USD 340 Million
Report ID: SQSG15J2009 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 63 | Figures: 69
Lithium Mining Market was valued at USD 340 Million in 2021, and it is expected to reach a value of USD 494.59 Million by 2028, at a CAGR of 5.5% over the forecast period (2022-2028).
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.
Global Market Size
USD 340 Million
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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.
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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.
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Lithium Mining Market Driver
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.
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
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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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
Lithium Mining Market Recent Developments
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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|Market size value in 2021||USD 340 Million|
|Market size value in 2028||USD 494.59 Million|
|Forecast Unit (Value)||USD Million|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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Product ID: SQSG15J2009