The global lithium mining market is anticipated to reach US$ 3.4 Billion by 2032, according to a recent report by Future Market Insights (FMI). Over the projection period of 2022 to 2032, rising demand for lithium ion batteries from end-use industries such as automotive, packaging, and consumer electronics is anticipated to drive lithium sales.
Due to benefits like a longer lifespan, increased fuel efficiency, and low discharge rates, lithium is frequently used to make batteries for electric vehicles. In the upcoming years, it is projected that rising sales of electric vehicles would increase demand for lithium, which will in turn accelerate expansion of the worldwide lithium mining industry.
In addition, increasing packaging sector demand for glass and ceramics would probably open up new business prospects for major companies in the lithium mining market. Pharmaceuticals, food and beverages, and other things are typically packaged in glass and ceramic. Lithium will continue to find more uses in the glass and ceramics industries, which will enhance the market for lithium mining’s growth prospects.
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In 2020, the global lithium mining market was heavily impacted by the novel coronavirus pandemic. Nationwide lockdowns, travel restrictions, and halted on mining operations hampered the production and consumption of lithium. However, sales are expected to recover in 2021 as demand for lithium from the automotive sector continues to grow.
“Growing focus on fuel efficiency in automotive vehicles is expected to propel consumption of lithium for batteries in the forthcoming years. Besides this, increasing sales of wearables and portable consumer electronics will continue augmenting growth of the lithium mining market through 2031,” says an FMI analyst.
Key Takeaways:
- Lithium production through brine solutions is expected to capture 65% of the total lithium mining market share.
- The lithium hydroxide segment is projected to account for a dominant share over the forecast period.
- Applications of lithium in the battery segment are projected to grow at 8.5% year-over-year in 2021.
- Sales of lithium in the U.S. are projected to grow by 3.2% year-over year in 2021.
- Australia will emerge as an attractive market owing to the presence of high-capacity lithium reserves in the country.
- China will continue experiencing high demand for lithium due to increasing production and sales of consumer electronics.
Competitive Landscape
Albemarle, Ganfeng Lithium, Livent, Nemaska Lithium, Orocobre limited, Sichuan Tianqi Lithium Industries, SQM and Lithium Americas Corp. are among the key market players identified by FMI. These players are projected to command 60-70% of the total lithium mining market share.
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Leading players operating in the global lithium mining market are focusing on production facility expansion through mergers and acquisitions to gain a competitive edge in the market. For instance:
- In October 2021, Belgian material technologies group Umicore UMI.BR signed a long-term lithium supply deal with Gangfen Lithium Co. Ltd. to expand its production capacity in response to rising electric vehicles demand.
Lithium Mining market by Category
By Source:
- Brine
- Hard Rock
- Others
By Type:
- Lithium Carbonate
- Lithium Hydroxide
By Application:
- Battery
- Ceramics and Glass
- Lubricants & Grease
- Polymer
- Flux Powder
- Refrigeration
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East and Africa
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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