Global Lithium Mining Market- Market Overview

The global lithium mining market is expected to grow from USD 3.3 Billion in 2020 to USD 5.1 Billion by 2028, at a CAGR of 5.6% during the Projection period 2021-2028. This growth of the lithium mining market is mainly driven by an upsurge in demand for lithium in the manufacture of glass & ceramics, flux powder, polymers, and batteries.

Lithium is a soft, silvery-white, metal, or chemical element. It is being used in several industrial applications, such as lithium grease lubricants; heat-resistant glass & ceramics; and flux additives for steel, iron, and aluminum production; along with lithium and lithium-ion batteries. It occurs in most Igneous or magmatic rocks, however, it doesn't occur free in nature. It is either found in underground deposits of clay, or underground pockets of water. Mining companies around the world have mastered various lithium extraction techniques and are continuously making advances in worker safety and efficiencies.

Currently, the majority of the lithium around the globe is mined in South America and Australia, and over 97% of it is refined in China.

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Market Dynamics

Drivers:

• The rise in adoption of lithium Ion batteries

Falling prices of Lithium-Ion batteries had led to even higher demand among companies and industries such as consumer technology and car manufacturing among others. Over the past decade, lithium-ion technology in energy storage has witnessed prominent growth. On the other hand, lithium-ion battery is rapidly being used in electronic devices including smartphones, digital cameras, and various power tools. This factor is projected to significantly boost the growth of the lithium mining market.

• Increased usage of batteries in grid storage

The cheap energy storage option offered by Lithium-Ion batteries in turn has paved the way for easier storage of massive volumes of electrons for different purposes, one of which is efficient electricity grids. Such batteries have substantial potential for application in grid-level energy storage systems owing to their rapid response, flexible installation, and modularization. While on the other hand, lithium-ion batteries offer long cycle life and high energy efficiency coupled with a comparatively high energy density. Such factors are fueling demand for Lithium-Ion batteries in grid storage, driving the growth of the market.

Restraints:

• Impact of mining on environment

The mining of lithium, as well as its production, are both extremely labor-intensive with a majority of it not being recycled, leading to the impacts on the environment. While on the other hand, mining adversely impacts the environment by encouraging soil erosion, loss of biodiversity, and contamination of groundwater and surface water. For instance, as per the recent report published by Friends of the Earth, lithium extraction inevitably hampers soil and causes air contamination. This factor may hinder the growth of the lithium mining industry.

Opportunities:

• The rise in demand for electric vehicles

Lithium-ion batteries are mostly preferred in electric vehicles as they are rechargeable and are scalable and have high energy density. Currently, there is an upsurge in demand for electric vehicles (EVs) in the Western world while governments of developing nations, particularly in Europe, have also set targets to lessen carbon emissions by 2030. The aforementioned factors are projected to create significant demand for electric vehicles in upcoming years creating lucrative growth opportunities for the lithium mining market.

Challenges:

• Disruptions caused by the COVID-19 pandemic

Owing to the unprecedented crisis of COVID-19, a number of countries have employed nationwide lockdowns. The pandemic has caused a considerable economic downturn across the globe with a huge influence on the growth of different industrial sectors. This has led to a reduction in the growth of the lithium mining sector. For instance, the decreased commercial activities, border closures, and disruptions in the supply chain have led to lithium sales volume reduction of about 2,000 metric tons in China in March 2020. This is one of the major challenges faced by the lithium mining market.

Segmentation Analysis

The global lithium mining market has been segmented based on type, application, and region.

By Type

• The type segment includes chloride, lithium hydroxide, carbonate, and concentrate. The carbonate segment led the lithium mining market with a market share of around 46.2% in 2020. The growth of this segment is mainly driven by the huge production of lithium carbonate and its applications in the glass and ceramic industry. However, the lithium hydroxide segment is expected to witness the highest growth rate during the Projection period due to significant growth in preference and use of lithium hydroxide in the production of the batteries. In addition to this, lithium hydroxide decomposes at a lesser temperature, enabling the process of battery cathodes production to be comparatively more sustainable and the final product to be long-lasting. However, the lithium carbonate segment is projected to witness the highest growth rate during the Projection period.

