Market Overview to 2023:
Lithium is the lightest metal produced from various sources such as brines and hard rocks. It provides significant properties such as excellent performance, strength, and durable nature of the finished material. Moreover, they provide versatility and reliability to the product.
The Global Lithium Mining Market has been driven by the range of its application in various uses such as batteries, glass, grease, air conditioning equipment, and others. Moreover, it is estimated that the batteries segment is set to witness the highest growth in the market due to the growing consumption of lithium to impact economic and extended life nature to the product.
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Global Key Player:
· Albemarle Corporation
· SQM
· FMC Lithium
· Tianqi Lithium Corporation
· Jiangxi Ganfeng Lithium Co., Ltd.
· LITHIUM AMERICAS
· MGX Minerals Inc
· Nemaska Lithium
· Galaxy Resources Limited
· Wealth Minerals Ltd
Market Scenario:
The brines segment is the most widely adopted source where lithium is produced. Its cost-effective nature and ease of application are the major factors behind the popularity of this segment, which makes it suitable for various applications such as batteries, glass, and others.
The Lithium Hydroxide is the leading segment of the market on account of its growing consumption in Li-Ion cathode applications. These materials provide enhanced energy, strength, and flexibility to the product.
The batteries segment is the leading application in the market and is anticipated to observe a higher CAGR due to extensive use of lithium to impart long life and minimal maintenance to the product.
Market Segmentation:
The Global Lithium Mining Market is segregated into the source, type, and application. Based on the source, the market is further categorized into brines, and hard rocks segments. Based on the type, the market is segmented into lithium hydroxide, lithium carbonate, and other segments. Based on the application, the market is segregated into batteries, glass, grease, air conditioning equipment, and others.
Regional Analysis:
The Global Lithium Mining Market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds the major portion of the global market and is anticipated to continue its dominance due to rising demand for the lightest metal in various applications. Countries such as China, Japan, and India are the major players in this region. The North American region is estimated to witness a higher growth in the U.S., Canada, and Mexico owing to increasing demand for lithium in glass, grease, air-conditioning equipment, and other systems. The enactment of new rules and regulations set by the European Union has driven the manufacturers to use reduced weight materials in end-use industries. Moreover, it is projected that the advancing research & development of lithium-ion technologies in the market has propelled this region to witness a significant growth in Germany, the U.K, and Italy.
The Middle East & Africa is estimated to observe a significant growth due to an increased consumption of lithium in smartphones, tablets, and other electronics accessories. Additionally, the growing demand for lightweight metal in glass and ceramics industries is projected to boost the market in the Latin American region.
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