USD 343.22 million
Global Lithium Mining Market Size, Share, Growth Analysis, By Source(Brine, Hardrock), By Type(Chloride, Lithium Hydroxide) - Industry Forecast 2024-2031
Report ID:
SQMIG15J2072 |
Region:
Global |
Published Date: April, 2024
Pages:
157
|
Tables:
63 |
Figures:
75
Global Lithium Mining Market Insights
Lithium Mining Market size was valued at USD 343.22 million in 2019 and is poised to grow from USD 363.81 million in 2023 to USD 614.65 million by 2031, growing at a CAGR of 6% in the forecast period (2024-2031).
In 2020, lithium mining market generated revenue of USD 321.36 million revenue from lithium mining worldwide. The COVID-19 pandemic's effects have been unprecedented and overwhelming, with mining suffering from a decline in demand in every location. When the pandemic is finished, this market's demand and growth will resume to pre-pandemic levels, which will explain the increase in CAGR. Lithium consumption has increased globally as a result of the amazing growth in lithium production.
Every industry has been negatively impacted by the global health catastrophe brought on by the unexpected spread of the new coronavirus, also known as COVID-19. Due to stringent regulations, including nationwide lockdowns to stop the COVID-19 virus's spread, they had to endure huge losses during the operative period. The virus outbreak consequently changed the demand for the good. The market being heavily dependent on mining operations, the worst collapse the mining industry has had in a long time has also had an influence on mining investment. Leading mining corporations were compelled to temporarily halt production due to the limited supply and demand for metals, which ultimately caused a change in the price of metals and minerals.
US Lithium Mining Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Hard rock
Fastest Growth
Brine
Growth Rate
6% CAGR
Global Lithium Mining Market, 2022-2028 ($ Mn)
Country Share for North America Region- 2021 (%)
Global Lithium Mining Market Size By Source, 2022-2028 ($ Mn)
Global Lithium Mining Market Size By Source, 2022-2028 (%)
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Global Lithium Mining Market Segmental Analysis
Global lithium mining market is segmented based on source, type, and region. Based on the source, the market is segmented into brine and hard rock. Based on the type, the global lithium mining market is segmented chloride, lithium hydroxide, carbonate, and concentrate. Based on region, it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Lithium Mining Market Analysis by Source
Hard rock segment holds a significant portion due to its highest availability. The hard rock sector dominates the market since it has the greatest number of reserves in the entire planet. The brine deposits are likewise widely dispersed throughout the planet, but they are not fully used. An illustration of this is the salt flats in Bolivia.
The brine segment of the market is expected to grow rapidly due to the enormous potential and significant technological advancements in brine production. The number of cardiovascular procedures is anticipated to increase during the projection period due to the significantly rising prevalence of cardiovascular disorders worldwide. This is expected to drive growth for these categories throughout the projection period, along with the development of new products in the peripheral and urology business by important market participants due to greater demand. For instance, due to increased demand in both developed and developing countries, Biotronik, a major player in the lithium mining market, expanded its peripheral lithium mining product line in April 2019.
Lithium Mining Market Analysis by Type
Lithium carbonate currently accounts for the majority of mining due to its extensive production through brines and hard rock mining. It contributes to the bulk of metal produced since it is simple to create. It is widely utilised to address issues connected to mental health in the glass and ceramic industries as well as in the medical field. The concentrate market is also indirectly anticipated to develop as hard rock mining activities increase around the world. A surge in chloride output at a very high growth rate is anticipated with new technological developments in the brine manufacturing process.
Global lithium Mining Market By Source, 2021 (%), 2023 (%)
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Global Lithium Mining Market Regional Insights
Major nations such as the United States, Canada, Portugal, China, Australia, Argentina, Bolivia, Chile, Brazil, Namibia, Nigeria, and Zimbabwe have all had their markets studied.
Australia dominates the lithium mining market due to the country's significant lithium reserves and extensive mining plans. The country's market would develop as more people became aware of the benefits of using environmentally friendly electric automobiles.
Chile currently maintains the second-largest market share for lithium mining due to the expansion of brine mining operations in the area. Brazil, Bolivia, and Argentina all have sizable reserves in South America that can be fully exploited with increased mining activity investments. Portugal is currently the only significant Li-producing nation in Europe with significant hard rock reserves. The country's mining activity are anticipated to rise as a result of numerous forthcoming mining projects.
With brine and hard rock reserves, China is one of the world's producers that is expanding rapidly. Due to a sizable number of important participants in the area, the country is experiencing rapid growth in the mining industry.
Along with hard rocks, Namibia is another country that possesses brines as deposits. The metal may be produced profitably in Zimbabwe and Nigeria. The two nations in North America that engage in production are the United States and Canada. Canada produces hard rock, but the United States produces a lot of brine.
Global Lithium Mining Market By Geography, 2022-2028, 2024-2031
- Largest
- Fastest
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Global Lithium Mining Market Dynamics
Lithium Mining Market Driver
- Growing Demand for Lithium to Drive Market in Glass and Ceramic Manufacturing
In order to reduce firing temperatures and thermal expansion, increase the strength of ceramic bodies, enhance coating viscosity, and improve the colour, tenacity, and lustre of glazes, lithium compounds, specifically carbonate and spodumene, are increasingly used in glass and ceramics.
The metal is most commonly used to create glass-ceramic cooktops, when thermal expansion and thermal resistance are not necessary. During the projected period, the lithium mining market is expected to be driven by the rising demand for Li-based glasses and ceramics.
