The lithium mining market is expected to grow at a CAGR of 7.43% and reach a market value of $3.4 billion. The market is expected to benefit from rapid development in various fields such as glass and ceramics, automobiles, air treatment, and polymer production during the forecast period.
Lithium has various industrial applications in the manufacture of advanced electronic products, automobiles, and healthcare. Lithium, a chemical element, is also used in various greases, lithium-ion batteries, medicines, and for various other purposes.
In addition, lithium batteries have several useful properties, such as a low self-discharge rate, long life, fast charging, high energy density, and lightweight, among others. The introduction of new products in the market is expected to increase the size of the market over the forecast period.
For example, in 2022, Luminous launched the New Age Li-ON series integrated inverter with a lithium-ion battery. The newly launched product is simplified with an “integrated approach to science and technology for a sustainable future”.
Furthermore, favorable government initiatives from various countries are likely to be another important factor that could propel the growth of the industry over the forecast period. For example, in August 2022, the Brazilian government announced unlimited foreign trade in minerals and minerals derived from lithium and its derivatives through a government decree of the Ministry of Mines and Energy (Ministerio de Minas e Energia).
According to the International Energy Agency’s Global EV Outlook 2020, electric vehicle sales worldwide surpassed 2.1 million in 2019, surpassing 2018 figures to bring the inventory to 7.2 million electric vehicles to increase.
With further technological development in the electrification of two- and three-wheelers, trucks, and buses, electric vehicles will gain considerable traction in the forecast period.
Key players in the global lithium mining market include Albemarle, Ganfeng Lithium, Orocobrelimited, Sichuan Tiani Lithium Industries, SQM , and Lithium Americas Corp.
- In September 2021, Albemarle Corporation announced that its subsidiary, Albemarle Lithium UK Limited, agreed to acquire all of the outstanding capital of Guangxi Tianyuan New Energy Materials, a China-based lithium converter. Under the terms of the agreement, Albemarle will acquire all outstanding shares from Tianyuan shareholders for approximately US$ 200 million.
- In January 2022, Lithium Americas Corp. completed the acquisition of Millennial Lithium Corp. under a court-approved plan of settlement under the Business Companies Act (British Columbia) for approximately $491 million.
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Future Market Insights presents in its new offering an unbiased analysis of the global lithium mining market with historical analysis from 2017-2021 and forecast statistics for the period 2022-2032.
The study reveals essential information based on Source (Brine, Hard Rock, Other), Type (Lithium Carbonate, Lithium Hydroxide), Application (Battery, Ceramic & Glass, Lubricant & Grease, Polymer, Flux Powder, Refrigeration, Other), and Region (North America, Europe, East Asia, South Asia & Pacific, Middle East & Africa, and Latin America).