Fairfield Market Research’s latest study predicts that the global lithium mining market is expected to be worth US$1,630.30 Mn by 2025 from US$ 829.73 Mn in 2019. The significant rise will be attributable to the soaring popularity of electric vehicles (EV), which use lithium-ion battery or Li-ion battery for operating. The growing pressure on governments across the globe to curb vehicular pollution is expected to stoke the demand for these batteries and thereby boost the opportunities for lithium mining. The global lithium mining market is expected to register a CAGR of 26.3% between the forecast years of 2020 and 2025.
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EVs to Replace 10% of Conventional Passenger Vehicles By 2025 Boosting Demand
According to the report, by 2030, EV sales are expected to be 2x more than what they currently are. Analysts anticipate that 10% of conventional passenger vehicles will be replaced by EVs by 2025 as these vehicles get affordable in due time. All of these factors are expected to boost the global lithium mining market in the coming years.
The demand for lithium will also be raised by the pressing need for cooling across hospitals, commercial buildings, and other industrial applications. Its excellent properties such as high standard performance and thermal resistance are expected to make it suitable for air regeneration applications.
COVID-19 Hits Automotive Sales Dampening Market Spirit
In the past year, the global lithium mining market has witnessed a slump with the downturn in the automotive industry. A slump in manufacturing and buying have both impacted the EV market severely. However, as the world limps back to normalcy with vaccine rollouts, analysts anticipate the EV sales to gain momentum. Improving EV penetration across various parts of the world will boost mining activities.
A sharp drop in the price of lithium-ion batteries is also expected to create exceptional opportunities for the global lithium mining market. As consumers opt for a personal mode of commute instead of public transport amidst fear of infection, they are likely to boost EV sales.
Australia and China Contribute 60% of Global Lithium Production
Australia is expected to lead the global lithium mining market. The report indicates that as of 2019, the region produced about 50% of the global production, which stood at 77,000.0 metric tons. Currently, China and Australia amount to 60% of the global production, making Asia Pacific the clear regional leader. As the automotive industry in China grows, analysts predict so will the demand for lithium. Additionally, the demand for lithium is also expected to increase with the growing production and sales of electronics.
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A similar trend is seen across North America as the region sees a swift uptake of EVs. As consumers move to electric vehicles, the demand for lithium-ion batteries is expected to see a monumental spike, boost the regional lithium mining market.
In addition to these regions, the Lithium Triangle, Chile, Argentina, and Bolivia hold the promise of catering to global production, matching scales like no other region. However, climatic conditions and political scenarios have kept them from achieving their potential.
Some of the key players operating in the global lithium mining market are Albemarle Corporation, SQM S.A., Tianqi Lithium, Mineral Resources, Ganfeng Lithium Co., Ltd., Orocobre Limited Pty Ltd., Lithium Americas Corp., and Livent.
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