Rockville, March 28, 2023 (GLOBE NEWSWIRE) -- Over the next ten years, the worldwide lithium mining industry is expected to grow at a 7% CAGR by 2031. By the end of 2021, it's anticipated that major mining companies like Albemarle, Ganfeng Lithium, Livent, Nemaska Lithium, Orocobre Limited, Sichuan Tianqi Lithium Industries, SQM, and Lithium Americas Corp will have reached 120 KT in terms of mining capacity.
Globally, operations in the lithium mining business have been scaled back during COVID-19. LCE production fell from 95 KT in Q1 2020 to 60 KT in Q2. Following this collapse, the market has fully recovered, but the damage of more than $500,000,000 has disrupted the whole supply chain of the lithium mining industry.
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| Lithium Mining Market Report Scope & Strategic Insights: | |
| Report Coverage | Details |
| Market Size Value in | US$ 1.5 Billion in 2020 |
| Market Size Value by | US$ 3.1 Billion by 2031 |
| Growth rate | CAGR 7% from 2021-2031 |
| Forecast Period | 2021-2031 |
| Base Year | 2020 |
| No. of Pages | 170 |
| No. Tables | 84 |
| No. of Charts & Figures | 141 |
| Historical data available | Yes |
| Segments covered | Type, Source, End-Use and Geography |
| Regional scope | North America, Europe, Asia Pacific, Latin America, MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
There are several drivers for the lithium mining market, including:
- The increasing demand for electric vehicles, smartphones, and other electronic devices that use lithium-ion batteries is driving the demand for lithium. Lithium is a key component of these batteries, and as the demand for these products grows, so does the demand for lithium.
- Governments across the globe are promoting the use of electric vehicles as a means of reducing carbon emissions and achieving climate change targets. This has led to increased investment in the development of electric vehicle infrastructure and the expansion of lithium-ion battery production capacity.
- Lithium-ion batteries are increasingly being used for energy storage systems, particularly in renewable energy applications. As the use of renewable energy grows, the demand for lithium is expected to increase as well.
- Emerging markets such as China and India are seeing rapid growth in the adoption of electric vehicles and renewable energy, which is driving demand for lithium.
- As technology improves, the use of lithium-ion batteries is becoming more efficient, leading to increased demand for high-quality lithium.
Overall, the growing demand for lithium-ion batteries, coupled with government initiatives to promote renewable energy and electric vehicles, is expected to drive the growth of the lithium mining market in the coming years.
There are several restraints for the lithium mining market, including:
- Lithium mining can have significant environmental impacts, including water pollution, soil degradation, and deforestation. These concerns have led to increased scrutiny of the industry and may lead to stricter regulations in the future.
- The lithium mining industry is highly concentrated, with a few key players dominating the market. This concentration can lead to supply chain constraints, such as production bottlenecks or supply disruptions, which can impact the availability and price of lithium.
- While lithium-ion batteries are currently the dominant technology for energy storage, there are alternative technologies, such as flow batteries, that may become more competitive in the future.
- The majority of lithium reserves are located in a few countries, such as Chile and Argentina, which can lead to geopolitical risks such as trade disputes, political instability, and changes in government policies.
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Key Market Trends:
Some of the current trends in the lithium mining market include:
- With the growing demand for lithium, there is increasing investment in expanding production capacity. This includes investment in new mines, as well as the expansion of existing mines.
- Some companies are pursuing vertical integration strategies, where they control the entire supply chain from mining to battery production. This can help to ensure a secure supply of high-quality lithium and reduce supply chain risks.
- As technology improves, the efficiency of lithium mining is expected to increase, leading to lower costs and higher yields. There is also research being done into new methods of lithium extraction, such as using geothermal brines or extracting lithium from seawater.
- With the increasing use of lithium-ion batteries, there is also a growing need for battery recycling. Some companies are investing in recycling technologies that can recover lithium and other valuable metals from spent batteries.
- With growing concerns about the environmental impact of lithium mining, some companies are adopting more sustainable practices, such as using renewable energy to power their operations and minimizing water usage.
Competitive Landscape:
The lithium mining market is relatively concentrated, with a few major players dominating the industry. Furthermore, there is competition among the various types of lithium deposits, including brine and hard rock sources. Key players in the market are Gangfeng Lithium, SQM, and Tianqi. These control around 70% of the global supply.
Key Companies Profiled
- Albemarle
- Ganfeng Lithium
- Livent
- Nemaska Lithium
- Orocobre limited
- Sichuan Tianqi Lithium Industries
- SQM
- Lithium Americas Corp
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Key Questions Covered in the Lithium Mining Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Lithium Mining sales grow until 2031?
- Which are the factors hampering the Lithium Mining demand?
- Which region will spearhead the growth in the global industry by 2031?
- Which are the factors driving sales in the Lithium Mining Market during the forecast period?
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