Lithium Mining Market Forecasts to 2028 – Global Analysis By Source (Brine and Hard Rock), Type (Chloride, Lithium Hydroxide, Carbonate and Concentrate), Application (Batteries, Ceramics and Glass, Lubricants & Grease, Polymers, Automotive, Electronics an

Lithium Mining Market Forecasts to 2028 – Global Analysis By Source (Brine and Hard Rock), Type (Chloride, Lithium Hydroxide, Carbonate and Concentrate), Application (Batteries, Ceramics and Glass, Lubricants & Grease, Polymers, Automotive, Electronics and Flux Powder) and By Geography

According to Stratistics MRC, the Global Lithium Mining Market is accounted for $3.7 billion in 2022 and is expected to reach $5.71 billion by 2028 growing at a CAGR of 7.23% during the forecast period. The process of mining rocks and brines is used to extract lithium. The washing of the sodium carbonate in the shallow ponds with PVC linings and the evaporation of the brine. Lithium compounds are widely used in ceramics and glass. The potential properties of ceramics, such as greater strength, improved coating viscosity, improved glaze color, viscosity, strength, and luster of the ceramic bodies, are thought to be the main factors driving the ceramics market and subsequently boosting the growth of the lithium mining industry as a whole.

According to the International Energy Agency's Global EV Outlook 2020, sales of electric cars topped 2.1 million worldwide in 2019, surpassing 2018 to boost the stock to 7.2 million EV. Electric cars, which accounted for 2.6% of the total car sales and about 1% of the total car stock in 2019, registered a 40% year-on-year increase.

Market Dynamics

Driver

Increasing technological progress in mining

Mining for the metal would be accelerated by increasing technological investments in metallurgy and mining. These more energy- and resource-efficient mining techniques have been developed as a result of recent technological studies. Modern methods, like direct extraction technologies, make mining and extraction a sustainable practice by using organic sieves rather than sizable evaporation ponds. Therefore, during the anticipated period, the technological development and growing advancements of such mining practices would drive market growth.

Restraint

Mine-related environmental effects

Lithium is extracted from brines and rocks. Water pollution results from the processing of the mined metal, which involves evaporating brine and washing it with sodium carbonate in shallow ponds lined with PVC. Additionally, it has an impact on groundwater quality and exacerbates the issue of water scarcity. Small Li-particles are suspended in the air due to this type of mining's dust pollution. Li-dust exposure over an extended period of time can lead to severe respiratory problems. Moreover, Li-ion battery recycling is also expensive due to a lack of recycling equipment. The market growth rate is thought to be negatively impacted by this ecological factor.

Opportunity

Growing demand for lithium in the production of glass and ceramics

The use of lithium compounds, specifically carbonate and spodumene, in glass and ceramics for the production of enamels and glazes has found increasing usage to reduce firing temperatures and thermal expansion, improve viscosity for coating, increase the strength of ceramic bodies, and enhance the color, strength, and luster of the glaze. The metal is most commonly used in the production of glass-ceramic cooktops, where thermal resistance and expansion are not crucial factors. Moreover, The market is expected to be driven during the forecast period by the rising demand for Li-based ceramics and glasses.

Threat

Lithium battery recycling and disposal effects

Facilities for recycling and disposing of lithium batteries are both expensive and hard to find in many countries. Lithium batteries should be disposed of properly to avoid damaging the environment. Lithium-ion (Li-ion) batteries and any equipment using them should not be disposed of in regular trash cans or recycling bins. During transportation or at landfills and recyclers, they may start fires. Li-ion batteries ought to be brought to specific recycling or household hazardous waste collection locations instead. Batteries disposed of improperly contribute to air and water pollution. In landfills, depleted batteries that are thrown in the trash eventually deteriorate and leak. Battery corrosion releases chemicals that contaminate groundwater, surface water, and soil.

Covid-19 Impact

The industrial and commercial sectors had been severely damaged by COVID-19. For many years, the suffering it had brought on persisted. Product demand was impacted by the slowing or cessation of commercial and industrial operations. Sales in a variety of businesses are impacted by the shifting business environment and shifting consumer preferences. Sales of luxury goods like cars and other vehicles have fallen significantly, for instance. Important manufacturers were also impacted, which led to a decline in investment in the mining sector. In addition, the declining labor force has made the lithium mining industry less effective. On the flip side, the demand for metals decreased along with the supply of metals. Prices for metals and minerals have fluctuated, which has prevented the overall growth of the lithium mining industry.