 By Application

• The application segment includes batteries, glass, grease, air conditioning equipment, and others. The batteries segment held the largest market share of 44.2% in 2020. This is due to the extensive proliferation of lithium-ion Exponential growth in demand has been witnessed in past few years to power electric vehicles and for energy storage. This has fueled the growth of the segment.

By Regional Analysis

The regions analyzed for the lithium mining market include North America, Europe, South America, Asia Pacific, and the Middle East, and Africa. The Asia-Pacific region dominated the lithium mining market and held the 44.3% share of the market revenue in 2020.

• The number of prominent factors such as the presence of cheap labor; growing mining activities; and tremendous reserves of lithium in India and China is projected to primarily drive the growth of the Asia-Pacific lithium mining market. For instance, Jiangxi Ganfeng Lithium Co. is the largest lithium miner across the world based in China with its products are being used in electric vehicles along with chemicals and pharmaceuticals industries. In addition to this, the availability of major electronics, Pharma, and automobile industry players in the region further complements market growth.
• The North American region is likely to register significant growth during the Projection period due to the rising investment in the mining industry along with the upsurge in demand for Lithium-Ion batteries due to the flourishing electric vehicle industry.

Key Industry Players Analysis

Key players are focusing on new agreements for improving their position in the market

The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to improve their market position in the global lithium mining industry.

For instance, Livent a US-based company expanded its agreement for supply with Tesla which is an American electric vehicle (EV) company to increase the supply of lithium by the end of next year.

In September 2020, Ganfeng Lithium signed an agreement to acquire the management and operations of three lithium chemical converter plants with Jiangxi Special Electric Motor from October 2020 to March 2023.

In December 2018, 23.77% share in SQM was purchased by Tianqi Lithium Corp. which is a Chilean lithium miner from Canadian fertilizer giant Nutrien NTR.TO.

• Jiangxi Ganfeng Lithium
• Albemarle Corporation
• Mineral Resources Limited
• Tianqi Lithium
• Sociedad Quimica y Minera
• Sichuan Yahua Industrial Group Co Limited
• Livent Corporation
• Lithium Americas
• Savannah Resources
• Pilbara Minerals ltd.
• Bacanora Lithium
• Piedmont Lithium ltd
• Galaxy Resources ltd
• Orocobre Ltd
• Youngy Corporation Ltd.

Latest Development

• October 2021- Savannah Resources PLC became an associate member of the International Lithium Association and the global lithium industry trade organization.
• March 2021- BMW which is one of the leading automakers signed a deal with with Livent, the US-based company worth $334.4 million for the supply of lithium from 2022 directly to BMW's battery cell manufacturers.
• December 2020- Pilbara Minerals signed an agreement with Altura Mining to buy shares in Altura Lithium Operations (ALO), an exploration and resource development company, focused on lithium and battery minerals for $175m.

Report Metrics

Report Attribute	Details
Projection period	2021-2028
Base year considered	2020
CAGR (%)	5.6%
Market Size	3.3 Billion in 2020
Projection unit	Value (USD)
Segments covered	Type, Application, and Regions
Report Scope	Revenue Projection, competitive landscape, company ranking, growth factors, and trends
Companies covered	Jiangxi Ganfeng Lithium, Albemarle, Mineral Resources Limited, Tianqi Lithium, Sociedad Quimica y Minera, Sichuan Yahua Industrial Group Co Limited, Livent Corporation, Lithium Americas, Savannah Resources, Pilbara Minerals ltd., Bacanora Lithium, Piedmont Lithium ltd, Galaxy Resources ltd, Orocobre Ltd, and Youngy Corporation Ltd. among others.
By Type	Chloride Lithium hydroxide Carbonate Concentrate
By Application	Batteries Glass Grease Air Conditioning Equipment Others
Regional scope	North America USA Canada Mexico Europe Germany France UK Italy Spain Russia Asia-Pacific Japan China India Korea Southeast Asia South America Brazil Peru Middle East and Africa UAE South Africa Saudi Arabia

Scope of the Report

Global Lithium mining Market by Type:

