As per a new Fact.MR study on lithium mining, the global market is anticipated to reach a valuation of US$ 1.8 Bn in 2021, burgeoning at a rapid CAGR of 7% over the forecast period of 2021-2031.

According to Fact.MR, a market research and competitive intelligence provider, over the past half-decade, lithium prices increased on the back of rising demand for li-Ion batteries that are exclusively used in electric vehicles. Dynamic shift in automotive policies coupled with rise in fuel prices across regions surged demand for electric vehicles. Rise in demand for electric vehicles, has, in turn, cascaded the effect to rising procurement orders for batteries, which has led to increasing lithium prices.

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In the scenario of lithium production, rampant price rise is an issue not only for consumers but also for lithium producers. To counter this issue of price rise, lithium mining giants such as SQM, Livent, Ganfeng, and Tianqui, among others, have enacted upon enhancing their investments for expanding their mining sites to stabilize price points well below 10% of the market ceiling price.

Apart from price rise, lithium mining giants have adopted efficient mining methods that not only enhance the recovery of lithium from brines but also effectively maintain their margins throughout mining terms. This is anticipated to positively impact mining operations as well as product supply.

From the supply and demand side, optimum mining conditions and rising demand for lithium-ion batteries will bolster the need for lithium mining.

Competitive landscape

Top lithium mining companies include Albemarle, Ganfeng Lithium, Livent, Nemaska Lithium, Orocobre limited, Sichuan Tianqi Lithium Industries, SQM, and Lithium Americas Corp. Of these, prominent lithium mining companies are Ganfeng Lithium, SQM, and Tianqi, who control nearly 70% of the global supply. Even from the price point of view, these manufacturers hold the nuclear switch to manipulate the prices through their inventory volumes.

Key Takeaways from Study

• The lithium mining market is estimated to expand 2.2X its current market value by 2031.
• Hard rock is the most prominent way of mining lithium, and this material dominates demand as far as lithium mining is concerned.
• Battery end use of lithium is anticipated to add an incremental opportunity of US$ 75 Mn each year till 2031.
• Top 5 players capture nearly 75% of lithium mining across the globe.

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Lithium Mining Industry Key Segments

• Source
  • Brine
  • Hard Rock
  • Others
• Type
  • Lithium Carbonate
  • Lithium Hydroxide
• By End Use
  • Batteries
  • Glass & Ceramics
  • Grease
  • Polymers
  • Flux Powder
  • Refrigeration
  • Others

Key Takeaways from Study

• The lithium mining market is estimated to expand 2.2X its current market value by 2031.
• Hard rock is the most prominent way of mining lithium, and this material dominates demand as far as lithium mining is concerned.
• Battery end use of lithium is anticipated to add an incremental opportunity of US$ 75 Mn each year till 2031.
• Top 5 players capture nearly 75% of lithium mining across the globe.

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Crucial insights in the Lithium Mining Market research:

• Underlying macro- and microeconomic factors impacting the growth of the Lithium Mining Market Basic overview of the Lithium Mining Market including market definition, classification, and applications.
• Scrutinization of each Lithium Mining Market player based on mergers & acquisitions, R&D projects, and product launches.
• Adoption trend of Lithium Mining Market across various industries.
• Important regions and countries offering lucrative opportunities to Metal Packaging Coatings Market stakeholders

Original Source of the original story >> Global Lithium Mining Market To Witness Significant Revenue Growth On Back Of Augmenting Demand : Fact.MR