[250 Pages Report] The global lithium mining market is expected to secure USD 1.66 Billion in 2022. From 2022-2032, the lithium mining market is projected to exhibit a CAGR of 7.43% while garnering a market value worth USD 3.4 Billion.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value (2022) | USD 1.66 Billion |
| Anticipated Forecast Value (2032) | USD 3.4 Billion |
| Projected Growth Rate (2022-2032) | 7.43% |
During the period ranging from 2020 to 2022, lithium mining demand prospects flourished at a stellar rate, supported by a shift in the design and advancement of battery technology. There has been rising concern about the declining availability of fossil fuels, increasing carbon emissions, and an emphasis on alternative sources of power that have been worked on for a significant tenure. This void was gradually overcome with the latest advancements and development of cutting-edge technologies to reduce the cost of vehicles. since mid-2021, leading to a resurgence in growth projections.
As per the recently published IEA report, sales of electric cars topped 2.1 million worldwide in 2021, surpassing 2020 to boost the stock to 7.2 million EVs. Electron cars which accounted for 2.6% of the overall car sales and about total car stock in 2022, registered a 40% Y-o-Y increase. As technology progresses in cars, bikes, and buses, the market for them grows electric vehicles are expanding significantly. This, in turn, will augment sales of lithium batteries. As per this report, demand for Lithium Mining for automotive production is expected to surge at over 7.43% CAGR until 2026.
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
The Asia Pacific is anticipated to yield significant growth opportunities, backed by increasing lithium production in various countries. In 2022, the contribution of Australia is expected to increase by 24% to 68 thousand tons (kt) in 2022.
By 2032-end, the lithium mining industry is forecasted to register a growth rate of 7.4%. Within the Asia Pacific, Australia produces more than half of the world’s lithium. Another lucrative country is China, which also exports lithium to countries including the US, Japan, and India. The significant contribution of China can be attributed to the large consumer base of electronic vehicles, and the availability of production facilities for electrical and electronics. This entails an expansion of electronic items production capabilities, which will attract key Lithium Miners.
Besides the increasing hard rock mining activities, the concentrate segment is anticipated to expand significantly. Also, continuing technological development in brine manufacturing and growing production of chloride are likely to contribute significantly during the forecast period. Owing to these factors, the demand for Lithium Mining will soar across the machinery industry, expected to register a CAGR of 7.43% by 2032.
The lithium market is expected to be in surplus for the next few years, owing to the commencement of various key upcoming projects including Kathleen Valley, Cauchari-Olaroz, Mount Finniss, and Salar del Hombre. With the market expansion of lithium mining, several players like Medaro Mining, a Canadian junior lithium explorer is making significant investments in developing cutting-edge technology for the mining industry. The technology could be the key to unlocking a new treasure trove of lithium from hard rock mining.
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’. Such factors are expected to benefit the market during the forecast period.
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.
Principal Consultant
The global lithium mining market is expected to have displayed a CAGR of 7% from 2017-2021. The expansion of the market can be attributed to the increasing application of lithium in air treatment. Lithium is used in cooling, air regeneration, and dehumidification. Hospitals, shopping malls, and other institutional facilities employ absorption chillers as their source of air conditioning.
Space vehicles, safety devices, submarines, and miners, possess systems to eradicate carbon dioxide from the human exhaust. The increasing application of lithium in air treatment applications is anticipated to have played a significant role in developing the market during the forecast period.
From 2022-2032, the global lithium mining market is projected to exhibit a CAGR of 7.43%. The growth of the market can be attributed to the increasing demand for EVs. Lithium-ion batteries are being used in electric vehicles because of their high energy per unit mass relative to other electrical energy storage systems.
Further, they also have a high power-to-weight ratio, good high-temperature performance, high energy efficiency, and low self-discharge.
Moreover, players in the market are taking various initiatives to launch new products in the market which will benefit the industry during the forecast period. For instance, in July 2022, Ola Electric announced the unveiling of India’s first indigenously developed lithium-ion cell. NMC 2170. SoftBank-backed Ola will commence the mass production of its cell at its upcoming Gigafactory by 2023.
Increasing Demand for Electric Vehicles to Drive the Lithium Mining Market
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.
Governments across the globe are taking various initiatives to encourage the application of EVs which will benefit the market in the forecast period. For instance, the Indian government offers subsidies on vehicles such as USD 125.90 per kWh for the first 10000 EV purchase.
