Lithium mining is a method primarily used for obtaining the metal from a variety of sources like brines, and hard rocks. It is the lightweight metal and solid component found in nature. Lithium possess various exceptional properties, such as thermal resistance, high energy density, longer stability, and minimal maintenance thus, making it ideal to use in wide range of applications, that includes battery energy storage, grease, glass and many more. The global demand for lithium is rapidly growing and is especially driven by increased usage of lithium in novel consumer electronic battery technologies. Due to this factor, the market is assured to increase at remarkable rate in the upcoming years.
The study report of,’ Global Lithium Mining Market to reach USD XXX billion by 2026’ The global lithium mining market is moderately fragmented with top manufacturers accounting for a major share. Prominent players operating in the global lithium mining market are entering into partnerships for the development of advanced lithium mining technologies. Key players playing in the global lithium mining market include Albemarle Corporation, FMC Lithium Corporation, Tianqi Lithium Corporation, Jiangxi Ganfeng Lithium Co., Ltd., Lithium Americas, MGX Minerals Inc, Nemaska Lithium, Galaxy Resources Limited, Wealth Minerals Ltd and Exide Industries Ltd. Companies working in lithium mining industry are utilizing autonomous haulage systems control and track mining vehicle movements, coordinates and autonomously drives off-highway haul trucks operating in a mine.
Further, rise in demand for lithium storage batteries in electric vehicles, increasing usage in air regeneration applications, and growing consumption of reduced weight metal in smartphones & laptops are the few factors responsible for high expansion of the market over the forecast amount. For instance, according to the Edison Electric Institute, it is calculated that global electric vehicles sales were registered about 312,000 in Q1 2018, an increase of 58% as compared to Q1 2017. Similarly, in the United States, the total number of electric vehicles on the road is about 8,90,000 in 2018, up from number of electric vehicles of almost 6,00,000 in 2017. Which, in turn, is estimated to strengthen the demand for lithium mining across the globe. However, the outbreak of COVID-19 puts uncertainty on every single sector of economy, and lithium mining industry is also affected.
The regional distribution of global Lithium Mining market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia-Pacific accounts for the significant market share due to the growing adoption of lightweight metal in batteries, grease etc., along with rising penetration of electric vehicles owing to the favorable government efforts in this region. Whereas, North America is anticipated to exhibit highest rate of growth due to rise in demand for lithium in the end-use industries located in the region.
Moreover, demand for lithium for air regeneration applications is also rising. Space vehicles, safety devices, submarines and miners etc., possess systems to abolish carbon dioxide from human exhaust. The non-reversible reaction of anhydrous lithium hydroxide with carbon dioxide results in efficient removal of carbon dioxide. Additionally, rise in use of lithium in air treatment applications is a major driver for the global lithium market. Thus, it is anticipated that market will grow high throughout the forecast amount.
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Ankur Gupta, Head Marketing & Communications