Research Nester assesses the growth of global lithium mining market which is anticipated to be on account of the growing demand for lithium from many end-use industries together with increasing transition to renewables to reduce carbon footprints.
New York – March 21, 2023 - Research Nester’s recent market research analysis on “Lithium Mining Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global lithium mining market in terms of market segmentation by product, application, end-user, and by region.
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Growing Adoption of Electric Vehicles (EVs) to Drive Growth of Global Lithium Mining Market
The global lithium mining market is estimated to grow majorly on account of the increasing global electric vehicle revolution that needs the backing of lithium-ion (Li-ion) batteries. It was found that, in 2021, 10% of all global cars sold were electric, and the figure for truck sales worldwide was just over 0.3%. Moreover, the share is expected to rise in alignment with the climate pledges and targets and in light of IEA’s Net Zero Emissions by 2050 Scenario. Furthermore, the growing adoption of stringent zero-emission policies in multiple countries as well as the increasing concern about fuel economy worldwide is driving the global sale of EVs. Therefore, the rising sales of EVs, including cars, e-bikes, and e-scooter, as well rising electrification of two-three wheelers, buses, and trucks are further expected to propel the market growth in the estimated time period.
Some of the major growth factors and challenges that are associated with the growth of the global lithium mining market are:
Growth Drivers:
· Growing Exploration of Lithium Reserves Globally
· Increasing Investment in Green Technology Worldwide
Challenges:
The rising concern for the environmental risks associated with lithium mining, such as water shortages, soil degradation, biodiversity loss, damage to ecosystem functions, and an increase in global warming are some of the major factors anticipated to hamper the growth of the global lithium mining market. As per findings, around 2.2 million liters of water is needed to produce 1 ton of lithium. Moreover, the production of lithium through evaporation ponds uses around 21 million liters per day. Moreover, as per a report by Friends of the Earth (FoE), lithium mining inevitably harms the soil and causes air contamination. Hence, all these factors are anticipated to restrict the market growth over the forecast period.
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By application, the global lithium mining market is segmented into batteries, glass, air conditioning equipment, and others. The batteries segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The growth is anticipated on the back of the rising demand for rechargeable, as well as, non-rechargeable batteries in many battery-powered devices such as smartphones, laptops, tablets, digital cameras, and others coupled with the increasing demand for batteries to back electromobility worldwide. As per projections, the global demand for batteries is anticipated to hike by about 30%, reaching nearly 4,500 gigawatt-hours (GWh) a year by 2030.
By region, the Asia Pacific lithium mining market is to generate the highest revenue by the end of 2035. This growth is anticipated by rising industrialization as well as expanding mining activities in the region along with the growing export of lithium from the surplus lithium miners in the region. For instance, the overall lithium exports from Australia were reported to near almost USD 1.6 billion. Moreover, the prosperity of many end-use industries especially, automobiles, as well as the growing production of EVs in the region is further expected to boost the market growth.
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This report also provides the existing competitive scenario of some of the key players of the global lithium mining market which includes company profiling of Bacanora Lithium Plc, Tianqi Lithium Corp, Sichuan Yahua Industrial Group Co., Ltd., Livent, Lithium Americas Corp., Pilbara Minerals, Savannah Resources Plc, LSC Lithium Corporation, Neo Lithium Corporation, General Lithium Corp., and others.
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