In 2019, the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme provided USD 188 per kWh for a two-wheeler purchase. Such favorable initiatives are expected to benefit the industry during the assessment period.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
Adverse Environmental Impacts Associated with Lithium Mining to Hamper the Market
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. Such factors are anticipated to hamper the market growth in the forthcoming time.
Increasing Demand for Lithium in Glass and Ceramic Manufacturing to Offer Remunerative Opportunities to the Lithium Mining Market
Increasing application of lithium compounds such as spodumene and carbonate in glass and ceramics for the manufacturing of enamels and glazes have witnessed growing application to lower firing temperatures and thermal expansion, the growing strength of ceramic bodies and development in viscosity for coating, boosting the glaze’s color, luster, and strength.
The most renowned application of the metal is for the manufacturing of glass-ceramic cooktops, where thermal expansion and thermal resistance are not important. The rising demand for Li-based ceramics and glasses is projected to offer significant opportunities for growth to the market in the forecast period.
Players in the market are taking various initiatives to offer new products in the market during the forecast period. In March 2022, Gogoro, an electric scooter manufacturer, unveiled a prototype lithium ceramic solid-state battery for two-wheel battery swapping.
The prototype has been jointly developed by Gogoro and solid-state battery specialist ProLogium Technology and integrates with Gogoro’s existing vehicles and battery swap network. Attributed to such factors, the lithium mining market is expected to experience various opportunities for growth during the forecast period.
Lithium Carbonate Mining to acquire major precedence, thanks to its ease of production
As per the analysis, the carbonate segment is anticipated to exhibit a CAGR of 8% during the forecast period. The development of the segment can be attributed to the increasing hard rock and brine activities. It is easy to produce, therefore, contributes to the maximum of the metal produced.
Furthermore, with increasing hard rock mining activities across the globe, the concentrate segment is anticipated to expand significantly. Also, ongoing technological development in brine manufacturing and increasing production of chloride are expected to contribute significantly during the forecast period.
Brine Lithium to be highly sought after; Hard Rock Lithium to garner popularity
Brine lithium is projected to experience significant growth opportunities. The huge potential along with ongoing technological development in brine manufacturing is projected to support segmental growth during the forecast period. The segment is likely to account for 65% of the lithium mining market revenue during the forecast period.
At the same time, according to the study, the hard rock segment is expected to hold a significant portion of the market during the forecast period. According to Future Market Insights, the segment is expected to account for 35% revenue in 2022.
According to the analysis, Asia Pacific, which includes East Asia and South Asia, is anticipated to be the most lucrative market during the forecast period. In 2022, the region is likely to acquire a revenue share worth 28%. The rapid development of the region can be attributed to the increasing lithium production in various countries. In 2022, the contribution of Australia is expected to increase by 24% to 68 thousand tons (kt) by 2022.
Australia produces more than half of the world’s lithium. Another lucrative country is China, which also exports lithium to countries including the US, Japan, and India. The significant contribution of China can be attributed to the large consumer base of electronic vehicles, and the availability of production facilities for electrical and electronics.
Moreover, the contribution of regional players is of major significance. For instance, in 2022, BYD, the Chinese automaking giant, announced the release of a premium EV. Such initiatives are expected to benefit the lithium mining market in the Asia Pacific during the forecast period.
According to the analysis, the market in Europe is anticipated to display a CAGR of 4.8% during the forecast period. The growth of the regional market can be attributed to the favorable initiatives taken by the governments which will drive the demand for lithium-ion.
Among all, Portugal is expected to make the maximum contribution to developing the regional market. Also, Portugal’s environment ministry approved the extraction of ‘white gold’ in six separate regions despite people’s protests against the mining of the metal. The country has already issued various licenses to mine lithium. Attributed to such factors, the lithium mining market in Europe is expected to flourish during the forecast period.
As per the study, North America is likely to expand at a CAGR of 5% during the forecast period. The expansion of the regional market can be attributed to the increasing adoption of EVs in the region. The US and Canada are likely to make the maximum contribution to developing the regional market. The study reveals that by the start of 2022 the U.S had about 4.6% of EVs.
In addition, players in the market are taking various initiatives to launch new products. For instance, in 2022, Volkswagen Group announced the launch of 25 new EVs in North America by 2030. At that point, EVs are likely to account for 55% of the total sales. Attributed to such factors, the lithium mining market in North America is expected to flourish significantly during the forecast period.
