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MINERALS, METAL & MINING

Lithium Mining Market Segmentation by Product (Lithium Hydroxide, Lithium Carbonate, and Others); by Application (Batteries, Glass, Air Conditioning Equipment, and Others); and by End-User (Automotive, Electronics, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Lithium Mining Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

·    May, 2021: Pilbara Minerals announced its agreement with Sydney-based technology company Calix to jointly develop a new mid-stream refining process to produce lithium salt.

·    October, 2021: SQM invited R&D centers, universities, and SMEs to propose ideas for electromobility and energy storage progress aiming to reduce carbon footprint.

Global Lithium Mining Market Highlights over 2022 – 2030

The global lithium mining market is estimated to grow at a CAGR of ~7% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing demand for lithium-based batteries for electric vehicles. The growing global demand for EVs, backed by initiatives to curb carbon emission, is projected to boost the market growth. Various other applications of lithium, including non-rechargeable batteries for pacemakers, ceramic and glass, flux additives for iron and steel, and others, are estimated to further boost the market growth. Moreover, increasing public-private investment in mining sector is foreseen to encourage the growth of the market.

Lithium MiningThe increasing battery-powered electric vehicle (BEV) sales is another primary factor expected to drive the market growth. According to the data by the International Energy Agency (IEA), 2,008,024 BEV were sold globally in 2020, up from 1,542,867 vehicles in 2019. The growing awareness amongst the public regarding the adoption of clean fuel to reduce vehicular pollution is anticipated to boost the market growth.

BEV Sales

The market is segmented by application into batteries, glass, air conditioning equipment, and others, out of which, the batteries segment is anticipated to hold the notable share in the global lithium mining market over the forecast period on account of increasing sales of battery-powered vehicles, and other equipment. Lithium is extensively used for manufacturing rechargeable, as well as, non-rechargeable batteries, which is expected to boost the market growth. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Chemicals

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Lithium Mining Market Regional Synopsis

On the basis of geographical analysis, the global lithium mining market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing mining activities, and growth in the manufacturing industry. Moreover, lower labor cost in the APAC region is estimated to fuel the lithium mining market in the region.

The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the increasing demand for lithium batteries in the automotive sector. Moreover, the increasing adoption of EVs in the region is anticipated to boost the market growth. According to a report by the IEA, 1,138,654 BEV were actively being used in the U.S. in 2020.

Lithium Mining Market

The global lithium mining market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global lithium mining market includes the following segments:

By Product

  • Lithium Hydroxide
  • Lithium Carbonate
  • Others

By Application

  • Batteries
  • Glass
  • Air Conditioning Equipment
  • Others

By End-User

  • Automotive
  • Electronics
  • Others

Growth Drivers

  • Increasing Demand for Lithium for Making Batteries
  • Growing Adoption of Battery-powered Vehicles

Challenges

  • Depletion of Ore Deposits
  • High Investment Required for Mining

Top Featured Companies Dominating the Market

  • Bacanora Lithium
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Tianqi lithium
  • Sichuan Yahua Industrial Group Co., Ltd.
  • LIVENT
  • Lithium Americas Corp.
  • Pilbara Minerals
  • Savannah Resources Plc
  • LSC Lithium Corporation
  • Neo Lithium Corporation
  • General Lithium Corp

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