Scienza e Tecnologia
Lithium Mining Market to Grow by 2.2x as Lithium-Ion Batteries Application Gains Momentum in Automotive Sector
A dynamic shift towards electric vehicles (EVs) has been witnessed owing to the implementation of stringent regulations to curb carbon emission and mitigate challenges posed by rising fuel prices. According to a report by the International Energy Agency, sales of electric cars totaled 2.1 million units in 2019 across the world, projecting year-over-year growth of 40% in 2019.
Rise in EV sales is propelling the demand for vehicle batteries such as lithium-ion (li-ion) battery, which is in turn, creating lucrative growth opportunities for the market.
Several lithium mining companies are acquiring more land for increasing the production of lithium and capitalize on the increasing demand from various industries. For instance, Tianqi, a Chinese mining and manufacturing company, announced acquiring IGO Ltd, a mining company in Australia , to increase its production of lithium hydroxide in April 2021 .
On the back of these factors, the market is expected to expand at a robust CAGR of 7% through 2031.
Besides this, increasing application of li-ion batteries across grid storage, medical devices, and consumer electronics such as smartphones, digital cameras, and laptops among others is driving the market. On account of this, sales of lithium mining are expected to rise at 8.3% by 2031 with increasing production of batteries, as per Fact.MR.
says a Fact.MR analyst.
Ganfeng Lithium, SQM, and Tianqi are identified as top 3 players by Fact.MR. These players are estimated to account for nearly 70% of the sales through 2031. Also, leading players are focusing on developing novel technologies to recovery rate of lithium.
Some of the players are focusing on merger, collaboration, and acquisition to expand their production capacity. For instance,
Some of the key players in the market profiled by Fact.MR are:
Fact.MR, in its new report, offers an unbiased analysis of the global lithium mining market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in lithium mining market with detailed segmentation:
Lithium carbonate is a major component in the production of lithium-ion batteries for electric vehicles, an industry that has seen remarkable growth in recent years. During the historical period, this expanding demand lifted manufacturer revenues proportionately, until the Chinese government announced catastrophic policies to decrease EV subsidies, negatively impacting demand for lithium carbonate in EV applications. Pharmaceutical makers have maintained a consistent demand over the years. All of these reasons are expected to propel the lithium carbonate industry forward.
Lithium ingots are the major products extracted from lithium mines after exploration and processing. Because of the low cost of production, lithium ingots are quite affordable. Furthermore, the substance is widely used as an electrode in electric vehicles (EVs). The product's economic and technical significance far beyond its use as a battery anode. The fact that batteries drive lithium demand has become universal. As a result, the product's long-term market growth is significantly correlated with the growth of the battery market.
Lithium-ion battery cathode market growth is expected to be driven by increasing use of lithium-ion battery cathodes in energy storage systems, increased demand for electric vehicles, and global industrialization in the coming years. Since a few years, sales of lithium-ion battery cathodes have been on the rise. Recent advancements in battery technology, acceptance of lithium-ion battery cathodes in electric vehicles, and development of lithium-ion batteries for next-generation consumer electronic products and services, such as medical wearables, are all contributing to the market's growth.
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