Lithium Mining Market Size to Reach USD 6.37 Billion in 2030 | Rising Demand for Lithium for Manufacturing EV Batteries and Application in Ceramic and Glass Manufacturing are Some Key Factors Driving Industry Demand, says Emergen Research

VANCOUVER, B.C., Feb. 17, 2022 /PRNewswire/ -- The global lithium mining market size reached USD 3.33 Billion in 2020 and is expected to register a steady revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing use of lithium for air treatment is one of the major factors expected to continue to drive market revenue growth.

Drivers:

Global lithium mining market revenue growth is also expected to be driven by increasing application of lithium in ceramic and glass manufacturing. Lithium reduces thermal expansion and firing temperatures and boosts the strength of ceramic components. Addition of lithium to glazes enhances viscosity for coatings, and enhances color, boosting strength and lustre of glaze. This is driving use of lithium in ceramic manufacturing. In addition, high coefficient of thermal expansion of lithium makes products thermal shock resistant and also imparts mechanical strength, which is boosting adoption rate of lithium for specialty applications.

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Restraints:

Concerns regarding health and safety risks of lithium miners are major factors hampering revenue growth of the market. Owing to alkaline properties of lithium, it is highly corrosive and reacts with water. Breathing alkaline lithium compounds or lithium dust affects the respiratory tract, and prolonged exposure leads to serious health issues such as pulmonary edema.

Growth Projections:

Global lithium mining market is expected to register a CAGR of 6.8% over the forecast period and revenue is projected to increase from USD 3.33 Billion in 2020 to USD 6.37 Billion in 2030. Increasing demand for lithium for manufacturing EV batteries is boosting market revenue growth.

COVID-19 Impact Analysis:

COVID-19 outbreak disrupted supply chains which negatively affected the lithium market, and led to a decrease in lithium mining activities. This also limited investments in mining. However, easing lockdowns by various governments is expected to result in an increase in lithium mining activities.

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Current Trends and Innovations:

Increase in usage of lithium in air treatment applications is expected to support global lithium market revenue growth. Lithium is used in air regeneration, cooling, as well as dehumidification applications. Various organizations often use absorption chillers as the air conditioning source, which is expected to increase use of lithium for air treatment.

Geographical Outlook:

Europe lithium mining market is expected to register a significantly steady revenue CAGR over the forecast period. Portugal is ranked seventh in lithium mining worldwide with an output of 900 metric tons. Increasing mining activities in the country is expected to drive steady revenue growth of the Europe market over the forecast period.

Strategic Initiatives:

Some major companies included in the market report are Jiangxi Ganfeng Lithium Co., Ltd., Albemarle Corporation, Tianqi Lithium Corp., SQM S.A. (Sociedad Química y Minera), Pilbara Minerals Limited, Livent Corporation, Orocobre Limited Pty Ltd., Mineral Resources Limited, Lithium Americas Corporation, and Piedmont Lithium, Inc. 

• In January 2021, Albemarle Corporation declared the plan to expand capacity at company's lithium production unit in Silver Peak, Nevada, and begin a program to assess clays and other accessible resources for commercial lithium production. Demand for continues to EVs increase and automotive manufacturers are looking to regionalize the supply chain for better safety and sustainability. Investment in Silver Peak, which produces lithium from brine mined from Clayton Valley basin, would support this rising demand for domestic lithium supply.

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Emergen Research has segmented global lithium mining on the basis of type, source, end-use, and region:

• Type Outlook (Revenue, USD Billion, Volume, Kilotons; 2018–2030)
• Lithium Hydroxide
• Lithium Carbonate
• Lithium Chloride
• Lithium Concentrate
• Source Outlook (Revenue, USD Billion, Volume, Kilotons; 2018–2030)
• Hard Rock
• Brine
• Others
• End-use Outlook (Revenue, USD Billion, Volume, Kilotons; 2018–2030)
• Flux Powder
• Polymers
• Batteries
• Refrigeration
• Air Conditioning Equipment
• Glass & Ceramics (Frits)
• Grease & Lubricants
• Pharmaceutical
• Others

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• Regional Outlook (Revenue, USD Billion, Volume, Kilotons; 2018–2030)
• North America
     a.  U.S.
     b.  Canada
     c.  Mexico
• Europe
     a.  Germany
     b.  France
     c.  U.K.
     d.  Italy
     e.  Spain
     f.  BENELUX
     g.  Rest of Europe
• Asia Pacific
     a.  China
     b.  India
     c.  Japan
     d.  South Korea
     e.  Rest of APAC
• Latin America
     a.  Brazil
     b.  Rest of LATAM
• Middle East & Africa
     a.  Saudi Arabia
     b.  UAE
     c.  South Africa
     d.  Turkey
     e.  Rest of MEA

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