Market Insights
Lithium is used in a wide variety of applications, which is capable of offering thermal resistance, durability, and minimal maintenance to the product. Thus, they are used in various applications such as batteries, glass, grease, air conditioning equipment, and others. The global lithium mining market is spanned across five regions of the world namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds the major share of the global market and is projected to continue leading owing to the increasing consumption of metal in batteries, glass, grease, air conditioning equipment, and others. It is estimated that the batteries segment is set to observe the highest CAGR in the market due to the growing use of metal to improve the performance and increase the life cycle of the product. Moreover, increasing demand for reduced materials in glass and ceramics sectors is likely to witness a rapid growth during the forecast period. These factors have led to China, India, and Japan to be the major players of this region.
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Segmentation
The Global Lithium Mining Market is segmented into the source, type, and application. On the basis of the source, the market is further classified into brines, and hard rocks segments. On the basis of the type, the market is sub-divided into lithium hydroxide and lithium carbonate segments. On the basis of the application, the market is further segregated into batteries, glass, grease, air conditioning equipment, and others.
Competitive Analysis
• Albemarle Corporation
• SQM
• FMC Lithium
• Tianqi Lithium Corporation
• Jiangxi Ganfeng Lithium Co.Ltd.
• LITHIUM AMERICAS
• MGX Minerals Inc
• Nemaska Lithium
• Galaxy Resources Limited
• Wealth Minerals Ltd
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Regional Analysis
The North American market is expected to grow at a higher CAGR due to extensive consumption of metal in lithium-ion batteries, glass, grease, and others. The U.S., Canada, and Mexico have achieved a significant place in the market due to the growing investments in the end-use industries. Therefore, the growing demand for air-conditioning and energy storage systems made from lithium are estimated to drive the market during the forecast period.
A notable development is achieved in Europe due to the growing demand for the lightest metal in batteries, glass, grease, air conditioning equipment segments, and others. The rapid urbanization coupled with technology have propelled the market to witness a higher growth. Thus, countries such as Germany, the U.K, and Italy are the major contributors to this market.
A considerable development is predicted in the Latin American region such as in Brazil, Uruguay, and Argentina due to the growing consumption of lithium in major industries. Moreover, a rapid development is estimated in the Middle East & African region such as Qatar, the U.A.E, and others due to increasing demand for lithium in smartphones, tablets, and other gadgets.
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