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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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.


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 Mining

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The 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. 


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

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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


Lithium Mining
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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


BEV Sales
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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

Key Questions Answered in the Report

1) What are the major factors driving the growth of the lithium mining market?

Ans: The growing demand for lithium amongst various end-users is estimated to boost the market growth.

2) What would be the CAGR of lithium mining market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2030.

3) What are the challenges affecting the lithium mining market growth?

Ans: The requirement of high investment, and hazards related to mining are estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of lithium mining market in future?

Ans: The market in the North America is estimated to provide more business opportunities over the forecast period, owing to the growing adoption of BEVs in the region.

5) Who are the major players dominating the lithium mining market?

Ans: The major players in the market are LIVENT, Lithium Americas Corp., Pilbara Minerals, Savannah Resources Plc, LSC Lithium Corporation, Neo Lithium Corporation, General Lithium Corp, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the lithium mining market?

Ans: The market is segmented by product, application, end-user, and by region.

8) Which segment captures the largest market size in end-user segment in the lithium mining market?

Ans: The automotive segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.

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