London, Oct. 18, 2022 (GLOBE NEWSWIRE) -- The worldwide lithium production scenario currently reflects an overproduction scenario and COVID-19 pandemic has been an impactful factor for the lithium mining companies. Up from the revenue worth US$829.7 Mn recorded in the year 2019, global lithium mining market is all set for a leapfrog to reach beyond US$1,630.3 Mn toward the end of 2025. A new Fairfield Market Research study provides a detailed growth analysis and forecast of the lithium mining market during the stipulated period of projection, i.e., 2021 – 2025. The report expects market to witness an excellent growth prospect during the assessment period, showcasing strong double-digit growth. A rapidly extending application base is expected to support the growth of lithium mining market.
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Key Research Insights
- Lithium mining market is projected to exhibit nearly 26.3% growth between 2021 and 2025
- Collectively, Australia, and China registered the share of over 60% in global lithium production in 2019
- Lithium mining companies are likely to benefit from the price drop of around 89% in Li-ion battery during 2010 – 2020
Insights into Segmental Analysis
With growing dependence on lithium over the recent past, lithium mining companies have constantly been discovering newer revenue generation opportunities. Application of lithium has majorly been witnessing a rise in the key segments like ceramics, glass, aluminium products, lubricants, polymers, air treatment, and air conditioning cooling and dehumidification. Increasing interest of end users from sectors like chemicals, automotive, battery technology, and even governments will further uplift the growth prospects of the market according to the report. Of late, the report says that the lithium mining companies have been largely catering to the accelerating demand from automakers that are steering the electric vehicle (EV) landscape. Moreover, lithium will remain an area of interest and application for glass, ceramics, and air treatment. Lithium is also being increasingly perceived as an ideal material for cooling and dehumidification applications. New opportunities are likely to arise with the ascending demand from the manufacturers of air conditioning equipment.
Key Report Highlights
- Rocketing consumption of Li-ion batteries by both the consumer electronics as well as automotive industries will significantly boost lithium mining activities in global market space
- Besides Australia, the report states that Chile, China, and Argentina remain the highly significant locations for the potential/extractable lithium reserves
- Although the pandemic situation held a decent impact on market scenario, the current high lithium stock levels are being touted to be adequate to buffer the lithium mining industry
Insights into Regional Analysis
With more than 50% of worldwide lithium production volume, Australia continues to capture the top spot in lithium production and accounts for a collective market share of more than 60% with China, i.e., the next most lucrative market for lithium mining companies. China is expected to emerge attractive in terms of demand generation in the light of the strongest presence of the key end-use industries, viz. automotive, and consumer electronics. However, the report also marks the fact that the Chile-Argentina-Bolivia cluster fondly known as the Lithium Triangle continues to face the backlash of the concerned indigenous communities over the point of sustainability. The respective governments of these regions also play a major role here in prolonging this challenge facing expansion of lithium mining market. The questioned sustainability quotient will remain a limiting factor for the Lithium Triangle in delivering and exporting with their complete potential.
Key Players in Global Lithium Mining Market
Albemarle Corporation, Ganfeng Lithium Co., Ltd., SQM S.A., Lithium Americas Corp., Mineral Resources, Tianqi Lithium, Orocobre Limited Pty Ltd., Livent
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2020 | |
| Forecast Year | 2021 – 2025 | |
| Market Size in 2019 | US$829.7 Mn | |
| Estimated Market Size in 2025 | US$1,630.3 Mn | |
| CAGR | 26.3% | |
| Key Players | Albemarle Corporation, SQM S.A., Ganfeng Lithium Co., Ltd., Tianqi Lithium, Mineral Resources, Lithium Americas Corp., Livent, Orocobre Limited Pty Ltd. | |
Market Segmentation
Source Coverage
- Brine
- Hard Rock
- Others
Type Coverage
- Lithium Carbonate
- Lithium Hydroxide
End-use Coverage
- Battery
- Glass & Ceramics
- Grease
- Polymer
- Flux Powder
- Refrigeration
- Others
Geographical Coverage
- North America
- Europe
- Latin America
- Middle East & Africa
Leading Companies
- Albemarle Corporation
- SQM S.A.
- Ganfeng Lithium Co., Ltd.
- Tianqi Lithium
- Mineral Resources
- Lithium Americas Corp.
- Livent
- Orocobre Limited Pty Ltd
- Ramboll Group
Report Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Technology-wise Analysis
- Application-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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