NEW YORK, Oct. 19, 2021 /PRNewswire/ -- Fact.MR – A Market Research and Competitive Intelligence Provider: The demand outlook for global lithium mining market is anticipated to total US$ 3.1 Bn by 2031-end, projects Fact.MR. Increasing demand for lithium in manufacturing glass & ceramics, polymers, flux powder, and batteries is favoring the market growth.
A dynamic shift towards electric vehicles (EVs) has been witnessed owing to the implementation of stringent regulations to curb carbon emission and mitigate challenges posed by rising fuel prices. According to a report by the International Energy Agency, sales of electric cars totaled 2.1 million units in 2019 across the world, projecting year-over-year growth of 40% in 2019.
Rise in EV sales is propelling the demand for vehicle batteries such as lithium-ion (li-ion) battery, which is in turn, creating lucrative growth opportunities for the market.
Several lithium mining companies are acquiring more land for increasing the production of lithium and capitalize on the increasing demand from various industries. For instance, Tianqi, a Chinese mining and manufacturing company, announced acquiring IGO Ltd, a mining company in Australia, to increase its production of lithium hydroxide in April 2021.
On the back of these factors, the market is expected to expand at a robust CAGR of 7% through 2031.
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Besides this, increasing application of li-ion batteries across grid storage, medical devices, and consumer electronics such as smartphones, digital cameras, and laptops among others is driving the market. On account of this, sales of lithium mining are expected to rise at 8.3% by 2031 with increasing production of batteries, as per Fact.MR.
"Leading manufacturers are extensively emphasizing on adopting advanced technologies to optimize lithium mining operations and enhance the recovery of lithium from brines to address the increasing demand for lithium. This is expected to create lucrative growth opportunities for market players," says a Fact.MR analyst.
Key Takeaways from the Lithium Mining Market Study
- North America market is projected to total US$ 150 million in 2021, owing to the increasing demand for li-ion batteries across the U.S. and Canada.
- Latin America is expected to dominate the global market, accounting for over US$ 615 million of overall sales in 2021 backed by leading lithium mining and manufacturing countries such as Chile, Argentina, and Bolivia
- The lithium mining market in China is forecast to expand at 8.5% CAGR, accounting for over 33% of global revenue share through 2031.
- Based on type, lithium carbonate, being the most commonly generated product through the lithium mining process, is estimated to dominate the segment through 2031
- In terms of source, hard rock is anticipated to emerge as the most remunerative segment, favored by the ease in the extraction of lithium from the source.
- Increasing investment in the mining industry and surging demand for li-ion batteries across prominent regions such as North America and Europe is expected to drive the lithium mining market.
- Rising mining activities, presence of cheap labor, and high reserves of lithium in China and India are expected to accelerate the expansion of the lithium mining market in Asia Pacific.
- Volatile raw material prices is expected to act as a challenge for emerging players, affecting the growth in the market negatively
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Ganfeng Lithium, SQM, and Tianqi are identified as top 3 players by Fact.MR. These players are estimated to account for nearly 70% of the sales through 2031. Also, leading players are focusing on developing novel technologies to recovery rate of lithium.
Some of the players are focusing on merger, collaboration, and acquisition to expand their production capacity. For instance,
- In May 2021, Ganfeng, China-based lithium producer, announced acquisition of Bacanora Lithium, an AIM-listed lithium development and exploration company, for around US$ 264 million. The acquisition will assist the company to increase its lithium production capacity.
- In April 2020, a team of researchers from the University of Melbourne, Monash University, and Australia's national science agency, and University of Texas at Austin announced developing a new filtering technology that extracts li-ions from the brine. The technology has mush higher rate of recovery that traditional techniques and can significantly cut down the time of extraction process from several months to a few hours.
Some of the key players in the market profiled by Fact.MR are:
- Nemaska Lithium
- Orocobre limited
- Sichuan Tianqi Lithium Industries
- Lithium Americas Corp
- FMC Corporation
- 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
More Valuable Insights on Lithium Mining Market
Fact.MR, 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
- By Product Type
- Lithium Carbonate
- Lithium Hydroxide
- By End Use
- Glass & Ceramics
- Flux Powder
Key Questions Covered in the Lithium Mining Market Report
- The market survey also highlights projected sales growth of the lithium mining market between 2021 and 2031
- The report offers insight into lithium mining demand outlook for 2021-2031
- Lithium mining market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Lithium mining market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Explore Fact.MR's Coverage on the Chemical & Materials Domain –
Lithium Carbonate Market- Lithium carbonate is a major component in the production of lithium-ion batteries for electric vehicles, an industry that has seen remarkable growth in recent years. During the historical period, this expanding demand lifted manufacturer revenues proportionately, until the Chinese government announced catastrophic policies to decrease EV subsidies, negatively impacting demand for lithium carbonate in EV applications. Pharmaceutical makers have maintained a consistent demand over the years. All of these reasons are expected to propel the lithium carbonate industry forward.
Lithium Ingots Market- Lithium ingots are the major products extracted from lithium mines after exploration and processing. Because of the low cost of production, lithium ingots are quite affordable. Furthermore, the substance is widely used as an electrode in electric vehicles (EVs). The product's economic and technical significance far beyond its use as a battery anode. The fact that batteries drive lithium demand has become universal. As a result, the product's long-term market growth is significantly correlated with the growth of the battery market.
Lithium-ion Battery Cathode Market- Lithium-ion battery cathode market growth is expected to be driven by increasing use of lithium-ion battery cathodes in energy storage systems, increased demand for electric vehicles, and global industrialization in the coming years. Since a few years, sales of lithium-ion battery cathodes have been on the rise. Recent advancements in battery technology, acceptance of lithium-ion battery cathodes in electric vehicles, and development of lithium-ion batteries for next-generation consumer electronic products and services, such as medical wearables, are all contributing to the market's growth.
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