The report provides key statistics on the market status of the Lithium Mining manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
The global Lithium Mining Market is expected to grow at a CAGR of 8.2% during the forecast period. Lithium mining is the process of extracting metal from different sources such as hard rock and brine. The metal lithium has properties such as high energy density, long durability, thermal resistance, and others.
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The increasing use of lithium-ion batteries in mobile phones, laptops, and other electronic devices is increasing the demand for lithium in recent years, which is driving the growth of the lithium mining market. Lithium-ion batteries are made up of lightweight carbon and lithium. Lithium is capable of storing high amount of energy due to its atomic structure, thereby providing high energy density to lithium-ion batteries. Owing to these factors, there is a rise in demand for lithium-ion batteries and this is further boosting the growth of the lithium mining market.
However, the market is likely to face restraints from various factors such as inadequate workforce and environmental issues associated with lithium mining. Lithium dust and alkaline lithium composites exposed in air during lithium mining have harmful effects on the human body, which include irritation in lungs and increased threat of pulmonary edema. For instance, lithium mining activities conducted in Chile, South America is producing adverse effects on water supply of the region. The mining activities consume 65% of water, which further impacts local farmers who grow quinoa and herd llamas
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Asia Pacific dominated the market in 2018 and is expected to show similar trends in the coming years. The increasing adoption of lightweight metals in glass, batteries, and others is driving the growth of the lithium mining market in the region. China is leading the Asia-Pacific market, as the region has high brine deposits. The Qinghai Tibet Plateau is a rich source of lithium in China. The plateau consists of 244.7 million tonnes of lithium deposits, owing to geothermal activities from volcanic systems. Further, North America is holding a significant share in the lithium mining market owing to the growing adoption of lithium in electronic & electrical industries.
The key players in the lithium mining market are SQM (Chile), MGX Minerals Inc (Canada), FMC Lithium (U.S.), Galaxy Resources Limited (Australia), Albemarle Corporation (U.S.), Tianqi Lithium Corporation (China), Wealth Minerals Ltd (Canada), Jiangxi Ganfeng Lithium Co., Ltd. (China), Nemaska Lithium (Canada), LITHIUM AMERICAS (Canada.), and others. Companies involved in this market are concentrating on research and development, along with acquisitions & mergers and innovation in products, in order to strengthen their market share.
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