As per FMI, the global lithium 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.
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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.
“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 Mining Market Study
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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,
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Some of the key players operating in the market profiled by FMI are:
More Valuable Insights on Lithium Mining Market
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:
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Key Questions Covered in the Report
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