Lithium Mining Market to Receive Overwhelming Hike USD 3.4 Billion in Revenues by 2032
As per a recent analysis by Future Market Insights (FMI), the global lithium mining market is projected to top US$ 3.4 Bn by 2032. 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 2022-2032.
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.
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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 2022 as demand for lithium from the automotive sector continues to grow.
“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 2032,” says an FMI analyst.
- 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 2022.
- Sales of lithium in the U.S. are projected to grow by 3.2% year-over year in 2022.
- 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.
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 command 60-70% 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.
- In October 2022, 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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Lithium Mining market by Category
- Hard Rock
- Lithium Carbonate
- Lithium Hydroxide
- Ceramics and Glass
- Lubricants & Grease
- Flux Powder
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 2022-2032.
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 2020-2022. 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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