Dublin, Aug. 04, 2023 (GLOBE NEWSWIRE) -- The "Solution Mining Market Size, Share & Trends Analysis Report By Product (Magnesium, Lithium, Potash, Borates, Trona), By Region (North America, Europe, Asia Pacific, MEA), And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
Global Solution Mining Market Set to Reach USD 27.36 Billion by 2030, Growing at a CAGR of 4.0%
The significance of lithium in the renewable energy landscape has driven the demand for its production through solution mining. Also known as In-situ Leaching (ISL) or In-situ Recovery (ISR), solution mining proves to be a fruitful process for market growth.
In this eco-friendly technique, minerals are extracted from the ore by leaching liquids through the ground, resulting in minimal surface disturbance and zero generation of tailings or waste rock. Lithium, trona, borate, potash, and magnesium are some of the key products obtained through this technology, with extensive applications across various industries.
Among these products, lithium plays a critical role in manufacturing batteries for electric vehicles, aligning with the growing global emphasis on sustainable transportation. Additionally, potash, a vital element for enhancing crop yields, accounted for the largest revenue share in 2022. As soil nutrients decline, the demand for potash continues to expand, positively impacting the market's growth.
North America emerges as a leading operator in the solution mining space, with notable investments in new mining products, especially boron products, driven by the high demand in the U.S. The region's strategic approach towards new product development and capacity expansion by market players is expected to bolster industry growth.
An exemplary instance of such growth strategies is seen in the Canadian government's recent investment of USD 2 billion to accelerate the production and processing of critical minerals for the Electric Vehicle (EV) battery supply chain. This investment has the potential to significantly ramp up the extraction and processing of essential minerals like lithium, nickel, and cobalt.
With the growing focus on renewable energy and sustainable practices, the solution mining market is set to experience substantial growth, offering eco-friendly and efficient solutions for mineral extraction. As the demand for critical minerals continues to surge, this market is poised to play a pivotal role in meeting global energy and environmental objectives.
Solution Mining Market Report Highlights
- The potash segment held the largest revenue share in 2022. Growing crop production is propelling the demand for fertilizers and thus, positively influencing the production of potash
- In terms of revenue, lithium is anticipated to register a significant CAGR during the forecast period owing to its rising demand for EV batteries and renewable energy-related applications
- Asia Pacific accounted for the maximum revenue share in 2022 and will expand further at a steady CAGR from 2023 to 2030
- In January 2021, the Government of Rajasthan (India), Mineral Exploration Corp. Ltd. (MECL), and Rajasthan State Mines & Minerals Ltd. (RSMML) signed a tripartite agreement for conducting feasibility studies related to solution mining of potash in Rajasthan, India. It is India's first solution mining site
- The market is characterized by intense competition owing to the presence of a number of players entering into long-term supply contracts with end-users
Company Profiles
- Vale
- 5E Advanced Materials, Inc.
- Eti Soda Elektrik
- Intrepid Potash
- K+S Potash Canada GP
- Nutrien Ltd
- Mosaic
- Nedmag B.V.
Key Attributes:
| Report Attribute | Details |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $19.95 Billion |
| Forecasted Market Value (USD) by 2030 | $27.36 Billion |
| Compound Annual Growth Rate | 4.0% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Snapshot
2.2. Segmental Outlook
2.3. Competitive Outlook
Chapter 3. Market Variables, Trends & Scope
3.1. Market Outlook
3.2. Penetration & Growth Prospect Mapping
3.3. Value Chain Analysis
3.4. Technology Trends
3.5. Regulatory Framework
3.6. Market Dynamics
3.7. Industry Analysis- Porter's
3.8. PESTEL Analysis
Chapter 4. Solution Mining Market: Product Estimates & Trend Analysis
4.1. Definition & Scope
4.2. Product Movement Analysis & Market Share, 2022 & 2030
4.3. Lithium
4.4. Trona
4.5. Borates
4.6. Potash
4.7. Magnesium
Chapter 5. Solution Mining Market: Regional Estimates & Trend Analysis
5.1. Regional Snapshot
5.2. Regional Movement Analysis & Market Share, 2022 & 2030
Chapter 6. Competitive Analysis
6.1. Recent Developments & Impact Analysis, By Key Market Participants
6.2. Company /Competition Categorization
6.3. Vendor Landscape
6.3.1. List of Prominent Manufacturers
6.3.2. List of Prospective End-Users
6.4. Solution Mining: Cost Outlook
6.4.1. Lithium
6.4.2. Potash
For more information about this report visit https://www.researchandmarkets.com/r/l89olr
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