Isle of Man, Nov. 02, 2022 (GLOBE NEWSWIRE) -- Lithium Mining Market Size & Outlook to 2028
Lithium demand is rising because of the ongoing adoption of electric vehicles. Moreover, there have been astounding developments in fields like ceramics and glass, polymer production, and medicine. These developments promote urbanization and industrialization, making developing and producing metals like lithium vital.
As the market is expected to grow, industry players need more quality insights for better decision-making. Hence, the Douglas Insights comparison engine may be their best bet. The latest addition to the comparison engine is lithium mining market research reports.
It is the world’s first comparison engine that empowers professionals like researchers, analysts, and experts to compare and evaluate research studies from around the globe. Using the comparison engine, lithium mining industry players can extract valuable insights into the market trends, size, challenges, and opportunities. These insights can be used to make better decisions and investment strategies.
Now is perhaps the best time to use the comparison engine and gather crucial insights because the lithium mining market is estimated to grow at a compound annual growth rate of 6 percent from 2021 to 2028. The rise in the compound annual growth rate is attributable to multiple factors.
The lithium mining market dipped during COVID-19 globally because of the strict rules and lockdowns implemented to limit the spread of Coronavirus. Due to this, mining activities also came to a standstill, further lowering mining investments. However, the market bounced back as soon as the restrictions were removed.
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Market Growth Drivers
The driving force behind the quick market recovery and high demand for lithium mining activities is the shift in automobile buying trends. People are focused on environmental sustainability, which has led to the growing demand for electric vehicles. Electric vehicles are powered by Lithium-based batteries, which are eco-friendly, economical, and long-lasting. Furthermore, the technological advancements in the electrification of cars, buses, and trucks have also propelled the lithium mining market growth.
Besides the auto industry, increased usage of Li-ion-powered batteries in grid storage is another growth driver. The power demand has surged because of urbanization and the dependence on the automation process. People today need a consistent power supply for network usage round-the-clock. Due to all these activities, the energy sector is inclining toward renewable sources, which have fueled the growth of energy storage and lithium-ion batteries.
The latest technological breakthroughs in mining are expected to contribute to the market growth too. New technologies like Direct Extraction Technology (DET) will aid market growth. Unlike the conventional techniques, which used evaporation ponds, this technique uses organic sieves. It truly makes lithium mining and extraction an environment-friendly and sustainable practice. Another technology is DLP (Direct Lithium Product). This technology is also believed to be a driving force behind the market’s ability to respond successfully to the increasing demand.
However, as DLP and DET are in their infancy stage, these technologies may take a while to deliver as intended. The industry needs more investments to buy these technologies and training to use them to their full potential. Meanwhile, industry experts may have to rely on conventional practices, which include processing the metal through brine evaporation and washing it in PVC shallow ponds using sodium carbonate. This practice leads to water pollution and affects groundwater quality, escalating water scarcity. These ecological factors may adversely affect the market growth. However, investors and industry players may make the right investments at the right time and use eco-friendly technologies for lithium mining and extraction. In this case, the industry might grow even at a higher CAGR than estimated.
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Lithium Mining Market Report Coverage
| Report Attributes | Details |
| Market Size in 2021 | $XX Mn |
| Market Size Projection in 2028 | $XX Mn |
| CAGR (2021-2028) | XX % |
| Largest Market | North America |
| Growth Drivers | Automobile buying trends, Growing demand for electric vehicles, Technological advancements in the electrification of cars, buses, and trucks |
| Segmentation | By Type (Lithium Carbonate, Lithium Hydroxide) By End Use (Batteries, Lithium-Manganese Oxide (LMO), Lithium-Cobalt Oxide (LCO), Lithium-Nickel Manganese Cobalt Oxide (Li-NMC), Lithium-Nickel Cobalt Aluminum Oxide (NCA), Lithium-Titanate Oxide (LTO), Developments in Lithium-ion Batteries (LIBs), Lithium-Ion Battery Manufacturers, Glass and Ceramics, Lubricants and Grease, Polymers, Flux Powder, Other End Uses) |
| Regional Analysis | North America (US, Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Europe (U.K, Germany, Italy, France, Spain, Russia and Rest of Europe), APAC (China, Japan, India, South Korea, Australia, ASEAN and Rest of Asia Pacific), ME (GCC Countries, Israel, and Rest of Middle East) & Africa (South Africa, North Africa and Central Africa) |
| Key Companies Covered | ALBEMARLE CORP, ALLKEM LTD., GANFENG LITHIUM CO., LTD., LITHIUM AMERICAS CORP., LIVENT CORP., NEMASKA LITHIUM INC., PILBARA MINERALS LTD., SICHUAN YAHUA INDUSTRIAL GROUP CO., LTD. (YAHUA GROUP), SQM S.A. (SOCIEDAD QUÍMICA Y MINERA DE CHILE S.A.), TIANQI LITHIUM INDUSTRY CO., LTD. |
Segmentations
By Type
- Overview
- Lithium Carbonate
- Lithium Hydroxide
By End Use
- Overview
- Batteries
- Lithium-Manganese Oxide (LMO)
- Lithium-Cobalt Oxide (LCO)
- Lithium-Nickel Manganese Cobalt Oxide (Li-NMC)
- Lithium-Nickel Cobalt Aluminum Oxide (NCA)
- Lithium-Titanate Oxide (LTO)
- Developments in Lithium-ion Batteries (LIBs)
- Lithium-Ion Battery Manufacturers
- Glass and Ceramics
- Lubricants and Grease
- Polymers
- Flux Powder
- Other End Uses
By Region
- Overview
- APAC Market for Lithium Mining
- South American Market for Lithium Mining
- EMEA Market for Lithium Mining
- North American Market for Lithium Mining
Key questions answered in this report
- COVID 19 impact analysis on global Lithium Mining industry.
- What are the current market trends and dynamics in the Lithium Mining market and valuable opportunities for emerging players?
- What is driving Lithium Mining market?
- What are the key challenges to market growth?
- Which segment accounts for the fastest CAGR during the forecast period?
- Which product type segment holds a larger market share and why?
- Are low and middle-income economies investing in the Lithium Mining market?
- Key growth pockets on the basis of regions, types, applications, and end-users
- What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Unique data points of this report
- Statistics on Lithium Mining and spending worldwide
- Recent trends across different regions in terms of adoption of Lithium Mining across industries
- Notable developments going on in the industry
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2018 (actual) and 2028 (forecast)
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