The lithium mining market is projected to exhibit a CAGR of 7.43% while garnering a market value worth US$ 3.4 Billion. Rapid development in various fields such as glass and ceramics, automobiles, air treatment, and polymer production is expected to benefit the market during the forecast period. Lithium has various industrial applications in the manufacturing of advanced electronic products, automobiles, and the healthcare sector. Lithium, a chemical element, is also used in various grease lubricants, lithium-ion batteries, medicines, and for various other purposes. Furthermore, lithium batteries have various useful properties like low self-discharge rate, long sustainable life, quick charging, high energy density, and lightweight, among others.

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The launch of new products in the market is expected to augment the market size in the forecast period. For instance, in 2022, Luminous launched the New Age Li-ON series integrated inverter with a Lithium-ion battery.  The novel product launched streamlines with an ‘integrated approach to science and technology, for a sustainable future. Additionally, favorable initiatives by the government of various countries are anticipated to be another significant factor that can drive industry growth in the forecast period. For instance, in August 2022, the Brazilian government announced the unlimited overseas trade of lithium minerals, ores, and their derivatives through a government decree issued by the Ministry for Mines and Energy (Ministerio de Minas e Energia). Attributed to such initiatives, the market will experience various remunerative opportunities for growth in the forecast period.

As per International Energy Agency’s Global EV Outlook 2020, sales of electric cars topped 2.1 million worldwide in 2019, exceeding 2018 to boost the stock to 7.2 million EVs. With increased technological development in the electrification of two/three-wheelers, trucks, and buses, electric vehicles are gaining significant traction during the forecast period. However, lithium mining involves mining from rocks and brines. Processing of mine metal is performed by evaporating brine and washing with sodium carbonate in PVC-lined shallow ponds, which is held responsible for water pollution. It also impacts groundwater quality and increases issues associated with water scarcity. This type of mining also results in dust pollution wherein small Li-particles are suspended in the air. Extended exposure to Li-dust can result in serious respiratory tract disorders.

Key Takeaways from the Market Study:

  • The global lithium mining market is expected to secure US$ 1.66 Billion in 2022.
  • The lithium mining market in Europe is expected to display a CAGR of 4.8% during the forecast period.
  • The carbonate segment is projected to expand at a CAGR of 8% during the forecast period, strengthening the lithium mining market.
  • Asia Pacific to be an important revenue contributor, expected to account for 28% of the global market share in 2022
  • The lithium mining market in North America is expected to display a CAGR of 5% during the forecast period.

“Growing initiatives by the government to encourage usage of EVs and growing demand of lithium in various industrial sectors are expected to benefit the market during the forecast period,” remarks an FMI analyst.

Competition Analysis

Key players in the global lithium mining market include Albemarle, Ganfeng Lithium, Orocobre limited, Sichuan Tianqi Lithium Industries, SQM, and Lithium Americas Corp.

  • In September 2021, Albemarle Corporation announced that its subsidiary, Albemarle Lithium UK Limited inked an agreement to acquire all the outstanding equity of Guangxi Tianyuan New Energy Materials, a lithium converter located in China. As per the agreement, Albemarle will acquire all outstanding equity from Tianyuan’s shareholders for approximately US$ 200 Million.
  • In January 2022, Lithium Americas Corp. concluded its acquisition of Millennial Lithium Corp., pursuant to a court-approved plan of arrangement under the Business Corporations Act (British Columbia) for about US$ 491 Million.

More Valuable Insights

Future Market Insights, in its new offering, presents an unbiased analysis of the global lithium mining market, presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of Source (Brine, Hard Rock, Others), type (Lithium Carbonate, Lithium Hydroxide), application (Battery, Ceramics and Glass, Lubricants & Grease, Polymer, Flux Powder, Refrigeration, Others), & Region (North America, Europe, East Asia, South Asia & Pacific Middle East & Africa, and Latin America).