Global Lithium Mining Market Stood at US$ 829.73 Mn in 2019 and is Expected to Reach US$ 1,630.30 Mn by 2025, Registering a CAGR of 26.3%: Fairfield Market Research
LONDON, May 12, 2022 (GLOBE NEWSWIRE) -- The tremendous utility and widespread applications of lithium across a plethora of industries are encouraging lithium mining activities across the globe. Over the course of the coming decade, lithium mining is expected to attract the attention of several key investors and capitalists. However, expansion of the global lithium mining market can be strained by growing backlash against the environment dangers posed by such mining. In recent years, efforts to give a sustainable workaround to lithium mining activities have invigorated the growth of the market. Regions that host lithium mining activities on a large scale have witnessed sparkling night skies. Australia and South America are important territories with a large share of lithium mining reserves.
Fairfield Market Research conducted extensive research to find that the global lithium mining market would touch a value of US$1,630.30 Mn by 2025, growing by leaps and bounds from a value of US$829.73 Mn in 2019. The CAGR of the global lithium mining market is tabulated at 26.3% for the term between 2020 and 2025.
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Global Lithium Mining Market: Notable Trends and Highlights
Price of lithium has dipped by a tremendous margin, exhibiting an 89% decrease over 2010 to 2020. Lower price of lithium has enhanced the prospects of growth within the electric vehicle (EV) industry.
In 2019, owing to the large number of lithium mining reserves, Australia accounted for 50% of the total global production.
Bolivia is believed to hold 50% of the world’s lithium reserves, but has failed at optimally utilizing this potential for lithium mining.
Asia Pacific to Emerge as a Dominant Regional Market
The terrain and climate across several parts of Asia Pacific favor lithium mining activities. Australia has emerged as a prominent region hosting several mining reserves. Latin America is also exhibiting lucrative opportunities for vendors looking to invest in the lithium mining market. The triad of Bolivia, Chile, and Argentina has emerged as a distinct area for carrying out lithium mining. Therefore, the sales index of the lithium mining market in Asia Pacific and Latin America is slated to improve in the times to follow. Large producers of lithium are eyeing to capitalize on the favourabiliy of these regions for lithium mining.
Some of the notable players competing in the global lithium mining market are Tianqi Lithium, SQM S.A., Albemarle Corporation, Ganfeng Lithium Co., Ltd., and Mineral Resources.
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REPORT SCOPE & SEGMENTATION:
REPORT FEATURES | DETAILS |
Source Coverage | • Brine |
Type Coverage | • Lithium Carbonate |
End-use Coverage | • Battery |
Geographical Coverage | • North America |
Leading Companies | • Albemarle Corporation |
Report Highlights | Key Market Indicators, Macro-micro economic impact analysis, Technological Roadmap, Key Trends, Driver, Restraints, and Future Opportunities & Revenue Pockets, Porter’s 5 Forces Analysis, Historical Trend (2017-2019), Price Trend Analysis- 2019-2025, Market Estimates and Forecast, Market Dynamics, Industry Trends, Competition Landscape, Category, Region, Country-wise Trends & Analysis, COVID-19 Impact Analysis (Demand and Supply Chain) |
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