Pune, India, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The global lithium mining market size was valued worth $321.36 million in 2020 and is projected to grow from $343.22 million in 2021 to $516.22 million in 2028, growing at a CAGR of 6% during forecast period from 2021-2028. The high demand for power because of the surging urbanization and industrialization worldwide would affect growth positively. It would result in the increasing demand for lithium-ion batteries for storing the excessive energy. This information is published by Fortune Business Insights, in its latest report titled “Lithium Mining Market Size, Share & Industry Analysis with Regional Forecast, 2021-2028”.
Key Industry Developments:
A team of scientists at the Karlsruhe Institute of Technology (KIT) invented a new minimally invasive process for extracting lithium from the deep waters in geothermal plants of the Upper Rhine Trench, Germany. The lithium-ions are filtered out of the thermal water in the first step and then they are concentrated.
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| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 6% |
| 2028 Value Projection | USD 516.22 Million |
| Base Year | 2020 |
| Market Size in 2020 | USD 321.36 Million |
| Historical Data for | 2017-2019 |
| No. of Pages | 230 |
| Segments covered | Lithium Mining Market Segementaion By Source (Brine, Hard Rock), By Type (Chloride, Hydroxide, Carbonate, Concentrate), and Region |
| Growth Drivers | Surging Usage for Manufacturing Glass-ceramic Cooktops to Augment Growth |
| Key Companies Aim to Come up with New Mining Technologies to Compete in Market |
Drivers & Restraints-
Various lithium compounds, such as spodumene and lithium carbonate are extensively used in the ceramics and glass sector for the production of glazes and enamels. These are capable of improving the viscosity for coating, surging the strength of ceramic bodies, thermal expansion, and enhancement of the glaze’s color, luster, & strength. Also, lithium is majorly utilized in the manufacturing of glass-ceramic cooktops where thermal resistance and expansion are considered to be non-essential. However, the recycling of lithium-ion batteries is an expensive process because of the lack of adequate setups. It may obstruct the lithium mining market growth in the near future.
Orocobre and Galaxy Resources Sign Merger Deal to Create Lithium Producer for Batteries
In April 2021, Orocobre and Galaxy Resources, two leading lithium miners based in Australia signed a merger agreement worth USD 3 billion for developing the fifth largest producer of the chemical element in the world to make batteries of electric vehicles. The new entity is yet to be named and will have a corporate headquarter on the Australian East Coast. The head office will be in Buenos Aires. Galaxy would hold around 45.8%, while Orocobre will own 54.2% share of the merged organization. These types of initiatives by key companies would help in boosting the demand for such mining activities.
COVID-19 Impact-
Halt of Production Facilities by Gas Companies to Hinder Growth amid COVID-19 Pandemic
Prominent gas companies across the globe have halted their production facilities temporarily because of the low demand and disruptions in the supply chain of lithium amid the COVID-19 pandemic. This factor is expected to affect the sector negatively. Also, the loss of workforce and operational time owing to stringent lockdown measures in various countries has taken a toll.
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Report Coverage-
The research report contains an in-depth study of various regions. It was curated by our team of highly skilled analysts after studying and observing numerous factors that determine regional growth, such as political, technological, social, economic, and environmental status of that particular region. The competitive landscape section was developed to help our clients better understand the collaborations and strategies that key lithium mining service providers are focusing on to compete with their rivals globally.
Segmentation-
Hard Rock Segment to Dominate Stoked by Abundance Availability Globally
By source, the lithium mining industry is categorized into brine and hard rock. Amongst them, the hard rock segment is presently in the dominant position and would remain so in the upcoming years. This growth is attributable to the abundance availability of hard rock lithium reserves worldwide.
Country Insights-
Australia Earned USD 110.40 Million in Terms of Revenue in 2020: Fortune Business Insights™
Country wise, Australia is estimated to remain at the forefront in the forthcoming years. It held a global lithium mining market share of about USD 110.40 million in terms of revenue in 2020. The rising number of huge mining projects and the presence of numerous lithium reserves would augment growth. On the other hand, Portugal is set to grow significantly backed by the presence of huge deposits of the chemical element in the form of hard rocks in the country. In China, the industry is anticipated to grow steadily on account of the presence of many deposits of lithium in the forms of hard rocks and brines.
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Competitive Landscape-
There are multiple big, small, and medium-sized companies in the lithium mining industry. But, only a handful of them are investing in developing state-of-the-art mining technologies. They are majorly striving to compete with their rivals. A few educational institutions are also joining hands with private organizations to discover novel techniques.
A List of Key Manufacturers Operating in the Global Market:
- Jiangxi Ganfeng Lithium (China)
- Albemarle Corporation (U.S.)
- Tianqi Lithium (China)
- Sociedad Química y Minera (Chile)
- Mineral Resources Limited (Australia)
- Pilbara Minerals (Australia)
- FMC Corporation (U.S.)
- Nemaska Lithium Inc. (Canada)
- MGX Minerals Inc. (Canada)
- Orocobre Limited Pty Ltd (Australia)
- Nordic Mining ASA (Norway)
- Wealth Minerals Limited (Canada)
- Galaxy Resources Limited (Australia)
- Lithium Americas Corp. (Canada)
Lithium Mining Market Segmentation:
By Source:
- Brine
- Hard Rock
By Type:
- Chloride
- Hydroxide
- Carbonate
- Concentrate
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Porters Five Forces Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Lithium Mining Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments by Industry Players in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
6. Global Lithium Mining Market Analysis (Metric Tonnes and USD Million), Insights and Forecast, 2017-2028
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Source
6.2.1. Brine
6.2.2. Hard Rock
6.3. Market Analysis, Insights and Forecast – By Type
6.3.1. Lithium Chloride
6.3.2. Lithium Hydroxide
6.3.3. Lithium Carbonate
6.3.4. Lithium Concentrate
6.4. Market Analysis, Insights and Forecast – By Country
6.4.1. U.S.
6.4.2. Canada
6.4.3. Portugal
6.4.4. China
6.4.5. Australia
6.4.6. Argentina
6.4.7. Bolivia
6.4.8. Chile
6.4.9. Brazil
6.4.10. Namibia
6.4.11. Nigeria
6.4.12. Zimbambwe
Continued…
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