Pune, India, Aug. 06, 2021 (GLOBE NEWSWIRE) -- The global lithium mining market size is set to gain impetus from the increasing electrification of trucks, buses, two-wheelers, and three-wheelers. The International Energy Agency’s Global EV Outlook 2020 stated that in 2019, around 2.6% of electric cars were sold worldwide. It showcased a surge of 40% compared to 2018. This information is given by Fortune Business Insights™ in a report titled, “Lithium Mining Market, 2021-2028.” As per the report, the market stood at USD 321.36 million in 2020. It is projected to grow from USD 343.22 million in 2021 to USD 516.22 million in 2028 at a CAGR of 6% during the forecast period.
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A list of renowned lithium mining companies present 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 (US.)
- 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)
REPORT SCOPE & SEGMENTATION:
| Report Coverage | Details |
| Forecast Period | 2021 to 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 to 2019 |
| No. of Pages | 230 |
| Tables, Charts & Figures | 237 |
| Segments covered | Source; Type; and Region |
| Growth Drivers | Growing Technological Advancements in Mining to Aid Market Dynamics |
| Increasing Demand for Lithium in Glass and Ceramic Manufacturing to Drive Market | |
| Rising Hard Rock and Brine Activities Will Drive the Carbonate Segment's Growth | |
| Pitfalls & Challenges | Environmental Impacts of Mining to Restrain Market Growth |
COVID-19 Pandemic: Declining Investments and Lockdown to Obstruct Growth
The COVID-19 pandemic has taken a huge toll on this industry because of the imposition of social distancing and lockdown norms worldwide. Investments in the mining industry have also declined amid the pandemic. We are offering in-depth research reports to help you tackle this grave situation with our unique strategies.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:
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Lithium Chloride Segment Earned 48.8% Share in 2020: Fortune Business Insights™
Based on type, the market is segregated into chloride, hydroxide, carbonate, and concentrates. Out of these, the chloride segment generated 48.8% in terms of the lithium mining market share in 2020. The carbonate segment is set to remain at the forefront because of its increasing production through hard rock mining and brines.
Report Coverage-
The report studies decisive segments of the industry containing regions, end-users, technologies, types, and applications. It explains the performance and importance of each of the segments by considering sales volume, growth prospects, revenue share, and demand. Additionally, it would help our clients to accurately determine the market size to guide them in selecting the right strategy for their business growth.
Drivers & Restraints-
Increasing Development of Energy-efficient Mining Techniques to Boost Growth
The rising technological investments in mining and metallurgy are set to propel lithium production across the globe. Also, ongoing research activities are leading to the development of new energy-efficient techniques to conduct lithium mining. Most of these techniques, such as direct lithium extraction, utilize organic sieves by replacing vast evaporation ponds, thereby making it a sustainable practice. However, mining practices often cause water scarcity by affecting the quality of groundwater. It may hinder the lithium mining market growth in the near future.
Country Insights-
Rising Awareness of Environmentally Friendly Electric Vehicles to Help Australia Dominate
- Australia is in the leading position, and it procured USD 110.40 million in 2020 in terms of revenue. This growth is attributable to the surging awareness among people regarding the usage of eco-friendly electric vehicles in the country.
- The spurring number of brine mining activities is estimated to help Chile remain in the second position throughout the forthcoming years in the lithium mining industry.
- Brazil, Argentina, and Bolivia are set to grow steadily on account of the increasing investments in mining activities as these countries own several lithium reserves.
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Competitive Landscape-
Key Players Focus on Development of Innovative Technologies to Intensify Competition
The global market contains a large number of companies that are currently focusing on R&D activities to unveil cutting-edge mining technologies. These are helping them to gain a competitive edge. Below are the two crucial industry developments:
- April 2021: QMC Quantum Minerals bagged the permit to accelerate the 2021 work program, mainly for its Irgon Lithium Mine Project in Canada. It would enable the company to conduct channel and surface sampling and prospecting and stripping of overburden.
- April 2020: A team of researchers from the University of Texas at Austin, the University of Melbourne, Australia’s national science agency CSIRO, and Monash University successfully created a novel filtering technology for extracting Li-ions from brine.
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Major Table of Content for Lithium Mining Market:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Lithium Mining Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Lithium Mining Market Analysis (Metric Tons and USD Million), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Source
- Brine
- Hard Rock
- Market Analysis, Insights and Forecast – By Type
- Lithium Chloride
- Lithium Hydroxide
- Lithium Carbonate
- Lithium Concentrate
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Portugal
- China
- Australia
- Argentina
- Bolivia
- Chile
- Brazil
- Namibia
- Nigeria
- Zimbabwe
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