Global Lithium Market to Hit Sales of $15.45 Billion by 2028 | Sodium Ion Batteries Could Be Potential Threat to Lithium Market
Global lithium market size was valued at USD 7.1 billion in 2021, and it is expected to reach a value of USD 15.45 billion by 2028, at a CAGR of 11.75% over the forecast period (2022–2028).
Westford, USA, Nov. 17, 2022 (GLOBE NEWSWIRE) -- The global demand for lithium market is on the rise. This mineral is essential in the manufacturing of batteries, solar panels and organic chemicals. The Lithium Industry Association (LIA) forecasts that the global demand for lithium will grow from 292 thousand metric tons in 2020 to 2.5 million metric tons by 2030. This increase in demand is due to increased usage of lithium-based batteries in electronics and vehicles.
The growing demand for lithium is linked to the growth of electric vehicles. Electric cars require a large number of lithium-ion batteries, which are made from a compound called lithium hexaferrum oxide. In fact, the demand for lithium market has increased by 3000% since 2010, thanks to increase in electric vehicle production. There are several factors contributing to the increasing demand for lithium, including more efficient and affordable batteries that can store more energy, regulations stimulating development of green technology and growing concern over climate change.
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China, Australia, and Chile currently dominate the global lithium market, making up 90% of the world's output. However, the China’s concentration has led to price volatility and shortages. This has prompted Indian companies to establish production facilities as well as Japan, South Korea and Australia to invest in new mines or develop capacities significantly. In an attempt to address these shortcomings, a group of 31 world leaders signed the Marrakesh Declaration at the World Economic Forum in Davos earlier this year pledging $10 billion over 10 years for research into new mining methods and technologies that would enable more sustainable production of lithium.
South America to Bridge the Gap Between Demand and Supply in Lithium Market
After years of research and development, South America is poised to become a major global player in the supply of lithium. The region has the resources needed to meet the demand for lithium batteries, as well as a population that is already familiar with how to use battery technologies. This could help to bridge the gap between demand and supply, which would be crucial in ensuring an adequate supply of lithium for technology applications.
Lithium is an essential mineral for batteries and other electronics. However, it is difficult to find and expensive to extract in the global lithium market. Brazil, Argentina, Chile and Mexico are working to bridge the gap between demand and supply of lithium. Brazil is the world’s sixth-largest producer of lithium but has only a small supply chain due to its isolated location. The country’s government is working with companies such as Samsung and Renault to develop new technologies for extracting lithium from minerals.
Argentina has the world’s second-largest reserves of lithium but is not currently able to produce enough battery cells or laptops with the mineral due to a lack of processing facilities. The country’s government is investing in renewable energy projects that could help produce more battery cells in the global lithium market. In 2021, the country produced over 2 million tons of lithium.
Chile produces more than half of the world’s output of lithium carbonate but faces shortages in refining capacity and transport infrastructure. The country has the world’s largest reserve of 8 million tons. This has slowed down development on new mining projects. The country’s government aims to increase production by 1 million tons by 2025. As of 2022, it produces around 1 million ton, mostly through extraction from mines in the Andes mountains.
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Mexico has one-seventh of the world’s reserves in the global lithium market but accounts for almost 5% of global production due to large reserves in the states of Sonora, Chihuahua and Nuevo León. Mining companies have been expanding their operations into previously untapped areas such as salt flats in Tamaulipas state.
Sodium Ion Batteries Could Be Potential Threat to Lithium Market
Automotive companies are exploring new battery materials that rely on Sodium ion as an energy source. Research is ongoing to find a replacement for lithium-ion batteries, which are currently the most common type in electric vehicles. Sodium ion batteries hold many potential advantages over lithium-ion batteries, including being cheaper and more environmentally friendly.
However, Sodium ion batteries have some drawbacks. They're less efficient than lithium-ion batteries and take longer to charge. Additionally, they're not compatible with current car production lines. These issues will need to be addressed if sodium ion batteries are to become more widespread in the automotive industry.
Less Energy Intensive Extraction Technic to Offer Lucrative Opportunities For Lithium Market
The potential for lithium minerals and the lithium industry is enormous. Lithium is the 31st most abundant element on Earth and has multiple uses including in batteries and electronics. This mineral is becoming increasingly important as electric vehicles become more popular. Lithium carbonate is the main form of lithium present on Earth, but there are also lithium oxychloride, lithium hydroxide, and lithium oxide deposits, among others. There are currently few mines production resources available in the global lithium market, with most coming from Chile and Argentina. However, the global demand for batteries continues to increase, making new discoveries essential.
Several companies are working to find new sources of lithium for use in batteries. Most recently, Element 14 announced a 3-million-euro ($3.5 million) deal with Anglo American Minerals to explore an underground Lithium project in Argentina. Although not a large discovery yet, these deals underscore the growing interest in this mineral.
Some companies in the global lithium market are also looking into developing new ways to extract lithium from its resource base using a less energy-intensive process than traditional mining methods such as open-pit mining or acid leaching. Several companies have begun testing out this technology including Berkeley Mineral Resources Corporation (BMRC) who announced they had successfully extracted 602 pounds (269 kgs) of pure lithium from an old battery clay quarry in New Mexico using a proprietary ionic liquid extraction process developed by its subsidiary Almaden Minerals Incorporated (AMI).
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Top Players in Global Lithium Market
FMC Corporation (India)
SQM S.A. (CHILE)
Tianqi Lithium (Australia)
International Lithium Corp. (China)
LSC Lithium Corporation (Canada)
American Lithium Corp. (Canada)
Livent (US)
BYD Company (China)
LG Chem (South Korea)
Samsung SDI (South Korea)
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