- Growing Mining Technological Advances to Support Market Dynamics
Mining for the metal would be accelerated by increasing technology investments in metallurgy and mining. These more energy- and resource-efficient mining processes have been developed as a result of recent technological investigations. Mining and extraction are now sustainable practises because new methods, such direct extraction technologies, use organic sieves rather than huge evaporation ponds. Therefore, throughout the anticipated period, the technical improvement and expanding advancements of such mining procedures will drive market expansion.
Lithium Mining Market Restraint
- Mining's environmental effects will limit market expansion
Lithium is extracted both from brines and from rocks. Water contamination results from the processing of mined metal, which involves evaporating brine and washing with sodium carbonate in shallow ponds coated with PVC. Additionally, it has an impact on groundwater quality and aggravates the issue of water scarcity. Small Li-particles are suspended in the air as a result of this sort of mining's dust pollution. Li-dust exposure over an extended period of time might lead to major respiratory problems. Li-ion battery recycling is extremely expensive due to a lack of recycling infrastructure. The market's growth rate is thought to be negatively impacted by this ecological aspect.
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Global Lithium Mining Market Competitive Landscape
Only a small number of the current businesses, including SQM, Albemarle Corporation, and Jiangxi Ganfeng Lithium, have made significant investments in new mining technology in an effort to increase customer reach. Manufacturers have emerged in the fragmented lithium mining market. Sociedad Química y Minera, Albemarle Corporation, and Jiangxi Ganfeng Lithium are some of the the top producers in the global lithium mining market when all possible outcomes are taken into account. They are spending money on mining technology research and development. In the upcoming years, they are anticipated to dominate the market.
Lithium Mining Market Top Player's Company Profiles
- Albemarle Corporation
- Sociedad Quimica y Minera de Chile S.A.
- FMC Corporation
- Tianqi Lithium Corporation
- Lithium Americas Corp.
- Galaxy Resources Limited
- Mineral Resources Limited
- Orocobre Limited
- Ganfeng Lithium Co. Ltd.
- Jiangxi Ganfeng Lithium Co. Ltd.
- Bacanora Lithium PLC
- Nemaska Lithium Inc.
- Altura Mining Limited
- Pilbara Minerals Limited
- Critical Elements Corporation
- Sayona Mining Limited
- Advantage Lithium Corp.
- Wealth Minerals Ltd.
- Avalon Advanced Materials Inc.
- Bacanora Minerals Ltd.
Lithium Mining Market Recent Developments
- In May 2022, in order to supply European electric vehicle (EV) and battery manufacturers with battery-grade lithium chemicals, lithium processing company Green Lithium reached an agreement with commodities trading company Trafigura to support the development of one of the first centralised commercial lithium refineries in Europe.
- In May 2022, for lithium mining in Argentina, Gotion High-Tech signed an MOU. Gotion will be given exploration and mining rights to investigate a prospective lithium resource covering over 17,000 hectares from an Argentine state-owned firm.
- In April 2020, a group of scientists from the University of Texas in Austin, Monash University in Australia, the University of Melbourne, and the CSIRO in Australia created a new filtration system to recover Li-ions from brine. Compared to the current extraction methods, this technology offers a substantially greater recovery rate. It shortens the extraction process's time from months to years to only a few hours.
- In August 2020, researchers at the Karlsruhe Institute of Technology (KIT) made economic lithium mining possible in Germany by employing a minimally invasive method to collect the metal from the deep waters in geothermal plants of the Upper Rhine Valley. No hazardous compounds are discharged because the thermal water is recycled underground after use, and geothermal electricity and heat.
Global Lithium Mining Key Market Trends
- A critical trend is the rising demand for electric vehicles. Sales of electric vehicles surpassed 2.1 million globally in 2019 and increased the stock to 7.2 million EVs, according to the International Energy Agency's Global EV Outlook 2020. Electric vehicle sales, which made up 2.6 percent of all vehicle sales and around 1 percent of all vehicle stock in 2019, increased by 40 percent from the previous year. Electric vehicles are significantly expanding as technology in the electrification of two- and three-wheelers, buses, and trucks develops and the market for them expands.
- Effortful policy announcements, like the one in 2019, and signs of a persistent transition away from direct subsidies and toward alternatives that rely more on regulatory measures, such zero-emission vehicle mandates and fuel economy standards, were visible. By making the change economically viable, this has benefited the auto industry and consumers who support it. Since Li-based batteries are the most dependable and durable EV batteries, there has been an increase in demand for them with the growth of EVs. In the end, this has accelerated market expansion.
- Another crucial trend in the global lithium mining market is the increased use of lithium-ion batteries for grid storage. The global demand for power has increased as a result of expanding industrialisation and urbanisation. The expanding capabilities of the digital world use a lot of electricity. The need for a reliable power supply has increased dramatically as a result of process automation dependence and 24-hour network usage, which is a major driver for the energy storage market. Renewable energy sources are replacing non-renewable ones as they quickly run out. The demand for energy storage has increased as a result of this trend toward renewable energy. One of the main elements that is anticipated to continue to fuel the demand for lithium-ion batteries and, consequently, increase the metal's requirement is the rising need for grid-based energy storage.
Global Lithium Mining Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global lithium mining market analysis, growing demand for lithium and mining technological advances is predicted as the major drivers for the global lithium mining market expansion during the forecasted years.
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| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 343.22 million |
| Market size value in 2031 | USD 614.65 million |
| Growth Rate | 6% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Lithium Mining Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Lithium Mining Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Lithium Mining Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Lithium Mining Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Lithium Mining Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Lithium Mining Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Lithium Mining Market Report Snapshots
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