Lithium Mining Market Size was valued at USD 3.96 billion in 2023. The Lithium Mining industry is projected to grow from USD 4.22 billion in 2024 to USD 6.96 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.47% during the forecast period (2024 - 2032)
Lithium mining is done through the mining process from the rocks and brines. The evaporation of the brine and washing the sodium carbonate in the shallow ponds that are PVC lined. The lithium compounds are intensively used in glass and ceramics. The potential characteristics of the ceramics such as increased strength, improved viscosity of the coating, enhanced glaze color, viscosity, strength, and luster of the ceramic bodies are considered as the major drivers of ceramics and thereby increasing the overall growth of the lithium mining industry.
On the other hand, the technologies in the mining industry are also developing which is resulting in effective and efficient mining processes. They are both resource and energy-efficient overall. They are also utilizing organic-based sieves and thereby protecting environmental sustainability. Such favorable conditions are presenting lucrative opportunities for the overall growth of the lithium mining industry.
COVID 19 had created a huge crisis in the industrial sector and business world. The distress that it had created had stayed for several years. The business and industrial operations were either slowed down or stopped completely and had changed the demand for the products as well. The declining economic condition and the change in customer preferences had affected the sales in several industries. For instance, the sales of automotive and other luxury items have reduced drastically. The key manufacturers were also affected and therefore the investment in the mining industries was also reduced. Moreover, the reduced labor forces have also created a state of inefficiency across the lithium mining industry.
On the other hand, the reduced supply of the metals and the demand towards the metals were also reduced. The fluctuation in the metal and mineral prices has also affected the overall growth of the lithium mining industry.
The intensive usage of lithium in medical devices, pharmaceutical operations, and the surging advances in electronic automobiles are stimulating the lithium mining market growth. Similarly, the growing application in the glass and ceramics, polymers, and pharmaceutical industries are also supporting the lithium mining market share.
The increasing sales of consumer electronics such as smartwatches, TV, smartphones, smart devices, and handheld devices that are available at an affordable price range and the production-intensive industrial verticals across China, Japan, and the U.S are considered as the major drivers of the lithium mining market growth.
The developed countries are increasingly investing in electric vehicles and the recent reports from International Energy Agency had reported that the sales of electric vehicles had crossed over 2.1 million in the year 2019. on the other hand, the increasing investment in the automotive industry combined with the presence of established market players are propelling the utilization of electric vehicles, thereby presenting lucrative opportunities for lithium mining market.
Similarly, several countries have imposed regulations, subsidies, and policies to adopt electric vehicles for commercial and personal purposes. Such factors are presenting lucrative opportunities for lithium mining market growth.
The increasing demand for electricity and the stimulating growth of power grids due to the increasing industrialization and urbanization are presenting lucrative opportunities for the overall growth of the lithium mining industry. The developing countries and the industrial market players are focusing on utilizing renewable energy resources and constantly working on energy storage. Such factors require lithium in every stage and thereby presenting a lucrative opportunity for the overall growth of the lithium mining industry.
The disposal and recycling facilities of lithium batteries are costly and extremely rare across several countries.
The improper disposal of these lithium batteries can cause a serious negative impact on the environment as well. Such factors are considered as the major restraints of lithium mining market.
The environmental impact of lithium mining and the processing of mined metal causes water pollution and disturbs other ecosystems as well. This factor affects the groundwater quality and the tiny lithium particles that remain in the air that causes serious respiratory diseases. Such factors are considered as challenges for lithium mining market size.
The health-related hazards created across the lithium mining industry had propelled the government to impose stringent regulations regarding the production volume of lithium and thereby considered as major challenges for the overall growth of the lithium mining industry.
Among several chemical elements, Lithium is intensively used in the manufacturing industries of electronics, automobiles, the healthcare sector, and significant others. There are several applications for lithium which include lubricants, medicines, lithium-ion batteries, and glass and ceramics. Moreover, the key manufacturers are bringing in developments across brine manufacturing and chloride production. Such factors are considered as the key growth stimulating factors of the lithium mining industry.
The intensive usage of lithium in the air treatment processes such as cooling, dehumidification, and air regeneration processes are stimulating the growth of the lithium mining industry. The awareness created among the public regarding indoor air pollution and the increasing utilization of HVAC systems across crowded cities or regions is considered as the primary growth-stimulating factor of the lithium mining industry. The defense sector which includes, space vehicles, submarines, miners, and other safety vehicles come with carbon dioxide removal systems, therefore, the utilization of lithium is increasing across the automotive industry as well.
The lithium mining market is highly influenced by the growth and revolution of the end-user industries such as automobile, medical, air treatment, and polymer production. The growing industrialization and urbanization across the globe which are reliant on metal production and utilization are some of the key factors that are boosting the overall growth of the lithium mining industry. The increasing demand for electric vehicles across the developed countries and the fuel efficiency factor is considered as the major drivers for Lithium mining market growth.
