The global lithium mining market is anticipated to accrue a value of US$ 3.4 billion in 2032, as opposed to a valuation of US$ 1.66 billion in 2022. The target market is set to expand at a healthy CAGR of 7.43% from 2022 to 2032. Factors like escalating adoption of lithium in glass and ceramic manufacturing and the emergence of electronic vehicles that augment the demand for lithium-ion batteries facilitate the growth of the lithium mining market. The ongoing technological innovations and widespread lithium use in air treatment also drive the expansion of the lithium mining market size during the forecast period.
The shift witnessed in the design and advancement of battery technology along with concerns regarding the decline in fossil fuels will likely stimulate market growth for lithium mining. The fall in the availability of fossil fuels, rising carbon emissions, and emphasis on alternative sources of power encourage greater lithium mining. As it is estimated that lithium mining will fulfill the void created by the above-mentioned factors. In addition to this, the development of advanced technology in the automotive sector will foster an environment of growth for the lithium mining market in the upcoming years.
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Recent years have observed an escalating demand for electronic vehicles which, in turn, will strengthen prospects for lithium mining. Further, increasing technological progress in the electrification of two/ three-wheelers, buses, and trucks will further propel the demand for electric vehicles. Rising demand for electronic vehicles fuels the demand for lithium-ion batteries which augurs well for the lithium mining market. Increasing government support, the commencement of different projects like Kathleen Valley and others, and elevated product innovation and development by market players are a few of the other factors that will drive the growth of the lithium mining market during the projection period.
Key Takeaways:
- Growing awareness of the adverse effects of lithium mining on the environment will impede the growth of the lithium mining market during 2022 and 2032.
- An upsurge in demand for lithium in the manufacturing of glass and ceramics will open new avenues of growth for the market.
- The Asia Pacific region will emerge as an opportunistic market for the lithium mining market due to significant lithium production in Australia and China.
- The lithium mining market in Europe will expand at 4.8% CAGR due to favorable government initiatives.
- By type, lithium carbonate mining will gain traction with a CAGR of 8% owing to rising hard rock and brine activities.
- In terms of source, brine lithium will account for 65% of the overall market share.
Competitive Landscape
SQM, Orocobre, Lithium Americas Corp., Pilbara Minerals, Albemarle, Livent, Ganfeng Lithium, Nemsaka Lithium, BuLi Chemicals India Pvt. Ltd., and Minera Del Altiplano, among others, are some of the principal players in the lithium mining market profiled in the full version of the report.
Eminent market players are keen on strategic agreements, acquiring grants, and other business expansion tactics. These organizations also employ partnerships, collaborations, mergers, and acquisitions to gain a competitive advantage.
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More Insights into Lithium Mining Market
FMI offers the latest, unbiased, and detailed analysis of the global lithium mining market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented on the basis of source, type, application, and region.
According to the reports, based on segmentation, the brine lithium segment will exhibit strong growth, accounting for 65% of the overall market share. Hard rock lithium will also gain rapid traction and hold about 35% of the revenue share. Based on type, the lithium carbonate mining segment will grow at a CAGR of 8% owing to greater hard rock and brine activities.
Based on region, the lithium mining market in Asia Pacific will present notable growth during the assessment period. This region will emerge as a lucrative pocket for the market. This is primarily due to the massive production of lithium in Australia and China. Increasing consumption of electric vehicles in China also contributes to the growth of the lithium mining market in Asia Pacific. Additionally, Europe also contributes to the overall growth of the lithium mining market during the forecast period.
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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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