• Chloride
• Lithium hydroxide
• Carbonate
• Concentrate

Global Lithium mining Market by Application:

• Batteries
• Glass
• Grease
• Air Conditioning Equipment
• Others

Global Lithium mining Market by Region:

• North America
  • USA
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Russia
• Asia-Pacific
  • Japan
  • China
  • India
  • Korea
  • Southeast Asia
• South America
  • Brazil
  • Peru
• Middle East and Africa
  • UAE
  • South Africa
  • Saudi Arabia

Political- Policy action in favor of electric vehicle sales has created an image of strong demand for li-ion batteries. This has reinforced the need for extensive lithium mining in the country. This optimistic development will open avenues for lithium mining stakeholders across the globe. Anticipated change of government policies over land allocation to environmental friendly mining companies to occur.

Economic- Rising investment by the government as well as key market players are boosting the growth of the market. The pandemic has caused a considerable economic downturn across the globe with a huge influence on the growth of different industrial sectors. This has led to a reduction in the growth of the lithium mining sector. For instance, the decreased commercial activities, border closures, and disruptions in the supply chain have led to lithium sales volume reduction of about 2,000 metric tons in China in March 2020. This is one of the major challenges faced by the lithium mining market.

Social- The number of prominent factors such as the presence of cheap labor; growing mining activities; and tremendous reserves of lithium in India and China is projected to primarily drive the growth of the Asia-Pacific lithium mining market. In addition to this, the availability of major electronics, Pharma, and automobile industry players in the region further complements market growth. The North American region is likely to register significant growth during the Projection period due to the rising investment in the mining industry along with the upsurge in demand for lithium-Ion batteries due to the flourishing electric vehicle industry.

 

Technological- Lithium-ion batteries are mostly preferred in electric vehicles as they are rechargeable and are scalable and have high energy density. Currently, there is an upsurge in demand for electric vehicles (EVs) in the Western world while governments of developing nations, particularly in Europe, have also set targets to lessen carbon emissions by 2030. The aforementioned factors are projected to create significant demand for electric vehicles in upcoming years creating lucrative growth opportunities for the lithium mining market.

Environmental- The mining of lithium, as well as its production, are both extremely labor-intensive with a majority of it not being recycled, leading to the impacts on the environment. While on the other hand, mining adversely impacts the environment by encouraging soil erosion, loss of biodiversity, and contamination of groundwater and surface water. For instance, as per the recent report published by Friends of the Earth, lithium extraction inevitably hampers soil and causes air contamination. This factor may hinder the growth of the lithium mining industry.

Legal- BMW which is one of the leading automakers signed a deal with Livent, the US-based company worth $334.4 million for the supply of lithium from 2022 directly to BMW's battery cell manufacturers. Pilbara Minerals signed an agreement with Altura Mining to buy shares in Altura Lithium Operations (ALO), an exploration and resource development company, focused on lithium and battery minerals for $175m.

1. Introduction
   • Objectives of the Study
   • Market Definition
   • Research Scope
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
   • Porter’s Five Forces Analysis
   • Value Chain Analysis
   • Top Investment Pockets
     • Market Attractiveness Analysis By Type
     • Market Attractiveness Analysis By Application
   • Industry Trends
5. Market Dynamics
   • Market Evaluation
   • Drivers
     • Rise in adoption of lithium Ion batteries
     • Increased usage of batteries in grid storage
   • Restrains
     • Impact of mining on environment
   • Opportunities
     • Rise in demand for electric vehicles
   • Challenges
     • Disruptions caused by the COVID-19 pandemic

6. Global Lithium Mining Market Analysis and Projection, By Type
   • Segment Overview
   • Chloride
   • Lithium Hydroxide
   • Carbonate
   • Concentrate
7. Global Lithium Mining Market Analysis and Projection, By Application
   • Segment Overview
   • Batteries
   • Glass
   • Grease
   • Air Conditioning Equipment
   • Others
8. Global Lithium Mining Market Analysis and Projection, By Regional Analysis
   • Segment Overview
   • North America
     • S.
     • Canada
     • Mexico
   • Europe
     • Germany
     • France
     • K.
     • Italy
     • Spain
   • Asia-Pacific
     • Japan
     • China
     • India
   • South America
     • Brazil
   • Middle East and Africa
     • UAE
     • South Africa

