Lithium Mining Is Anticipated To Add An Incremental Opportunity Of Us$ 75 Mn Each Year Till 2031
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According to Fact.MR, a market research and competitive intelligence provider, over the past half-decade, lithium prices increased on the back of rising demand for li-Ion batteries that are exclusively used in electric vehicles. Dynamic shift in automotive policies coupled with rise in fuel prices across regions surged demand for electric vehicles. Rise in demand for electric vehicles, has, in turn, cascaded the effect to rising procurement orders for batteries, which has led to increasing lithium prices.
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In the scenario of lithium production, rampant price rise is an issue not only for consumers but also for lithium producers. To counter this issue of price rise, lithium mining giants such as SQM, Livent, Ganfeng, and Tianqui, among others, have enacted upon enhancing their investments for expanding their mining sites to stabilize price points well below 10% of the market ceiling price.
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Apart from price rise, lithium mining giants have adopted efficient mining methods that not only enhance the recovery of lithium from brines but also effectively maintain their margins throughout mining terms. This is anticipated to positively impact mining operations as well as product supply.
From the supply and demand side, optimum mining conditions and rising demand for lithium-ion batteries will bolster the need for lithium mining.
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Key Takeaways from Study
The lithium mining market is estimated to expand 2.2X its current market value by 2031.
Hard rock is the most prominent way of mining lithium, and this material dominates demand as far as lithium mining is concerned.
Battery end use of lithium is anticipated to add an incremental opportunity of US$ 75 Mn each year till 2031.
Top 5 players capture nearly 75% of lithium mining across the globe.
Lithium Mining Industry Key Segments
By End Use
Glass & Ceramics
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