The carbonate segment is expected to be the largest during the forecast period

Lithium carbonate is a lithium chemical that is used in a wide range of applications in business, science, and health care. Lithium carbonate is frequently the first chemical in the production chain for lithium, with additional processes producing other chemicals as needed, such as various types of lithium hydroxide. The quantity of lithium produced is therefore frequently expressed as a lithium carbonate equivalent. Like other lithium products, carbonate can also be produced from hard-rock sources or brines. However, a few companies are also attempting to mine material from clay-based lithium resources. In addition, lithium carbonate is used for purposes other than lithium-ion batteries. Furthermore, both lithium hydroxide and lithium carbonate will be necessary to meet the growing demand for lithium-ion batteries.

The pharmaceuticals segment is expected to have the highest CAGR during the forecast period

The pharmaceuticals segment is anticipated to witness the fastest CAGR growth during the forecast period, due to an increase in the use of lithium for drug development, the pharmaceutical sector is anticipated to experience rapid revenue growth during the forecast period. Lithium is a member of the group of drugs known as mood stabilizers. Treatment for mental disorders like mania, hypomania, and bipolar disease which are characterized by frequent mood swings between extreme highs and lows that are unaffected by other medications. Moreover, lithium (lithium carbonate) which is available in both standard and slow-release tablet forms, can help to lessen aggressive or destructive behaviour. It is also available with a prescription as a liquid that one can consume. These are some of the main elements propelling this segment's revenue growth.

Region with largest share

During the forecast period, Asia-Pacific is anticipated to be the most profitable market. The region is probably going to gain a revenue share worth 28% in 2022. The increased production of lithium in several nations is to blame for the area's quick development. Australia's contribution is anticipated to rise to 68 thousand metric tons (kt) by 2022, up 24% from 2021. More than half of the lithium in the world is made in Australia. China, which also exports lithium to the US, Japan, and India, is another lucrative nation. The substantial contribution of China can be attributed to its large electronic vehicle consumer base and accessibility to electrical and electronic manufacturing facilities. Additionally, the contribution of local players is very important. For instance, the Chinese auto industry behemoth BYD announced the arrival of a high-end EV in 2022. During the projection period, such initiatives are anticipated to be advantageous for the Asia-Pacific lithium mining market.

Region with highest CAGR

During the forecast period, North America is expected to grow at a CAGR of 5%. The growing popularity of electric vehicles (EVs) in the area can be credited with the regional market's growth. The two countries most likely to contribute most to the growth of the regional market are the US and Canada. The market's players are also making a variety of efforts to introduce new products. As an illustration, the Volkswagen Group announced in 2022 that 25 new electric vehicles would be introduced in North America by 2030. EV sales will probably account for 55% of all sales at that point. Due to these factors, the North American lithium mining market is anticipated to grow significantly over the forecast period.

Key players in the market

Some of the key players in Lithium Mining market include Albemarle Corporation, Bacanora Lithium, FMC Lithium, Galaxy Resources ltd, Ganfeng Lithium Co., Ltd., Jiangxi Ganfeng Lithium Co., Ltd., Lithium Americas Corporation, Livent Corporation, MGX Minerals Inc, Mineral Resources Limited, Nemaska Lithium, Orocobre Ltd, Piedmont Lithium, Inc, Pilbara Minerals Ltd., Savannah Resources, Sichuan Tianqi Lithium Industries, Sociedad Quimica y Minera, Tianqi Lithium Corporation, Wealth Minerals Ltd and Young Corporation Ltd.

Key Developments

In August, 2022, the Brazilian government declared it will permit unlimited overseas trade of lithium minerals, ores, and their derivatives via a Government Decree issued by Ministry for Mines and Energy (Ministerio de Minas e Energia). Oceana, which is a leading company involved in lithium exploration.

In May 2022, for lithium mining in Argentina, Gotion High-Tech signed an MOU. Gotion will be given exploration and mining rights to investigate a prospective lithium resource covering over 17,000 hectares from an Argentine state-owned firm.

In May 2022, in order to supply European electric vehicle (EV) and battery manufacturers with battery-grade lithium chemicals, lithium processing company Green Lithium reached an agreement with commodities trading company Trafigura to support the development of one of the first centralised commercial lithium refineries in Europe.

Sources Covered
• Brine
• Hard Rock
• Other Sources

Types Covered
• Chloride
• Lithium Hydroxide
• Carbonate
• Concentrate
• Other Types

Applications Covered
• Batteries
• Ceramics and Glass
• Lubricants & Grease
• Polymers
• Automotive
• Electronics
• Flux Powder
• Refrigeration
• Aluminum Production
• Air Conditioning Equipment
• Pharmaceuticals
• Cement Industry
• Others Applications

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities,Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements