Lithium Mining Market Study Analysis with Forecast to 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Lithium Mining Market Size, Share & Trends Analysis Report by Source (Hard Rock, Brine and Others), Type (Chloride, Lithium Hydroxide, Carbonate And Concentrate), And End-Use (Flux Powder, Polymers, Batteries, Refrigeration, Air Conditioning Equipment, Glass & Ceramics (Frits), Grease & Lubricants, Pharmaceuticals)- Market Outlook And Industry Analysis 2031"

The global lithium mining market is estimated to reach over USD 685.50 million by 2031, exhibiting a CAGR of 7.24% during the forecast period.

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Lithium is a versatile chemical element with a broad range of industrial applications, particularly within the electronics, automotive, and healthcare sectors. It plays a critical role in the production of lithium-ion batteries, pharmaceutical formulations, and grease lubricants. Globally, Chile holds the largest lithium reserves, followed by Australia, Argentina, China, and again Chile, underscoring the region's dominance in lithium resource availability.

The ceramics industry significantly contributes to the demand for lithium due to the desirable attributes lithium imparts to ceramic products. These include enhanced mechanical strength, improved coating viscosity, greater glaze color and luster, and increased overall durability of ceramic materials. These benefits are key drivers of growth in the ceramics market, which in turn stimulates demand in the lithium mining sector.

List of Prominent Players in the Lithium Mining Market:
• Ganfeng Lithium Co., Ltd.
• Albemarle Corporation
• Tianqi Lithium Corp.
• SQM S.A.
• Pilbara Minerals Limited
• Livent
• Orocobre Limited Pty Ltd.
• Mineral Resources
• Lithium Americas Corporation
• Piedmont Lithium, Inc.

Market Dynamics:
Drivers-
The increasing investment in metallurgical and mining technologies is expected to significantly accelerate metal extraction activities. Recent technological advancements have led to the development of mining methods that are both energy- and resource-efficient. Innovative techniques, such as direct lithium extraction using organic-based sieves instead of traditional evaporation ponds, are making the process more sustainable. These technological improvements are anticipated to be a key driver of growth in the lithium mining market during the forecast period.

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Challenges:
Lithium is extracted from both brine sources and hard rock deposits. However, the extraction and processing methods, particularly those involving brine evaporation and sodium carbonate washing in PVC-lined ponds, pose environmental concerns. These include the contamination of water sources, degradation of groundwater quality, and the exacerbation of water scarcity.

Regional Trends:
The Asia-Pacific region is poised to capture a significant share of the lithium mining market and is projected to experience robust growth, driven by increasing mining activities and the rapid expansion of the regional manufacturing sector. Cost-effective labor and favorable economic conditions further support this trend. Meanwhile, North America holds a substantial market share, attributed to the growing demand for lithium batteries in the automotive sector. The rising adoption of electric vehicles (EVs) in the region is expected to further propel market growth. According to an International Energy Agency (IEA) report, over 1.13 million battery electric vehicles (BEVs) were in operation in the United States in 2020, highlighting the region's increasing reliance on lithium-based technologies.

Recent Developments:
• In October 2021, SQM requested R&D facilities, academic institutions, and SMEs to submit ideas to advance electromobility and energy storage and lessen the carbon footprint.
• In May 2021, to collaboratively develop a new mid-stream refining method to generate lithium salt, Pilbara Minerals and Sydney-based technology startup Calix made the deal public.

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Segmentation of Lithium Mining Market-
By Source
• Hard Rock
• Brine
• Others
By Type
• Chloride
• Lithium Hydroxide
• Carbonate
• Concentrate
By End-Use
• Flux Powder
• Polymers
• Batteries
• Refrigeration
• Air Conditioning Equipment
• Glass & Ceramics (Frits)
• Grease & Lubricants
• Pharmaceuticals
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.