Lithium Mining Market: By Type (Lithium Carbonate, Lithium Hydroxide), By Source (Brine, Hard Rock, Others), By Application (Battery, Ceramics and Glass, Lubricants & Grease, Polymer, Flux Powder, Refrigeration, Others), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
Global Lithium Mining Market to surpass USD 3.1 billion by 2031 from USD 1.6 billion in 2021 at a CAGR of 6.7% in the coming years, i.e., 2021-2031
Lithium is a chemical element that has multiple industrial applications in modern product manufacture including electronics, vehicles, and healthcare. It can be found in a variety of grease lubricants, pharmaceuticals, lithium-ion batteries, and other applications. In addition to the applications listed above, it can be used to treat a variety of mental illnesses and eating disorders, including schizophrenia, bipolar disorder, anorexia, and bulimia. Because lithium-ion batteries are one of the lightest metals, the majority of electric car manufacturers choose them to preserve vehicle economy.
Global Lithium Mining Market to surpass USD 3.1 billion by 2031 from USD 1.6 billion in 2021 at a CAGR of 6.7% in the coming years, i.e., 2021-2031. The market is likely to be driven by factors such as expanding electric car sales and the rising need for batteries. Furthermore, as the demand for electrical and electronic items grows, so does the demand for batteries. During the next assessment period, the rapid adoption of electric vehicles in emerging economies is predicted to generate substantial prospects for the worldwide lithium mining market.
On the basis of Type, the global Lithium Mining Market is fragmented into Lithium Carbonate, and Lithium Hydroxide. Lithium carbonate accounts for the majority of mining because of its widespread production from brines and hard rock mining. It is simple to create, and thus accounts for the majority of metal produced. It's widely utilized in the glass and ceramic industries, as well as in the medical field to treat mental health issues. The concentrate segment is likely to rise indirectly as hard rock mining activities increase around the world. A rapid increase in chloride production is projected as a result of new technological breakthroughs in brine manufacturing.
Global Lithium Mining Market is classified on the basis of Source into Brine, Hard Rock, and Others. The hard rock sector dominates the market due to the largest quantity of reserves in the globe in the form of hard rocks. The earth's brine deposits are likewise abundant, but they aren't being used to their full potential. Bolivia's salt flats are a good illustration of this.
The Explosive Use of Lithium Mining in Air treatment Applications
An increase in the use of lithium in air treatment applications is driving the global lithium market. Lithium is used for cooling, dehumidification, and air regeneration, among other things. Shopping malls, hospitals, and other institutional institutions frequently use absorption chillers as a source of air cooling. Lithium chloride is used to dehumidify the air. In large areas where humidity is required, lithium chloride is utilized to absorb moisture. Lithium is also in high demand for applications involving air regeneration. Space spacecraft, submarines and mines, safety devices, and other areas all have systems to extract carbon dioxide from human emissions.
Growing Applications in Consumer Electronics and the Automotive Sector
The growing use of Li-ion batteries in the automotive and consumer electronics industries is likely to increase the demand for lithium mining in the near future. In addition, rising developments in electronic autos, as well as increased government support for them, would boost lithium demand over the anticipated period.
Strict Regulations for Environment Protection
The worldwide lithium mining market's growth may be hampered by the growing trend of sustainability and strict environmental laws. Furthermore, the lithium mining market is projected to suffer from price swings as a result of intense competition among market competitors.
(Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Global Lithium Mining Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Owing to the increasing applications of lithium by microelectronics, vehicle, and pharmaceutical industries, Asia Pacific is the dominating region in the global Lithium Mining Market. Lithium mining is predicted to rise in popularity as a result of its numerous advantages and applications over traditional metals. Electronics, pharma, and automobile sector brands from Asia-Pacific will bolster market expansion even further.
For the time being, the ongoing COVID-19 situation is expected to have a considerable influence on global economic growth. As a result of the epidemic, the global economic growth curve has slowed. Lithium consumption has been stifled due to factors such as statewide lockdowns, travel restrictions, and suspended manufacturing and production across numerous sectors.
Market size value in 2021
USD 1.6 billion
Revenue forecast in 2031
USD 3.1 billion
CAGR of 6.7% from 2021 to 2031
Base year for estimation
Revenue in USD million and CAGR from 2021 to 2031
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Type, Application, Source and Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key companies profiled
Jiangxi Ganfeng Lithium, Livent, Nemaska Lithium, Orocobre limited, Sichuan Tianqi Lithium Industries, SQM, Lithium Americas Corp, Youngy Corporation Ltd, Mineral Resources Limited and Other Prominent Players.
The Lithium Mining Market size was estimated at USD 1.6 billion in 2021 and is expected to reach USD 3.1 billion in 2031.
Lithium is a chemical element that has multiple industrial applications in modern product manufacture including electronics, vehicles, and healthcare
The Lithium Carbonate segment accounted for the largest Lithium Mining Market share.
Key players in the Lithium Mining Market include Albemarle, Ganfeng Lithium, Livent, Nemaska Lithium, Orocobre limited, Sichuan Tianqi Lithium Industries, SQM, Lithium Americas Corp, and Other Prominent Players
Lithium mining has become more important as the use of Lithium Ion Batteries and the usage of lithium in medicinal and pharmaceutical operations has increased, affecting market growth.
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