As per FMI, the globallithium mining market is projected to reach US$ 1.65 billion in 2021. Growing application across glass & ceramics, polymer, and pharmaceutical industries is favoring lithium sales. Driven by this, the market is estimated to
reach US$ 3.3 billion by 2031, expanding at a CAGR of 7.2% over the forecast period 2021-2031.
More than half of the total lithium produced around the world is used for manufacturing batteries owing to its strong
electrochemical potential and lightweight. Increasing demand for li-ion batteries across consumer electronics such as
smartphones and laptops, and medical devices such as mobile diagnostics devices and others is accelerating the market
growth. As per FMI, the sales of lithium are expected to showcase year-over-year growth of 8.5% in 2021 across the
battery industry.
Sales for electric vehicles are increasing as automotive manufacturers look for solutions to offer greater fuel
efficiency and comply with stringent emission control regulations implemented by governments. According to the
International Energy Agency, around 7 million electric vehicles (EV) were sold in 2019. This rise in sales is propelling
the demand for the EV components including batteries, which is consequently, creating high opportunities for the growth
of the market.
Based on type, lithium hydroxide is anticipated to remain a dominant segment in the global market. The growth of the
segment is attributed to the increasing applications in air conditioning, glass and ceramics, refrigeration, and battery
manufacturing.
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“Leading companies are focusing on acquiring more land for increasing their production capacity and adopting advanced
technologies for optimizing the recovery of lithium. Through this, they intend to meet surging demand from the battery
industry,” says a FMI analyst.
Key Takeaways from Lithium MiningMarket StudyThe U.S. is anticipated to lead the market in North America, registering a year-on-year growth of 3.2% through 2021.Australia, being the leading producer and exporter of lithium in the world, is expected to account for a substantial
revenue share in South Asia Pacific market.China is projected to emerge as a highly remunerative market in East Asia, favored by the increasing lithium-ion battery
applications across the electric vehicle sector.South Korea and Japan are forecast to collectively account for 11% of the total sales, owing to the surging demand from
consumer electronics and medical devices in the country.In terms of source, lithium brine is estimated to hold the largest revenue share in the segment, accounting for 65% of
the overall sales through 2021.
Competitive Landscape
As per FMI, key companies operating in the global market are Jiangxi Ganfeng Lithium Co. Ltd., Albemarle, Tianqi
Lithium, Sociedad Química y Minera de Chile, and Pilbara Mineral. These players are estimated to account for 50 to 55%
of the total lithium sales through 2031.
Leading manufacturers are focusing on adopting strategies such as collaborations, agreement, mergers and acquisitions to
expand their production facilities to address the growing demand. For instance,In September 2021, Albemarle Lithium UK, a global specialty chemicals company, announced entering into an agreement with
a lithium convertor based in China, Guangxi Tianyuan New Energy Materials Co., Ltd for acquiring all outstanding equity.
. Under the agreement, Albemarle will complete the acquisition in 2022.In April 2021, Tianqi, a Chinese mining and manufacturing company, announced acquisition of an Australian mining
company, IGO Ltd, to expand its production capacity of lithium hydroxide.
Some of the key players operating in the market profiled by FMI are:AlbemarleGanfeng LithiumLiventNemaska LithiumOrocobre limitedSichuan Tianqi Lithium IndustriesSQMLithium Americas CorpTianqi LithiumGanfeng Lithium Co., Ltd.General Lithium CorpLITHIUM EXPLORATION GROUPLSC Lithium CorporationNeo Lithium CorporationU.S. Lithium CorpYacimientos de Litio Bolivianos
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More Valuable Insights on Lithium MiningMarket
FMI, in its new report, offers an unbiased analysis of the global lithium mining market, analyzing forecast statistics
through 2021 and beyond. The survey reveals growth projections on in lithium mining market with detailed segmentation:
By Source:BrineHard RockOthers
By Type:Lithium CarbonateLithium Hydroxide
By Application:BatteryCeramics and GlassLubricants & GreasePolymerFlux PowderRefrigerationOthers
By Region:North AmericaLatin AmericaEuropeEast AsiaSouth Asia PacificMiddle East and Africa
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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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