Lithium Mining Market

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 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.

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FAQs

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).

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. '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.'

Growing Demand for Lithium to Drive Market in Glass and Ceramic Manufacturing

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.

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.

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Lithium Mining Market

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