London, March 27, 2023 (GLOBE NEWSWIRE) -- One of the hottest areas of interest in the backdrop of auto industry’s transformation to e-mobility, lithium has been gaining traction across sectors like battery technology, chemical manufacturing, ceramics, glass, lubricants, and polymers. Demand will also remain influenced by its growing consumption as an ideal material in industrial processes like cooling, dehumidification, and air treatment. A recently published study of Fairfield Market Research foresees the global lithium mining market to exceed the US$1 Bn mark by 2025 end. During 2021 – 2025, the market is likely to demonstrate a stellar 16.3% CAGR. “Lithium industry remained relatively unaffected by any of the substantial disruptions caused by the global COVID-19 pandemic. Low-key production prevailed. The industry also has large stocks in inventory that maintains an assured buffer to cater to the expected rise in demand post-pandemic,” marks the analyst at Fairfield.
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Key Research Insights
- Global lithium mining market revenue is poised to exhibit more than 26% growth between 2021 and 2025
- Brines continue to be the most sought-after lithium source through 2025
- Lithium hydroxide slated to outpace demand for lithium carbonate in long term
Insights into Segmentation Analysis
In the light of dramatically falling prices of Li-ion battery that dropped to 89% through the decade till 2020, the affordability of EVs increased by manifold. The resultant anticipated rise in EV sales will strongly favor lithium producers, post-pandemic. The hybrid EV sales also accelerated after the pandemic situation, further complemented by a favorable pricing scenario. “Several prominent miners in lithium industry have been since focused on gaining an improved control along the value chains and thereby amplify the profit margins in future,” reports the analyst. The battery segment is thus expected to dominate the lithium mining market as projected in the analysis by end use.
On the other hand, the type-wise analysis of the market uncovers expensive price point of lithium hydroxide than that of lithium carbonate. While the latter currently represents a dominating market segment, the former is likely to flourish in near term as it witnesses greater consumption by Li-ion battery makers. Based on the source of lithium, brines will most likely remain the most preferred alternative owing to their cost efficiency when compared to the other two, i.e., hard rock or spodumene.
Key Report Highlights
- The world has more than 15 million MT lithium deposits in an extractable form
- Australia, followed by China, contributed a collective share of over 60% in global lithium production in 2019
- Production potential of the Lithium Triangle remains underutilized
Insights into Regional Analysis
The report findings indicate top position of Australia when it comes to production. While Australia has been housing the largest concentrated deposits of lithium, the nation currently represents over half the global lithium production. China follows, says the report. Despite this scenario, the Chile-Argentina-Bolivia Lithium Triangle that reserves massive lithium deposits will most unlikely be able to contribute a fortune toward the global lithium production volume. “The water scarcity has been severing, resulting in the complications that create headwinds during the lithium extraction across the Lithium Triangle. This will continue to be a longstanding challenge suppressing the complete potential of the global lithium mining space,” says the analyst at Fairfield. Besides Australia, Chile, China, and Argentina continue to lead the lithium landscape in terms of potential extractable reserves.
Key Market Players
Ganfeng Lithium Co., Ltd., SQM S.A., Albemarle Corporation, Mineral Resources, Lithium Americas Corp., Tianqi Lithium, Livent, and Orocobre Limited Pty Ltd. constitute some of the major competitors steering the competitive landscape of worldwide lithium mining market.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2020 | |
| Forecast Year | 2021 – 2025 | |
| Market Size in 2019 | US$829.73 Mn | |
| Estimated Market Size in 2029 | US$1,630.30 Mn | |
| CAGR | 26.3% | |
| Key Players | Ganfeng Lithium Co., Ltd., Albemarle Corporation, SQM S.A., Mineral Resources, Tianqi Lithium, Lithium Americas Corp., Orocobre Limited Pty Ltd., Livent | |
The Global Lithium Mining Market is Segmented as Below:
By Source Coverage
- Brine
- Hard Rock
- Others
By Type Coverage
- Lithium Carbonate
- Lithium Hydroxide
By End-use Coverage
- Battery
- Glass & Ceramics
- Grease
- Polymer
- Flux Powder
- Refrigeration
- Others
By Geographical Coverage
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Leading Companies
- Albemarle Corporation
- SQM S.A.
- Ganfeng Lithium Co., Ltd.
- Tianqi Lithium
- Mineral Resources
- Lithium Americas Corp.
- Livent
- Orocobre Limited Pty Ltd
- Ramboll Group
Inside This Report You Will Find:
1. Executive Summary
2. Market Overview
3. Price Trends Analysis and Future Projects, 2017 - 2025
4. Global Lithium Mining Market Outlook, 2017 - 2025
5. North America Lithium Mining Market Outlook, 2017 - 2025
6. Europe Lithium Mining Market Outlook, 2017 - 2025
7. Asia Pacific Lithium Mining Market Outlook, 2017 - 2025
8. Latin America Lithium Mining Market Outlook, 2017 - 2025
9. Middle East & Africa Lithium Mining Market Outlook, 2017 - 2025
10. Competitive Landscape
11. Appendix
Learn More About the Report Inclusions, and Research Methodology: https://www.fairfieldmarketresearch.com/report/lithium-mining-market/more-information
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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