9. Global Lithium Mining Market-Competitive Landscape
   • Overview
   • Market Share of Key Players in the Lithium Mining Market
     • Global Company Market Share
     • North America Company Market Share
     • Europe Company Market Share
     • APAC Company Market Share
   • Competitive Situations and Trends
     • Type Launches and Developments
     • Partnerships, Collaborations, and Agreements
     • Mergers & Acquisitions
     • Expansions

10. Company Profiles
    • Jiangxi Ganfeng Lithium
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Type Portfolio
      • Recent Developments
      • SWOT Analysis
    • Albemarle Corporation
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Type Portfolio
      • Recent Developments
      • SWOT Analysis
    • Mineral Resources Limited
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Type Portfolio
      • Recent Developments
      • SWOT Analysis
    • Tianqi Lithium
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Type Portfolio
      • Recent Developments
      • SWOT Analysis
    • Sociedad Quimica y Minera
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Type Portfolio
      • Recent Developments
      • SWOT Analysis
    • Sichuan Yahua Industrial Group Co Limited
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Type Portfolio
      • Recent Developments
      • SWOT Analysis
    • Livent Corporation
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Type Portfolio
      • Recent Developments
      • SWOT Analysis
    • Lithium Americas
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Type Portfolio
      • Recent Developments
      • SWOT Analysis
    • Savannah Resources
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Type Portfolio
      • Recent Developments
      • SWOT Analysis
    • Pilbara Minerals ltd.
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Type Portfolio
      • Recent Developments
      • SWOT Analysis
    • Bacanora Lithium
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Type Portfolio
      • Recent Developments
      • SWOT Analysis
    • Piedmont Lithium ltd.
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Type Portfolio
      • Recent Developments
      • SWOT Analysis
    • Galaxy Resources ltd.
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Type Portfolio
      • Recent Developments
      • SWOT Analysis
    • Orocobre Ltd.
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Type Portfolio
      • Recent Developments
      • SWOT Analysis
    • Youngy Corporation Ltd.
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Type Portfolio
      • Recent Developments
      • SWOT Analysis

