Brand Story
02 Jun 2023, 05:59 GMT+10
As per a new Fact.MR study on lithium mining, the global market is anticipated to reach a valuation of US$ 1.8 Bn in 2021, burgeoning at a rapid CAGR of 7% over the forecast period of 2021-2031.
According to Fact.MR, a market research and competitive intelligence provider, over the past half-decade, lithium prices increased on the back of rising demand for li-Ion batteries that are exclusively used in electric vehicles. Dynamic shift in automotive policies coupled with rise in fuel prices across regions surged demand for electric vehicles. Rise in demand for electric vehicles, has, in turn, cascaded the effect to rising procurement orders for batteries, which has led to increasing lithium prices.
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In the scenario of lithium production, rampant price rise is an issue not only for consumers but also for lithium producers. To counter this issue of price rise, lithium mining giants such as SQM, Livent, Ganfeng, and Tianqui, among others, have enacted upon enhancing their investments for expanding their mining sites to stabilize price points well below 10% of the market ceiling price.
Apart from price rise, lithium mining giants have adopted efficient mining methods that not only enhance the recovery of lithium from brines but also effectively maintain their margins throughout mining terms. This is anticipated to positively impact mining operations as well as product supply.
From the supply and demand side, optimum mining conditions and rising demand for lithium-ion batteries will bolster the need for lithium mining.
Top lithium mining companies include Albemarle, Ganfeng Lithium, Livent, Nemaska Lithium, Orocobre limited, Sichuan Tianqi Lithium Industries, SQM, and Lithium Americas Corp. Of these, prominent lithium mining companies are Ganfeng Lithium, SQM, and Tianqi, who control nearly 70% of the global supply. Even from the price point of view, these manufacturers hold the nuclear switch to manipulate the prices through their inventory volumes.
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Crucial insights in the Lithium Mining Market research:
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