July 16, 2020
According to the research report titled ‘Global Lithium Mining Market Size study with COVID-19 impact, by Type (Lithium Hydroxide, Lithium Carbonate), by Application (Batteries, Glass, Grease, Air Conditioning Equipment) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global lithium mining market is expected to grow substantially during 2020-2026.
Lithium mining process is mainly used to acquire lithium from several sources like hard rocks and brines. It is a solid and lightweight metal found in nature. Lithium possesses various properties like longer stability, high energy density, thermal resistance, and require low maintenance. Owing to its exceptional properties, lithium is used in wide range of applications such as battery, glass, and grease among others. The growth of global lithium mining market is primarily driven by increased use of lithium in novel consumer electronic battery technologies.
Surging demand for lithium storage batteries in electric vehicles, rising consumption of lightweight metal in laptops and smartphones, and increasing usage in air regeneration applications are other factors driving the growth of global lithium mining market. According to Edison Electric Institute, global electric vehicles sales reached 312,000 in first quarter of 2018, which was an increase of 58% as compared to first quarter of 2017.
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However, the COVID-19 pandemic has a negative impact on each economy sector including the lithium mining industry. Lockdowns imposed by governments in several countries have reduced the demand and production of lithium, resulting in sluggish market growth. Additionally, adverse health effects like pulmonary edema associated with lithium exposure and hefty capital investment may act as restraints for the market growth over the projected timespan.
From a regional point of view, Asia Pacific currently holds a significant share in global lithium mining market, pertaining to increasing adoption of lightweight metal in grease, batteries, etc., along with rising proliferation of electric vehicles on account of favorable efforts by government in the region.
Meanwhile, North America market is projected to grow substantially over the anticipated timeline owing to high demand for lithium from end-use industries in the region.
Major players in global lithium mining market are Exide Industries Ltd., Wealth Minerals Ltd., Galaxy Resources Ltd., Nemaska Lithium, MGX Minerals Inc., Lithium Americas, Jiangxi Ganfeng Lithium Co., Ltd., Tianqi Lithium Corp., FMC Lithium Corp., and Albemarle Corp. among others.