Similarly, the increasing demand for the consistent power supply and the demand for electricity across the industrial sectors without affecting the environmental stability is considered as the major driver of the lithium mining industry. Therefore the grid technology and the growing inclination towards renewable resources are considered as the key growth stimulating factors of the Lithium mining industry.
Based on Source
Based on Type
Based on Application
Based on Product
The Global Lithium Mining Market Share by Application:
Currently, Asia-pacific and U.S are expected to have a higher growth rate in the lithium mining industry, where the U.S was growing at the rate of 3.2%. The usage of Lithium-ion batteries in consumer electronics and medical devices is increasing and thereby presenting lucrative opportunities for the overall growth of lithium mining.
European countries are involved in manufacturing electric vehicles and they are improving their automotive industry and medical industry. Therefore the intensive utilization of Lithium in these industries is boosting the lithium mining market trends. For instance, Europe is focusing on fuel efficiency and imposing regulations for utilizing fuel-efficient vehicles. Moreover, the International Energy Agency has reported that the country had sold over 7 million electric vehicles.
In April 2020, researchers at Monash University in Australia, Australia’s national science agency CSIRO, the University of Melbourne and the University of Texas at Austin developed a new filter technology to extract Li-ions from brine which recovers much more than current extraction methods and reduces processing time from several months or years to just a few hours.
An invention by Karlsruhe Institute of Technology (KIT) scientists in August 2020 has allowed for economical mining of lithium in Germany through the extraction of the metal from deep waters in geothermal plants located within Upper Rhine Valley using minimally invasive techniques. There are no toxic substances emitted because they are returned to the underground after being used; this does not affect the generation of power using geothermal energy, especially when it comes to thermal water.
In 2022, Brazilian government announced through a decree issued by Ministerio de Minas e Energia (Ministry for Mines and Energy), an unlimited international trade on lithium minerals, ores and derivatives. Consequently, there will be numerous lucrative opportunities for growth in the market over the forecast period due to such initiatives.
Pilbara Minerals and Calix were given US$14 million grants for lithium projects in Australia during May 2022. The Federal Government gave out these grants under the Modern Manufacturing Initiative program. Their intention is to set up a demonstration-scale facility at their project partners’ location for chemical production.
Albemarle Corporation disclosed on September 2021 that its subsidiary Albemarle Lithium UK Limited entered into an agreement to buy all Guangxi Tianyuan New Energy Materials’ outstanding equity which is a Chinese-based conversion facility for lithium. Consequently, Albemarle will acquire all outstanding equity held by Tianyuan ’s shareholders for about US$200 million as set out in the agreement.
Lithium Americas Corp. completed its acquisition of Millennial Lithium Corp. in January 2022, under a court-sanctioned plan of arrangement pursuant to the Business Corporations Act (British Columbia), at approximately $491 million.
This report has covered:
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 3.96 Billion |
| Market Size 2024 | USD 4.22 Billion |
| Market Size 2032 | USD 6.96 Billion |
| Compound Annual Growth Rate (CAGR) | 6.47% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018 & 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Source, Type and application |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Albemarle Corporation (U.S.), SQM (Chile), FMC Lithium (U.S.), Tianqi Lithium Corporation (China), Jiangxi Ganfeng Lithium Co., Ltd. (China), LITHIUM AMERICAS (Canada.), MGX Minerals Inc (Canada), Nemaska Lithium (Canada), Galaxy Resources Limited (Australia), Wealth Minerals Ltd (Canada) |
| Key Market Opportunities | Its high energy density, thermal resistance, long durability, and minimal maintenance are the important trends and factors influencing the market confidently |
| Key Market Dynamics | The growing demand for brine source producing lithium is set to dominate the market over the assessment period. |
Lithium Mining Market Highlights:
Frequently Asked Questions (FAQ) :
Lithium is mainly used in batteries, glass, grease, and air conditioning equipment, among others. The batteries application is the leading segment in the global lithium mining market.
Brines is the leading segment of the lithium market by source.
Lithium hydroxide is the dominant segment of the market in this regard, followed by lithium carbonate.
Asia Pacific holds the largest share in the global lithium mining market due to the growing demand in battery production.
Leading players in the lithium mining market include SQM, Albemarle Corporation, FMC Lithium, Lithium Americas, Nemaska Lithium, and Galaxy Resources Ltd.
The Lithium mining market value was at USD 3.96 billion in the year 2023 and it is expected to surpass the market value of over USD 6.96 billion by the year 2032 while registering a CAGR of 6.47% during the forecast period.
The Lithium-ion batteries used in consumer electronics are considered as the major consumer of the Lithium mining industry, which is due to the increasing demand for lithium.
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Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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