Lithium Mining Market Size Worth $604.80 Million By 2032 | CAGR: 5.4%

Lithium Mining Market Size Worth $604.80 Million By 2032 | CAGR: 5.4%

The global lithium mining market size is expected to reach USD 604.80 million by 2032, according to a new study by Polaris Market Research. The report “Lithium Mining Market Share, Size, Trends, Industry Analysis Report, By Type (Chloride, Hydroxide, Carbonate, and Concentrate); By Source; By End-Use; By Region; Segment Forecast, 2023-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Market growth is being fueled by rising demand for lithium in the manufacture of electric vehicle (EV) batteries, glass, ceramics, and many others. Lithium is utilized to make practically all traction batteries that are currently used in EVs and consumer electronics, and lithium-ion (Li-ion) batteries are employed for a variety of purposes, including energy storage and air travel. Because battery content varies depending on the combination of active materials used and new battery technologies are being introduced to the market, there are many questions about how the battery industry will affect future lithium demand. For example, compared to currently popular mixtures utilizing a graphite anode and lithium metal anode, which boosts energy density in batteries, it has around quadruple the amount of lithium required per kilowatt-hour.

Another element boosting market revenue growth is the rising demand for lithium in the production of glass and ceramics. Several types of glass, including specialty glass, flat glass, pharmaceutical glass, and flat glass, can be created to endure wear and tear, corrosion, or extremely high or low temperatures where thermal shock resistance is essential owing to the use of lithium in the manufacturing process. Lithium increases the rate at which glass melts while lowering the temperature at which it melts and the viscosity, which helps in molding and results in higher output and energy savings.

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Further, lithium is additionally utilized in manufacturing ceramics, including heatproof ceramic cookware, frits, glazes, and ceramic bodies. This increases the strength of the ceramic bodies, reduces thermal expansion, and lowers firing temperatures. Lithium improves the stability, shine, and coating viscosity of glaze, boosting its color and brightness. Lithium is additionally utilized in the production of induction cookware and cooktops. Lithium's extremely high thermal expansion coefficient gives these products exceptional mechanical strength and resistance to thermal shock. Therefore, the rising demand for lithium across various verticals is boosting market growth.

Lithium Mining Market Report Highlights

  • Batteries segment is anticipated to grow at a significant CAGR over the study period. Lithium batteries are more superior than other forms
  • Lithium concentrate segment accounted for largest revenue share. Water must typically be removed from a lithium solution to prepare lithium concentrate.
  • Asia-Pacific is expected to grow at a substantial CAGR over the projected period. China is one of the world's producers that is growing quickly, with brine and hard rock reserves.
  • Global players include Allkem, Albemarle Corporation, FMC Corporation, Galaxy Resources, MGX Minerals, Nemaska Lithium, Orocobre Limited, Piedmont Lithium, Pilbara Minerals, SQM, Sociedad Quimica, Tianqi Lithium, & Wealth Minerals

Polaris Market Research has segmented the Lithium Mining market report based on source, type, end-use, and region:

Lithium Mining, Source Outlook (Revenue - USD Million, 2019 - 2032)

  • Brine
  • Hard Rock
  • Others

Lithium Mining, Type Outlook (Revenue - USD Million, 2019 - 2032)

  • Chloride
  • Hydroxide
  • Carbonate
  • Concentrate

Lithium Mining, End-Use Outlook (Revenue - USD Million, 2019 - 2032)

  • Flux Powder
  • Polymers
  • Batteries
  • Refrigeration
  • Pharmaceuticals
  • Air Conditioning Equipment
  • Glass & Ceramics
  • Grease and Lubricants
  • Others

Lithium Mining, Regional Outlook (Revenue - USD Million, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa