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Lithium Mining Market Is Estimated To Register A Strong 7.20% CAGR By The End Of 2031
As per FMI, the global lithium mining market is projected to reach US$ 1.65 billion in 2021. Growing application across glass & ceramics, polymer, and pharmaceutical industries is favoring lithium sales. Driven by this, the market is estimated to reach US$ 3.3 billion by 2031, expanding at a CAGR of 7.2% over the forecast period 2021-2031.
More than half of the total lithium produced around the world is used for manufacturing batteries owing to its strong electrochemical potential and lightweight. Increasing demand for li-ion batteries across consumer electronics such as smartphones and laptops, and medical devices such as mobile diagnostics devices and others is accelerating the market growth. As per FMI, the sales of lithium are expected to showcase year-over-year growth of 8.5% in 2021 across the battery industry.
Sales for electric vehicles are increasing as automotive manufacturers look for solutions to offer greater fuel efficiency and comply with stringent emission control regulations implemented by governments. According to the International Energy Agency, around 7 million electric vehicles (EV) were sold in 2019. This rise in sales is propelling the demand for the EV components including batteries, which is consequently, creating high opportunities for the growth of the market.
Based on type, lithium hydroxide is anticipated to remain a dominant segment in the global market. The growth of the segment is attributed to the increasing applications in air conditioning, glass and ceramics, refrigeration, and battery manufacturing.
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“Leading companies are focusing on acquiring more land for increasing their production capacity and adopting advanced technologies for optimizing the recovery of lithium. Through this, they intend to meet surging demand from the battery industry,” says a FMI analyst.
Key Takeaways from Lithium Mining Market Study
- The U.S. is anticipated to lead the market in North America, registering a year-on-year growth of 3.2% through 2021.
- Australia, being the leading producer and exporter of lithium in the world, is expected to account for a substantial revenue share in South Asia Pacific market.
- China is projected to emerge as a highly remunerative market in East Asia, favored by the increasing lithium-ion battery applications across the electric vehicle sector.
- South Korea and Japan are forecast to collectively account for 11% of the total sales, owing to the surging demand from consumer electronics and medical devices in the country.
- In terms of source, lithium brine is estimated to hold the largest revenue share in the segment, accounting for 65% of the overall sales through 2021.
Competitive Landscape
As per FMI, key companies operating in the global market are Jiangxi Ganfeng Lithium Co. Ltd., Albemarle, Tianqi Lithium, Sociedad Química y Minera de Chile, and Pilbara Mineral. These players are estimated to account for 50 to 55% of the total lithium sales through 2031.
Leading manufacturers are focusing on adopting strategies such as collaborations, agreement, mergers and acquisitions to expand their production facilities to address the growing demand. For instance,
- In September 2021, Albemarle Lithium UK, a global specialty chemicals company, announced entering into an agreement with a lithium convertor based in China, Guangxi Tianyuan New Energy Materials Co., Ltd for acquiring all outstanding equity. . Under the agreement, Albemarle will complete the acquisition in 2022.
- In April 2021, Tianqi, a Chinese mining and manufacturing company, announced acquisition of an Australian mining company, IGO Ltd, to expand its production capacity of lithium hydroxide.
Some of the key players operating in the market profiled by FMI are:
- Albemarle
- Ganfeng Lithium
- Livent
- Nemaska Lithium
- Orocobre limited
- Sichuan Tianqi Lithium Industries
- SQM
- Lithium Americas Corp
- Tianqi Lithium
- Ganfeng Lithium Co., Ltd.
- General Lithium Corp
- LITHIUM EXPLORATION GROUP
- LSC Lithium Corporation
- Neo Lithium Corporation
- U.S. Lithium Corp
- Yacimientos de Litio Bolivianos
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More Valuable Insights on Lithium Mining Market
FMI, in its new report, offers an unbiased analysis of the global lithium mining market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in lithium mining market with detailed segmentation:
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
Explore FMI’s Extensive Ongoing Coverage on Chemicals & Materials Domain
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About Future Market Insights (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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Future Market Insights is the premier provider of market intelligence and consulting services
Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, UAE, and has its global delivery center in India. In addition to these, FMI also carries out business development and client engagement through its US and UK offices.
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