List of Table

1. Global Lithium Mining Market, By Type, 2020–2028(USD Billion) (Kilotons)
2. Global Chloride Market, By Region, 2020–2028(USD Billion) (Kilotons)
3. Global Lithium Hydroxide Market, By Region, 2020–2028(USD Billion) (Kilotons)
4. Global Carbonates Market, By Region, 2020–2028(USD Billion) (Kilotons)
5. Global Concentrate Market, By Region, 2020–2028(USD Billion) (Kilotons)
6. Global Lithium Mining Market, By Application, 2020–2028(USD Billion) (Kilotons)
7. Global Batteries Lithium Mining Market, By Region, 2020–2028(USD Billion) (Kilotons)
8. Global Glass Lithium Mining Market, By Region, 2020–2028(USD Billion) (Kilotons)
9. Global Grease Lithium Mining Market, By Region, 2020–2028(USD Billion) (Kilotons)
10. Global Air Conditioning Equipment Lithium Mining Market, By Region, 2020–2028(USD Billion) (Kilotons)
11. Global Others Lithium Mining Market, By Region, 2020–2028(USD Billion) (Kilotons)
12. Global Lithium Mining Market, By Region, 2020–2028(USD Billion) (Kilotons)
13. Global Lithium Mining Market, By North America, 2020–2028(USD Billion) (Kilotons)
14. North America Lithium Mining Market, By Type, 2020–2028(USD Billion) (Kilotons)
15. North America Lithium Mining Market, By Application, 2020–2028(USD Billion) (Kilotons)
16. USA Lithium Mining Market, By Type, 2020–2028(USD Billion) (Kilotons)
17. USA Lithium Mining Market, By Application, 2020–2028(USD Billion) (Kilotons)
18. Canada Lithium Mining Market, By Type, 2020–2028(USD Billion) (Kilotons)
19. Canada Lithium Mining Market, By Application, 2020–2028(USD Billion) (Kilotons)
20. Mexico Lithium Mining Market, By Type, 2020–2028(USD Billion) (Kilotons)
21. Mexico Lithium Mining Market, By Application, 2020–2028(USD Billion) (Kilotons)
22. Europe Lithium Mining Market, By Type, 2020–2028(USD Billion) (Kilotons)
23. Europe Lithium Mining Market, By Application, 2020–2028(USD Billion) (Kilotons)
24. Germany Lithium Mining Market, By Type, 2020–2028(USD Billion) (Kilotons)
25. Germany Lithium Mining Market, By Application, 2020–2028(USD Billion) (Kilotons)
26. France Lithium Mining Market, By Type, 2020–2028(USD Billion) (Kilotons)
27. France Lithium Mining Market, By Application, 2020–2028(USD Billion) (Kilotons)
28. UK Lithium Mining Market, By Type, 2020–2028(USD Billion) (Kilotons)
29. UK Lithium Mining Market, By Application, 2020–2028(USD Billion) (Kilotons)
30. Italy Lithium Mining Market, By Type, 2020–2028(USD Billion) (Kilotons)
31. Italy Lithium Mining Market, By Application, 2020–2028(USD Billion) (Kilotons)
32. Spain Lithium Mining Market, By Type, 2020–2028(USD Billion) (Kilotons)
33. Spain Lithium Mining Market, By Application, 2020–2028(USD Billion) (Kilotons)
34. Asia Pacific Lithium Mining Market, By Type, 2020–2028(USD Billion) (Kilotons)
35. Asia Pacific Lithium Mining Market, By Application, 2020–2028(USD Billion) (Kilotons)
36. Japan Lithium Mining Market, By Type, 2020–2028(USD Billion) (Kilotons)
37. Japan Lithium Mining Market, By Application, 2020–2028(USD Billion) (Kilotons)
38. China Lithium Mining Market, By Type, 2020–2028(USD Billion) (Kilotons)
39. China Lithium Mining Market, By Application, 2020–2028(USD Billion) (Kilotons)
40. India Lithium Mining Market, By Type, 2020–2028(USD Billion) (Kilotons)
41. India Lithium Mining Market, By Application, 2020–2028(USD Billion) (Kilotons)
42. South America Lithium Mining Market, By Type, 2020–2028(USD Billion) (Kilotons)
43. South America Lithium Mining Market, By Application, 2020–2028(USD Billion) (Kilotons)
44. Brazil Lithium Mining Market, By Type, 2020–2028(USD Billion) (Kilotons)
45. Brazil Lithium Mining Market, By Application, 2020–2028(USD Billion) (Kilotons)
46. Middle East and Africa Lithium Mining Market, By Type, 2020–2028(USD Billion) (Kilotons)
47. Middle East and Africa Lithium Mining Market, By Application, 2020–2028(USD Billion) (Kilotons)
48. UAE Lithium Mining Market, By Type, 2020–2028(USD Billion) (Kilotons)
49. UAE Lithium Mining Market, By Application, 2020–2028(USD Billion) (Kilotons)
50. South Africa Lithium Mining Market, By Type, 2020–2028(USD Billion) (Kilotons)
51. South Africa Lithium Mining Market, By Application, 2020–2028(USD Billion) (Kilotons)

List of Figures

1. Global Lithium Mining Market Segmentation
2. Lithium Mining Market: Research Methodology
3. Market Size Estimation Methodology: Bottom-Up Approach
4. Market Size Estimation Methodology: Top-Down Approach
5. Data Triangulation
6. Porter’s Five Forces Analysis
7. Value Chain Analysis
8. Global Lithium Mining Market Attractiveness Analysis By Type
9. Global Lithium Mining Market Attractiveness Analysis By Application
10. Global Lithium Mining Market Attractiveness Analysis By Region
11. Global Lithium Mining Market: Dynamics
12. Global Lithium Mining Market Share By Type(2021 & 2028)
13. Global Lithium Mining Market Share By Application(2021 & 2028)
14. Global Lithium Mining Market Share by Regions (2021 & 2028)
15. Global Lithium Mining Market Share by Company (2020)