Based on the analysis by Fact.MR, the global lithium mining market size is valued to be US$ 1.2 billion in 2023 and it is anticipated to grow at a CAGR of 6.4% to reach US$ 2.1 billion by the end of 2033.With a significant increase in the production of electric vehicles, the demand for lithium has significantly increased in recent years. The majority of the lithium produced is consumed for rechargeable batteries used in electric vehicles; according to estimates, batteries account for 46% of all lithium consumption worldwide.

The lithium mining market is witnessing robust growth due to the rising adoption of electric vehicles and renewable energy solutions. Technological advancements in extraction methods, such as Direct Lithium Extraction (DLE), and increasing production capacities in key regions like Australia and Chile are further fueling market potential.

Key Takeaways from Market Study

• Global lithium mining market to reach US$ 3.1 billion by 2033.
• Brine source segment is expected to dominate the market by 2033, driven by lower production costs compared to hard rock mining.
• Market in Australia to account for US$ 131.09 million in 2023, with a projected CAGR of 5.77% through 2032.
• Market in China to reach a valuation of US$ 1.4 billion by 2027.
• Lithium carbonate segment anticipated to lead due to its widespread use in lithium-ion batteries.

 “Increasing demand for electric vehicles and renewable energy storage, coupled with advancements in lithium extraction technologies, is set to drive significant growth in the lithium mining market over the next decade,” says a Fact.MR analyst.

Winning Strategy
Key market players are focusing on expanding production capacities and adopting innovative extraction technologies to meet rising demand. Companies are also forming strategic alliances and securing government funding to strengthen their market position. For instance:

• In March 2023, E3 Lithium Ltd. received US$ 2.5 million from Natural Resources Canada’s Critical Minerals Research Development and Demonstration program to advance lithium extraction technologies.
• In January 2023, Ioneer, an Australian company, secured a conditional US$ 700 million loan from the U.S. Department of Energy for a lithium mining project in Nevada, USA.

More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global lithium mining market, presenting historical demand data (2019-2022) and forecast statistics for the period of 2023-2033. The study provides essential insights based on source (brine, hard rock), type (lithium carbonate, lithium hydroxide), and application (batteries, glass & ceramics, lubricants & grease, polymers, flux powder), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).

Key Companies Profiled

• Albemarle Corporation
• Sociedad Química y Minera de Chile (SQM)
• Jiangxi Ganfeng Lithium Co., Ltd.
• Tianqi Lithium Corporation
• Mineral Resources Limited
• Pilbara Minerals Ltd.
• Livent Corporation
• Orocobre Limited
• Lithium Americas Corp.
• Nemaska Lithium Inc.

Industry News

• In April 2020, researchers from Monash University, CSIRO, the University of Melbourne, and the University of Texas at Austin developed a new filtering technology to extract lithium ions from brine, significantly reducing processing time from months to hours.
• In January 2023, Ioneer received a conditional US$ 700 million loan from the U.S. Department of Energy to develop a lithium mining project in Nevada, supporting the growth of domestic lithium production

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