Lithium Mining Market Projected to Grow at a CAGR of ~7% During 2022 – 2030

Research Nester published a report titled Lithium Mining Market: Global Demand Analysis & Opportunity Outlook 2030which delivers detailed overview of thegloballithium mining market in terms of market segmentation by product, application, end-user, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The globallithium mining market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2030. The market is segmented by application into batteries, glass, air conditioning equipment, and others, out of which, the batteries segment is anticipated to hold the notable share in the market over the forecast period on account of increasing demand for batteries for battery-powered vehicles, clocks, pacemaker, and other equipment. The growing sales of EVs along with advantages of lithium-ion battery are estimated to boost the market growth.

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The globallithium mining market is anticipated to grow on the back of increasing demand for lithium-based batteries, along with increasing investment in the mining sector. The growing demand for BEVs, backed by growing awareness regarding environmental conservation, is projected to boost the market growth. Lithium is extensively used for manufacturing rechargeable, as well as, non-rechargeable batteries, which is expected to further fuel the market growth.

On the basis of geographical analysis, the global lithium mining market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the growing adoption of EVs, which use lithium batteries. The increasing demand for batteries in the automotive sector, is further expected to boost the market growth. According to a report by the IEA, 1,138,654 BEV were actively being used in the U.S. in 2020, up from 882,281 cars in 2019.

The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.

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Increasing Adoption of Battery-powered Vehicles to Boost the Market Growth

According to the International Energy Agency (IEA) report, 2,008,024 BEV were sold globally in 2020.

The increasing demand for electric vehicles, backed by increasing environment awareness is estimated to boost the market growth. Lithium-ion batteries have various advantages, such as, longest ride, temperature tolerance, and lightweight, are estimated to boost the market growth.  

However, the requirement of high investment, and hazards related to mining are expected to operate as key restraint to the growth of the global lithium mining market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global lithium mining market which includes company profiling of LIVENT, Bacanora Lithium, Tianqi lithium, Sichuan Yahua Industrial Group Co., Ltd., Lithium Americas Corp., Pilbara Minerals, Savannah Resources Plc, LSC Lithium Corporation, Neo Lithium Corporation, and General Lithium Corp. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global lithium mining market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.  

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