Pune, India, April 08, 2022 (GLOBE NEWSWIRE) -- Lithium mining market is anticipated to grow at a steady growth rate over the forecast period, owing to an upsurge in demand for the lithium in manufacture of glass & ceramics, flux powder, polymers, and batteries. Lithium is a soft, silvery-white, metal or chemical element. It is being used in several industrial applications, such as lithium grease lubricants; heat-resistant glass & ceramics; and flux additives for steel, iron, and aluminum production; along with the lithium and lithium-ion batteries. It is either found in underground deposits of clay, or underground pockets of water. The mining companies around the world have mastered various lithium extraction techniques and are continuously making advances in worker safety and efficiencies.
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Key Insights & Findings:
- The carbonate segment led the lithium mining market and valued at USD 1.54 Billion in 2020. This is mainly due to huge production of lithium carbonate and its applications in glass and ceramic industry. However, lithium hydroxide segment is anticipated to witness highest growth during the forecast period.
- The batteries application segment accounted for the largest market share and valued at USD 1.48 Billion in 2020. This is due to extensive proliferation of lithium ion batteries. Exponential growth in demand has been witnessed in past few years to power electric vehicles and for energy storage.
- The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia-Pacific region emerged as the largest market for the lithium mining market and valued at USD 1.48 Billion in 2020. The number of prominent factors such as presence of cheap labor; growing mining activities; and tremendous reserves of lithium in India and China are projected to primarily drive growth of Asia-Pacific lithium mining market. North America region is anticipated to grow at significant CAGR over the forecast period, due to the rising investment in mining industry along with the upsurge in demand for lithium Ion batteries due to flourishing electric vehicle industry.
Key players operating in the global lithium mining market Jiangxi Ganfeng Lithium, Albemarle Corporation, Mineral Resources Limited, Tianqi Lithium, Sociedad Quimica y Minera, Sichuan Yahua Industrial Group Co Limited, Livent Corporation, Lithium Americas, Savannah Resources, Pilbara Minerals ltd., Bacanora Lithium, Piedmont Lithium ltd, Galaxy Resources ltd, Orocobre Ltd, and Youngy Corporation Ltd. among others. To enhance their market share in the global lithium mining market, the key vendors are now focusing on adopting the prominent strategies such as recent developments, product innovation, mergers & acquisitions, joint venture, collaborations, and partnership.
- For instance, in September 2020, Ganfeng Lithium signed an agreement with Jiangxi Special Electric Motor to acquire the management and operations of three lithium chemical converter plants from October 2020 to March 2023.
- In December 2020, Pilbara Minerals signed an agreement with Altura Mining to buy shares in Altura Lithium Operations (ALO), an exploration and resource development company, focused on lithium and battery minerals for $175m.
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Global Lithium mining Market by Type:
- Chloride
- Lithium hydroxide
- Carbonate
- Concentrate
Global Lithium mining Market by Application:
- Batteries
- Glass
- Grease
- Air Conditioning Equipment
- Others
Global Lithium mining Market by Region:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia
- Asia-Pacific
- Japan
- China
- India
- Korea
- Southeast Asia
- South America
- Brazil
- Peru
- Middle East and Africa
- UAE
- South Africa
- Saudi Arabia
About the report:
This research report gives detailed data about the major factors influencing the growth of the lithium mining market at the national and local level forecast of the market size, in terms of value, market share by region, and segment; regional market positions; segment and country opportunities for growth; Key company profiles, SWOT, product portfolio and growth strategies. It studies the market essential sides such as top participants, expansion strategies, business models, and other market features to improve market insight.
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