Lithium Mining Market Forecasted to Grow at 7.3% CAGR Through 2034 as EV Adoption and Clean Energy Storage Drive Demand

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 2034"

The global lithium mining market is estimated to reach over USD 839.1 Mn by the year 2034, exhibiting a CAGR of 7.3% during the forecast period.

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Lithium is a critical chemical element with a wide array of industrial applications, particularly in the electronics, automotive, and healthcare sectors. Its versatility enables its use in pharmaceuticals, lithium-ion batteries, and grease lubricants, among other products. Globally, Chile holds the largest lithium reserves, followed by Australia, Argentina, and China.

The growing demand for ceramics-driven by desirable properties such as enhanced strength, improved coating viscosity, superior glaze coloration, and increased luster-has been a significant factor contributing to the expansion of the lithium mining industry. Concurrently, advancements in mining technologies are leading to more efficient and resource-conscious extraction methods. The adoption of organic-based sieves and sustainable practices further reflects the industry's commitment to environmental responsibility, thereby fostering favorable conditions for long-term sector growth.

Additionally, the increasing utilization of lithium in pharmaceutical manufacturing and medical device production, coupled with the rapid growth of the electric vehicle (EV) market, is accelerating demand for lithium. Expanding applications across the glass and ceramics, polymer, and pharmaceutical industries are also playing a pivotal role in supporting the continued development and global expansion of the lithium mining industry.

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.

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Market Dynamics
Drivers:
The acceleration of mining activities, particularly for metals, is being propelled by increased technological investments in the fields of metallurgy and mining. Recent advancements have led to the development of more energy- and resource-efficient extraction processes. Innovations such as direct lithium extraction technologies are contributing to sustainability by utilizing organic sieves instead of traditional, large-scale evaporation ponds. These technological improvements and the ongoing evolution of efficient mining methods are anticipated to significantly drive market growth over the forecast period.

Challenges:
Lithium extraction from both brines and hard rock sources presents environmental challenges. The processing of lithium involves brine evaporation and treatment with sodium carbonate in shallow PVC-lined ponds, which can lead to water contamination and deteriorate groundwater quality, exacerbating water scarcity in affected regions. Additionally, dust emissions from lithium mining result in airborne Li particles, posing respiratory health risks with prolonged exposure. Furthermore, the recycling of lithium-ion batteries remains cost-prohibitive due to inadequate recycling infrastructure. These environmental and health concerns are expected to hinder the overall growth rate of the lithium mining market.

Regional Trends:
The Asia-Pacific region is projected to command a significant share of the lithium mining market, supported by the expansion of mining operations and robust growth in the manufacturing sector. Competitive labor costs in the region are also expected to bolster market development. Meanwhile, North America holds a notable market position, primarily due to the increasing demand for lithium batteries in the automotive sector. The region's rising adoption of electric vehicles (EVs) is further anticipated to contribute to market growth. According to the International Energy Agency (IEA), the United States had approximately 1,138,654 battery electric vehicles (BEVs) in use as of 2020, underscoring the region's strong potential for lithium demand.

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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.

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.