The Global Lithium Mining market is expected to reach from USD 1.38 billion in 2024 to USD 1.86 billion by 2029, with a CAGR of 6.1% between 2024 and 2029.
Green energy solutions had another peak year, with annual increments of solar PV rising by 85 percent and wind turbines increasing by 60 percent. The sales of electric vehicles in 2023 closed at 14 million, which is a 35 percent yearly growth and sixfold greater than the last five years in 2018. Moreover, nearly 50 percent of world battery storage capacity, more than 40 gigawatts, was integrated in 2023 particularly, an exceptional year that witnessed a supplement twofold surge from 2022. Influenced by this development, the pace of demand rise for critical minerals continued strongly in 2023; among these, lithium consumption was elevated by 30 percent, and the requirement for graphite, cobalt, and nickel augmented by 8 to 10 percent. Environmentally friendly energy usage was one of the main participants in this higher demand. Throughout all major minerals, the portion of renewable energy solutions has gone upwards persistently.
Transitions in several sectors like polymer manufacturing, air treatment, medical, glass and ceramics, and automotive have caused urbanization and industrialization, positioning the metal as an important development component. Mining provisions are utilized for batteries for EVs. The demand for lithium-ion batteries is predicted to surge approximately four times to 3.9 terawatt-hours between 2023 and 2030, as per the study. This rise in battery consumption will lead to an equivalent increase in the need for element essential raw materials. Also, in 2015, batteries held only 34 percent of the demand for lithium. In 2024, it is believed to capture around 88 percent of the 1.2 million tons requirement. This is also contributing to the market growth.
Furthermore, rapid urbanization and industrialization have led to a surge in power consumption around the world. The growing operations in this digital environment globally need significant electricity usage. The reliance on workflow automation and round-the-clock connectivity applications also caused increased demand for a constant power supply, which is a major propelling factor for the market expansion. Traditional sources are rapidly diminishing and are being replaced by renewable energy solutions. This progressive shift towards clean energy has drastically fueled the need for energy storage. The rising requirement for storing grid-based power is one of the most important factors that is predicted to further strengthen the demand for lithium mining.
It consists of mining from brines and rocks. The process of extracting mined metals is done by evaporating brine and cleaning it with sodium carbonate in PVC-lined shallow waters. This can be due to excessive water pollution. It also affects the quality of groundwater sources and spreads problems linked with water shortage. This sort of mining also leads to dust deposition wherein small-sized Li-particles are disbursed in the atmosphere. Prolonged exposure to lithium dust can cause adverse respiratory tract disease or infection. Such factors are believed to slow down the market growth rate in the future.
Like, in 2022, the share of Australia rose by 24 percent to 68 thousand tons (kt). The lithium mining market is estimated to register a higher growth rate over the period. In the APAC region, Australia’s lithium extraction is over 50 percent of the globe. Another attractive economy is China, which also exports it to nations including the United States, India, and Japan. The substantial addition of China can be credited to the bigger customer base of electronic vehicles and Plug-in EVs and the well-established and better accessibility of manufacturing infrastructure for the electrical and electronics segment. This signifies the extensiveness of electronic products manufacturing abilities, which will ultimately drive the lithium mining market growth.
The dumping and reprocessing facilities for lithium batteries are expensive and highly limited in various nations, attracting government actions worldwide on its mining, which is derailing the market growth. Moreover, the inappropriate disposal of these batteries can result in an adverse negative effect on the environment. These factors are regarded as the key hurdles of the lithium mining market.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
6.1% |
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Segments Covered |
By Meat Type, Source, End Use, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
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Market Leaders Profiled |
Dr Pepper Snapple Group, Monster Beverage Corp., Kraft Foods, Dohler Group, Cott Corporation, the Coca-Cola Company, PepsiCo Inc., Parle Agro, and Britvic PLC |
The concentrate segment is predicted to grow considerably. Also, persistent technological advancements in brine production and rising output of chloride are believed to contribute majorly during the forecast period. Moreover, because of these factors, the need for extracting lithium will soar in the industrial industry. Apart from this, expanding brine and hard rock operations is another driver for the segment’s market share. Presently, the largest share of mining obtains lithium carbonate owing to its huge manufacturing via brines and hard rock extraction process. It is simple to make and thus, adds to most of the metal manufactured. Besides this, it is greatly applied in the glass and ceramic sector and in the healthcare sector to treat mental health-associated problems. Additionally, with the growing hard rock mining operations around the world, the concentrate segment is also inversely projected to progress.
The hard rock segment accounts for a major proportion of the lithium mining market share because of its large reserves. Also, due to the huge application in the globe, the segment is led by the hard rock segment. The brine reserves also exist in an immense number in the world; however, they are not used to their full capability. For instance, the Bolivian salt flats present in great amounts. Moreover, the abundant potential merged with the significant technological developments in brine production, is expected to drive the expansion of the segment’s market size.
The pharmaceuticals segment is anticipated to experience the swiftest rise during the estimation period for the lithium mining market. Higher application for drug discovery is believed to cause fast expansion for the pharmaceutical segment over the coming years. Lithium is associated with the drug class called mood stabilizers. In addition, remedies for mental illnesses such as bipolar disease, hypomania and mania, when a patient's mood suddenly changes from experiencing extraordinarily high in the case of mania to feeling low in the depression and other medicines have not been able to address it. Further, lithium, which is accessible in both normal and slow-discharge tablet formulas, can assist in reducing aggressive or dangerous actions. This citrate is also provided as a liquid which is used and is only found with a medical prescription. So, these are some of the key elements fueling the expansion of the pharmaceutical segment.
Presently, Asia-Pacific and the United States are predicted to have an elevated acceleration rate in the lithium mining market, where the U.S is progressing at a faster pace. The application of Lithium-ion batteries in customer electronics and healthcare equipment is rising and thus offers attractive opportunities for regional market growth.
European nations are engaged in producing electric cars and they are developing their automobile sector and medical industry. So, the extensive application in these sectors is influencing the lithium mining market share in the region. For example, Europe is emphasising energy efficiency and enforcing laws for using energy-saving vehicles. In addition, the International Energy Agency has stated that the nations have sold more than 7 million electric cars.
This is because of the rise of brine mining activities in the area, Chile still accounts for the second-biggest market share for lithium extraction as of now. Apart from this, regional economies like Argentina, Bolivia and Brazil all possess substantial deposits that might be fully employed with heightening investments in mining operations. Likewise, in August 2022, a Government Decree was published by the Brazilian Ministry for Mines and Energy stating that the authorities would bring under the legal framework the unchained international trade in lithium matters, ores, and associated by-products.
Young Corporation Ltd., Jiangxi Ganfeng Lithium Albemarle, Orocobre Ltd, Tianqi Lithium, Galaxy Resources ltd, Sociedad Quimica y Minera, Piedmont Lithium ltd, Mineral Resources Limited, Bacanora Lithium, Sichuan Yahua Industrial Group Co Limited, Savannah Resources, Livent Corporation, Pilbara Minerals Ltd., Lithium Americas are some of the notable companies in the global Lithium Mining market.
By Type
By Source
By End Use
By Region
Frequently Asked Questions
The top lithium producers include Australia, Chile, China, and Argentina. These countries have significant lithium reserves and established mining operations.
The demand for lithium is expected to rise significantly, driven by the growth in electric vehicles and renewable energy storage solutions. This could lead to increased investment in lithium mining and exploration.
The market is expected to continue growing at a strong compound annual growth rate (CAGR) due to ongoing demand from the electric vehicle (EV) sector and energy storage markets.
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