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.
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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.
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.
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.
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.
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The global lithium mining market is further classified on the basis of region as follows:
Our in-depth analysis of the global lithium mining market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing demand for lithium amongst various end-users is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2030.
The requirement of high investment, and hazards related to mining are estimated to hamper the market growth.
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.
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.
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.
The market is segmented by product, application, end-user, and by region.
The automotive segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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