As per a recent analysis by Future Market Insights (FMI), the global lithium mining market is projected to top US$ 3.4 Billion by 2032. Growing demand for lithium-ion batteries from end-use industries including automotive, packaging, and consumer electronics is expected to propel sales of lithium over the forecast period 2022-2032.

Lithium is widely being adopted in the manufacturing of batteries for electric vehicles, owing to advantages such as longer lifespan, improved fuel efficiency, and low discharge rates. Increasing sales of electric vehicles is anticipated to spur demand for lithium in the forthcoming years, which in turn will augment the growth of the global lithium mining market.

Moreover, the growing demand for glass and ceramics from the packaging industry is likely to create new opportunities for key players operating in the lithium mining market. Glass and ceramics are mostly used in the packaging of pharmaceuticals, food and beverages, and other items.

Increasing applications of lithium in the glass and ceramics industry will continue boosting the growth prospects of the lithium mining market. In 2020, the global lithium mining market was heavily impacted by the novel coronavirus pandemic.

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“Growing focus on fuel efficiency in automotive vehicles is expected to propel consumption of lithium for batteries in the forthcoming years. Besides this, increasing sales of wearables and portable consumer electronics will continue augmenting growth of the lithium mining market through 2032,” says an FMI analyst.

Competitive Landscape

Albemarle, Ganfeng Lithium, Livent, Nemaska Lithium, Orocobre Limited, Sichuan Tianqi Lithium Industries, SQM, and Lithium Americas Corp. are among the key market players identified by FMI. These players are projected to command 60-70% of the total lithium mining market share.

Leading players operating in the global lithium mining market are focusing on production facility expansion through mergers and acquisitions to gain a competitive edge in the market.

Lithium Mining Market by Category

By Source:

• Brine
• Hard Rock
• Others

By Type:

• Lithium Carbonate
• Lithium Hydroxide

By Application:

• Battery
• Ceramics and Glass
• Lubricants & Grease
• Polymer
• Flux Powder
• Refrigeration
• Others