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VANCOUVER, B.C. , Feb. 17, 2022 /PRNewswire/ -- The global lithium mining market size reached USD 3.33 Billion in 2020 and is expected to register a steady revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing use of lithium for air treatment is one of the major factors expected to continue to drive market revenue growth.
Global lithium mining market revenue growth is also expected to be driven by increasing application of lithium in ceramic and glass manufacturing. Lithium reduces thermal expansion and firing temperatures and boosts the strength of ceramic components. Addition of lithium to glazes enhances viscosity for coatings, and enhances color, boosting strength and lustre of glaze. This is driving use of lithium in ceramic manufacturing. In addition, high coefficient of thermal expansion of lithium makes products thermal shock resistant and also imparts mechanical strength, which is boosting adoption rate of lithium for specialty applications.
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Concerns regarding health and safety risks of lithium miners are major factors hampering revenue growth of the market. Owing to alkaline properties of lithium, it is highly corrosive and reacts with water. Breathing alkaline lithium compounds or lithium dust affects the respiratory tract, and prolonged exposure leads to serious health issues such as pulmonary edema.
Global lithium mining market is expected to register a CAGR of 6.8% over the forecast period and revenue is projected to increase from USD 3.33 Billion in 2020 to USD 6.37 Billion in 2030. Increasing demand for lithium for manufacturing EV batteries is boosting market revenue growth.
COVID-19 outbreak disrupted supply chains which negatively affected the lithium market, and led to a decrease in lithium mining activities. This also limited investments in mining. However, easing lockdowns by various governments is expected to result in an increase in lithium mining activities.
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Increase in usage of lithium in air treatment applications is expected to support global lithium market revenue growth. Lithium is used in air regeneration, cooling, as well as dehumidification applications. Various organizations often use absorption chillers as the air conditioning source, which is expected to increase use of lithium for air treatment.
Europe lithium mining market is expected to register a significantly steady revenue CAGR over the forecast period. Portugal is ranked seventh in lithium mining worldwide with an output of 900 metric tons. Increasing mining activities in the country is expected to drive steady revenue growth of the Europe market over the forecast period.
Some major companies included in the market report are Jiangxi Ganfeng Lithium Co., Ltd., Albemarle Corporation, Tianqi Lithium Corp., SQM S.A. (Sociedad Química y Minera), Pilbara Minerals Limited, Livent Corporation, Orocobre Limited Pty Ltd., Mineral Resources Limited, Lithium Americas Corporation, and Piedmont Lithium, Inc.
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Emergen Research has segmented global lithium mining on the basis of type, source, end-use, and region:
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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