Albemarle Corporation
- Tianqi Lithium Corp.
- SQM S.A.
- Pilbara Minerals Limited
- Livent
- Orocobre Limited Pty Ltd.
- Mineral Resources
- Lithium Americas Corporation
- Piedmont Lithium, Inc.
Market Segmentation:
The lithium mining market is segmented on the source, type, and end-use. Based on the source, the market is segmented into hard rock, brine and others. Based on type, the lithium mining market is segmented into chloride, lithium hydroxide, carbonate and concentrate. Based on end-use, the lithium mining market is segmented into flux powder, polymers, batteries, refrigeration, air conditioning equipment, glass & ceramics (frits), grease & lubricants, pharmaceuticals and others.
Based On The Source, The Hard Rock Segment Is Accounted As A Significant Contributor To The Lithium Mining Market
The hard rock category grabbed the highest revenue share, and it is anticipated that it will continue to hold that position during the scheduled time. Due to its extensive output via brines and hard rock mining, lithium carbonate accounts for the majority of mining. It contributes to the bulk of metal produced since it is simple to create. It is widely utilized to address issues connected to mental health in the glass and ceramic industries and the medical field. The concentrate market is also indirectly anticipated to expand as a result of the increased complex rock mining activity around the world. With new technological developments in the brine manufacturing process, a boost in chloride production is anticipated, and this expansion will be very rapid.
The Batteries Segment Witnessed Growth At A Rapid Rate
The batteries category is anticipated to grow significantly over the forecast period. Lithium-ion batteries' rising popularity is anticipated to fuel this segment's revenue growth. Compared to lead-acid and other lithium batteries, lithium iron phosphate batteries provide a variety of advantages, such as improved discharge and charge efficiency, a longer lifespan, and the ability to deep cycle while maintaining power. These batteries often cost more upfront, but their lifetime expenses are significantly lower. They have a long lifespan and don't need any maintenance, making them an excellent long-term decision. Lithium batteries can also live up to 10 times longer than lead-acid batteries and maintain 80% of their nominal capacity even after 2,000 cycles.
The Asia Pacific, Lithium Mining Market, Holds A Significant Revenue Share In The Region
The Asia Pacific lithium mining market is expected to register the highest market share in revenue in the near future because more and more products, like batteries, glass, grease, and air conditioning equipment, are made of lightweight metal. Due to the remarkable qualities that the metal offers, including high efficiency, energy density, and other qualities, the batteries category currently has the lion's share and is predicted to maintain its dominance in the market. In addition, North America is projected to increase in the global lithium mining market because the electrical and electronic sectors are producing more lithium-ion batteries. The market is anticipated to be driven by increasing end-use industry investments throughout the projected period.
Lithium Mining Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 396.75 million |
|
Revenue forecast in 2031 |
USD 685.50 million |
|
Growth rate CAGR |
CAGR of 7.24% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, Volume (KT) and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments covered |
Source, Type, And End-use |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Ganfeng Lithium Co., Ltd., Albemarle Corporation, Tianqi Lithium Corp., SQM S.A., Pilbara Minerals Limited, Livent, Orocobre Limited Pty Ltd., Mineral Resources, Lithium Americas Corporation and Piedmont Lithium, Inc. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. Find purchase alternatives. |
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