Pilbara Minerals (Australia), Allkem (Australia), Livent (USA), Youngy (China), Nemsaka Lithium (Canada), Minera Del Atiplano (USA), and BuLi Chemicals India Pvt. Ltd. are some of the emerging names in the global lithium mining market.
Recent Updates from the Lithium Mining Start-ups Landscape:
Key players in the global lithium mining market include Albemarle, Ganfeng Lithium, Orocobre limited, Sichuan Tianqi Lithium Industries, SQM, and Lithium Americas Corp.
News from the Lithium Mining Market:
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Billion for Value and Kilo Tons for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; Middle East & Africa. |
| Key Countries Covered | USA, Canada, Germany, UK, France, Italy, Spain, Russia, Poland, BENELUX, China, Japan, South Korea, India, ASEAN, Australia, GCC, Turkey, South Africa. |
| Key Segments Covered | Source, Type, Application, Region. |
| Key Companies Profiled | Albemarle; Ganfeng Lithium; Livent; Nemaska Lithium; Orocobre limited; Sichuan Tianqi Lithium Industries; SQM; Lithium Americas Corp. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The global lithium mining market is expected to secure USD 1.66 Billion in 2022
The lithium mining market is anticipated to garner USD 3.4 Billion by 2032
The lithium mining market is expected to display a CAGR of 7.43% during the forecast period ranging from 2022-2032
The lithium mining market in Europe is expected to display a CAGR of 4.8% during the forecast period
By type, lithium carbonate is projected to expand at a CAGR of 8% during the forecast period
According to Future Market Insights, lithium mining prospects in the Asia Pacific are likely to flourish, contributing 28% of total revenue in 2022
The lithium mining market in North America is expected to display a CAGR of 5% during the forecast period
Albemarle, Ganfeng Lithium, and Orocobre limited are some of the established players in the global lithium mining market.
1. Executive Summary 2. Market Overview 3. Key Market Trends 4. Value-Added Insights 5. Market Background 6. Global Market Demand (in Value or Size in USD Million) Analysis 2017 to 2022 and Forecast, 2023 to 2033 6.1. Y-o-Y Growth Trend Analysis 6.2. Absolute $ Opportunity Analysis 7. Global Market to Pricing Assessment 8. Global Market Demand (in Value or Size in USD Million) Analysis 2017 to 2022 and Forecast, 2023 to 2033 9. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Product 9.1. Powered Linear Stapler 9.2. Circular Stapling System 10. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Application 10.1. Abdominal Surgery 10.2. Gynecology and Obstetric Surgeries 10.3. Pediatric Surgery 10.4. Thoracic Surgery 10.5. Others 11. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Usage 11.1. Single-use 11.2. Reusable 12. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By End User 12.1. Hospitals 12.2. Specialty Clinics 12.3. Ambulatory Surgery Centers 12.4. Others 13. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region 13.1. North America 13.2. Latin America 13.3. Europe 13.4. East Asia 13.5. South Asia 13.6. Oceania 13.7. Middle East and Africa 14. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033 15. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033 16. Europe Market 2017 to 2022 and Forecast 2023 to 2033 17. East Asia Market Analysis 2017 to 2022 and Forecast 2023 to 2033 18. South Asia Market Analysis 2017 to 2022 and Forecast 2023 to 2033 19. Oceania Market Analysis 2017 to 2022 and Forecast 2023 to 2033 20. Middle East and Africa Market Analysis 2017 to 2022 and Forecast 2023 to 2033 21. Market Structure Analysis 22. Competition Analysis 22.1. Medtronic 22.2. Biowin Pharmaceutical 22.3. Bluesail Surgical 22.4. Changzhou Ankang Medical Instruments 22.5. Golden Stapler Surgical 22.6. Jiangsu Channel Medical Device 22.7. Miconvey 22.8. Ningbo David Medical Device 22.9. Panther Healthcare 22.10. Sinolinks Medical Innovation 22.11. Waston Medical 22.12. Ethicon 22.13. Surgnova 22.14. Lepu Medical Technology(Beijing)Co.,Ltd 22.15. Victor Medical Instruments Co., Ltd. 22.16. CJ Medical 23. Assumptions and Acronyms Used 24. Research Methodology
Chemicals & Materials
June 2024
REP-GB-5474
309 pages
Explore Chemicals & Materials Insights
View Reports
Lithium Mining Market
