What is the global market size of Lithium Mining Market?

Lithium Mining Market size was valued at USD 343.22 million in 2021 and is poised to grow from USD 363.81 million in 2022 to USD 614.65 million by 2030, growing at a CAGR of 6% in the forecast period (2023-2030).

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 News

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 Market Report Snapshots

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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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Global Lithium Mining Market Size, Share, Growth Analysis, By Source(Brine, Hardrock), By Type(Chloride, Lithium Hydroxide) - Industry Forecast 2024-2031

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