As per a recent analysis by Future Market Insights (FMI), the globallithium mining market is projected to topUS$ 3.3 Bn by 2031. Growing demand for lithium ion batteries from end-use industries including automotive, packaging and consumer
electronics is expected to propel sales of lithium over the forecast period 2021-2031.
Lithium is widely being adopted in the manufacturing batteries for electric vehicles, owing to advantages such as longer
lifespan, improved fuel efficiency and low discharge rates. Increasing sales of electric vehicles are anticipated to
spur demand for lithium in the forthcoming years, which in turn will augment growth of the global lithium mining market.
Moreover, growing demand for glass and ceramics from the packaging industry is likely to create new opportunities for
key players operating in the lithium mining market. Glass and ceramics are mostly used in packaging of pharmaceuticals,
food and beverages, and other items. Increasing applications of lithium in the glass and ceramics industry will continue
boosting growth prospects of the lithium mining market.
In 2020, the global lithium mining market was heavily impacted by the novel coronavirus pandemic. Nationwide lockdowns,
travel restrictions, and halted on mining operations hampered the production and consumption of lithium. However, sales
are expected to recover in 2021 as demand for lithium from the automotive sector continues to grow.
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“Growing focus on fuel efficiency in automotive vehicles is expected to propel consumption of lithium for batteries in
the forthcoming years. Besides this, increasing sales of wearables and portable consumer electronics will continue
augmenting growth of the lithium mining market through 2031,” says an FMI analyst.
Key Takeaways:Lithium production through brine solutions is expected to capture 65% of the total lithium mining market share.The lithium hydroxide segment is projected to account for a dominant share over the forecast period.Applications of lithium in the battery segment are projected to grow at 8.5% year-over-year in 2021.Sales of lithium in the U.S. are projected to grow by 3.2% year-over year in 2021.Australia will emerge as an attractive market owing to the presence of high-capacity lithium reserves in the country.China will continue experiencing high demand for lithium due to increasing production and sales of consumer electronics.
Competitive Landscape
Albemarle, Ganfeng Lithium, Livent, Nemaska Lithium, Orocobre limited, Sichuan Tianqi Lithium Industries, SQM and
Lithium Americas Corp. are among the key market players identified by FMI. These players are projected to command60-70% of the total lithium mining market share.
Leading players operating in the global lithium mining market are focusing on production facility expansion through
mergers and acquisitions to gain a competitive edge in the market. For instance:In October 2021, Belgian material technologies group Umicore UMI.BR signed a long-term lithium supply deal with Gangfen
Lithium Co. Ltd. to expand its production capacity in response to rising electric vehicles demand.
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More Insights into the lithium Mining Market Report
In its latest report, FMI offers an unbiased analysis of the global lithium mining market, providing historical data for
the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market
potential, its growth, and scope, the market is segmented on the basis of source (brine and hard rock), type (lithium
carbonate and lithium hydroxide) and applications (battery, ceramics and glass, lubricants and grease, polymer, flux
powders, and refrigeration) and across seven regions (North America, Latin America, Eastern Europe, Western Europe, Asia
Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).
What Is the Impact of the COVID-19 Crisis on the Lithium Mining Market?
The ongoing COVID-19 crisis is anticipated to have a significant impact on the global economic growth for the period of
2020-2021. The global economic growth curve witnessed a downfall up to -5% owing to the pandemic. Factors such as
nationwide lockdowns, travel restrictions, and halted manufacturing and production across various sectors has resulted
in stunted consumption of lithium.
Mining operations were also shut down in 2020 in globally. This has resulted in dampened growth prospects in the global
lithium mining market. However, with resumptions in production and sales in the automotive and consumer electronics
industry, the lithium mining market is expected to recover at a steady pace over the forecast period.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of
Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses
opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel
and End Use over the next 10-years.
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