The global lithium mining market size is set to gain impetus from the increasing electrification of trucks, buses, two-wheelers, and three-wheelers. The International Energy Agency’s Global EV Outlook 2020 stated that in 2019, around 2.6% of electric cars were sold worldwide. It showcased a surge of 40% compared to 2018. This information is given by Fortune Business Insights™ in a report titled, “Lithium Mining Market, 2021-2028.” As per the report, the market stood at USD 321.36 million in 2020. It is projected to grow from USD 343.22 million in 2021 to USD 516.22 million in 2028 at a CAGR of 6% during the forecast period.
A list of renowned lithium mining companies present in the global market:
- Jiangxi Ganfeng Lithium (China)
- Albemarle Corporation (U.S.)
- Tianqi Lithium (China)
- Sociedad Química y Minera (Chile)
- Mineral Resources Limited (Australia)
- Pilbara Minerals (Australia)
- FMC Corporation (US.)
- Nemaska Lithium Inc. (Canada)
- MGX Minerals Inc. (Canada)
- Orocobre Limited Pty Ltd (Australia)
- Nordic Mining ASA (Norway)
- Wealth Minerals Limited (Canada)
- Galaxy Resources Limited (Australia)
- Lithium Americas Corp. (Canada)
The report studies decisive segments of the industry containing regions, end-users, technologies, types, and applications. It explains the performance and importance of each of the segments by considering sales volume, growth prospects, revenue share, and demand. Additionally, it would help our clients to accurately determine the market size to guide them in selecting the right strategy for their business growth.
Drivers & Restraints-
Increasing Development of Energy-efficient Mining Techniques to Boost Growth
The rising technological investments in mining and metallurgy are set to propel lithium production across the globe. Also, ongoing research activities are leading to the development of new energy-efficient techniques to conduct lithium mining. Most of these techniques, such as direct lithium extraction, utilize organic sieves by replacing vast evaporation ponds, thereby making it a sustainable practice. However, mining practices often cause water scarcity by affecting the quality of groundwater. It may hinder the lithium mining market growth in the near future.
Read a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/lithium-mining-market-105575
Rising Awareness of Environmentally Friendly Electric Vehicles to Help Australia Dominate
Australia is in the leading position, and it procured USD 110.40 million in 2020 in terms of revenue. This growth is attributable to the surging awareness among people regarding the usage of eco-friendly electric vehicles in the country.
The spurring number of brine mining activities is estimated to help Chile remain in the second position throughout the forthcoming years in the lithium mining industry.
Brazil, Argentina, and Bolivia are set to grow steadily on account of the increasing investments in mining activities as these countries own several lithium reserves.
Key Players Focus on Development of Innovative Technologies to Intensify Competition
The global market for lithium mining contains a large number of companies that are currently focusing on R&D activities to unveil cutting-edge mining technologies. These are helping them to gain a competitive edge. Below are the two crucial industry developments:
April 2021: QMC Quantum Minerals bagged the permit to accelerate the 2021 work program, mainly for its Irgon Lithium Mine Project in Canada. It would enable the company to conduct channel and surface sampling and prospecting and stripping of overburden.
April 2020: A team of researchers from the University of Texas at Austin, the University of Melbourne, Australia’s national science agency CSIRO, and Monash University successfully created a novel filtering technology for extracting lithium-ions from brine.