As per a recent analysis by Future Market Insights (FMI), the global lithium mining market is projected to top US$ 3.4 Billion 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 of batteries for electric vehicles, owing to advantages such as longer lifespan, improved fuel efficiency, and low discharge rates. Increasing sales of electric vehicles is anticipated to spur demand for lithium in the forthcoming years, which in turn will augment the growth of the global lithium mining market.
Moreover, the 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 the 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 the 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 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.
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 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.
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 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.
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For instance:
- In October 2022, the 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 vehicle demand.
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 global economic growth for the period of 2020-2022. The global economic growth curve witnessed a downfall of up to -5% owing to the pandemic. Factors such as nationwide lockdowns, travel restrictions, and halted manufacturing and production across various sectors have resulted in stunted consumption of lithium.
Mining operations were also shut down in 2020 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.
Lithium Mining Market by Category
By Source:
- Brine
- Hard Rock
- Others
By Type:
- Lithium Carbonate
- Lithium Hydroxide
By Application:
- Battery
- Ceramics and Glass
- Lubricants & Grease
- Polymer
- Flux Powder
- Refrigeration
- Others
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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 2022-2032.
To understand the global market potential, its growth, and scope, the market is segmented based on source, applications and across seven regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and the Middle East & Africa).
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Lithium and Lithium Ion Battery Electrolytes Market: Future Market Insights (FMI) has forecasted the Lithium and Lithium Ion Battery Electrolytes market to grow with a year-on-year growth of 11.7% by value in 2022 reaching a value of about US$ 4,215.2 Mn by 2022 end.
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