Lithium Mining Market

Electric Vehicle (EV’s) revolution followed by the declining prices of lithium battery is expected to make EV’s more affordable. This is likely to spur more investments in lithium mining activities across the globe.

Global top 5 players in lithium mining includes: Albemarle Corporation, SQM S.A., Ganfeng Lithium Co.,Ltd., Tianqi Lithium, and Livent. The global lithium mining market is dominated by Albemarle Corporation in 2019. Albemarle Corporation has more than 10 lithium mines mainly in Australia, Chile, and China.

Currently, Asia Pacific remains the most lucrative market for lithium mining followed by Latin America. In Asia Pacific, Australia and China are dominant in lithium production along with potential lithium reserves. In Latin America, Chile remains the dominant producer of lithium along with potential reserves to extract lithium in the near future. The trend is expected to remain same by 2025.

In terms of type, the global lithium mining market is dominated by lithium carbonate. However, battery technology development is increasing the demand for lithium hydroxide, which is expected to account for a larger share of the market by 2025

Due to COVID-19 pandemic, lithium mining market witnessed both positive and negative impacts. Globally, mining has been an essential industry, and during the COVID-19 outbreak, the mines kept open with social distancing protocols in place. However, for past 18 months, a low-price environment has discouraged fresh production of lithium and investment in new lithium projects. The Covid-19 pandemic may exacerbate that trend.