The lithium mining market size was valued at 93kt in terms of consumption during 2021. Lithium-ion (Li-ion) is the dominant battery technology for connected devices (e.g., laptops and smartphones), electric vehicles (EVs), and renewable energy storage in the home. The use of batteries in many portable electrical appliances and EVs continues to drive demand for lithium. As EVs gain market share in the global passenger car market, demand for lithium batteries is anticipated to increase, resulting in an accelerating CAGR of over 12% during 2022-2030.
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Lithium Mining Market FAQs
- What was the lithium mining market size in 2021?
The lithium mining market size was valued at 93kt in terms of consumption in 2021. - What is the CAGR at which the lithium mining market grow during 2022-2030?
The lithium mining market will grow at a CAGR of over 12% during 2022-2030. - What are the key countries involved in the lithium mining market?
The key countries involved in the lithium mining market are Australia, Chile, Argentina, and Others. - Which are the active mines in the lithium mining market?
Greenbushes Lithium Operations, Salar de Atacama Mine, Salar del Hombre Muerto Mine, Salar De Olaroz Lithium Project, and Salar De Olaroz Lithium Project are some of the key active mines in the lithium mining market. - Who are the leading lithium mining market producers?
Allkem Ltd, Ultra Lithium Inc, Woomera Mining Ltd, Sayona Mining Ltd, Hemlo Explorers Inc, Critical Elements Lithium Corp, Bradda Head Lithium Ltd, Core Lithium Ltd, New Age Metals Inc, Albemarle Corp, Dixie Gold Inc, International Lithium Corp., Liontown Resources Ltd, and Metals Australia Ltd are some of the leading lithium mining producers.
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Lithium Mining Market Highlights
- Global lithium reserves totalled 22 million tonnes (Mt) as of January 2022. Chile, Australia, Argentina, China, Russia, and the US were the top five countries, accounting for a collective 19.4Mt. These were followed by Zimbabwe, Brazil, and Portugal, with a collective 0.4Mt of lithium reserves.
- Spodumene, brines, and lepidolite are among the major sources of lithium globally. However, the most economical source is brines, with extraction from other minerals having relatively higher production costs due to combined extraction and beneficiation challenges. Meanwhile, new technologies including DLE are expected to increase recovery and capacity.
- Prices will be majorly driven by growing EV battery demand with a lack of structural investment in new supply capacity further driving up prices. The prices are expected to be influenced by the expected recovery in worldwide supply as production capacities expand, supported by the commencement of various projects, located primarily in Australia and Argentina.
- Due to the rise of EVs and renewable energy storage applications, lithium demand is expected to outstrip supply. Rising prices, as well as increasing battery demand for EVs, is driving major players in the lithium market to consolidate through strategic mergers, acquisitions, and offtake agreements. For instance, in January 2022, Zijin Mining Group Co., Ltd. completed the acquisition of Neo Lithium Corp. for approximately $764 million in cash.
- Albemarle Corporation, SQM, Gangfeng Lithium Group, Livent Corp. and Allkem are among the major players in the global lithium mining industry.
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Table of Contents
1 Executive Summary
2 Reserves, Production and Prices
2.1 Global Lithium Reserves by Country
2.1.1 Chile
2.1.2 Australia
2.1.3 Argentina
2.1.4 China
2.1.5 US
2.2 Lithium Production
2.2.1 Production by country
2.2.2 Australia
2.2.3 Chile
2.2.4 Argentina
2.2.5 Direct Lithium Extraction
2.3 Lithium Price Analysis
3 Lithium Assets
3.1 Active Mines
3.2 Development Projects
3.3 Exploration Projects
4 Demand and Trade
4.1 Lithium Consumption
4.2 Lithium Carbonate Trade
4.3 Global Electric Vehicles (EVs) Market
4.3.1 Demand from Electric Vehicles (EVs)
4.3.2 Global Battery Demand and Technology Update
4.3.3 Demand for EV Batteries
4.3.4 EV Policies in APAC
4.4 Global Lithium Market Balance
4.5 M&As in the global lithium industry
5 Major Lithium Producers
5.1 Mines and Projects by Stage and Country
5.2 Albemarle Corporation
5.3 Sociedad Quimica y Minera de Chile SA
5.4 Ganfeng Lithium Group Co Ltd
5.5 Livent Corp.
5.6 Allkem Ltd
6 Appendix
6.1 Abbreviations
6.2 Methodology
6.3 Coverage
6.4 Secondary Research
6.5 Development Likelihood
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