Lithium Mining Market Expected To Reach $1.8 Billion By 2022, Significantly Growing at a CAGR Of 7.0%
PALM BEACH, Fla., Aug. 3, 2021 /PRNewswire/ -- The lithium mining market consists of sales of lithium and its compounds by entities (organizations, sole traders and partnerships) that mine lithium and its compounds, which are used in industrial applications, including heat-resistant glass and ceramics, lithium grease lubricants, flux additives for iron, steel and aluminum production, lithium batteries, and lithium-ion batteries. According to the Business Research Company, the lithium mining market expected to reach a value of nearly $1.81 billion by 2022, significantly growing at a CAGR of 7.0% during the forecast period. The growth in the lithium mining market is due to increased use of autonomous hauling systems trucks in the mining industry, which is significantly enhancing production efficiency and reducing turnaround time. Increasing demand for lithium-ion (Li-ion) batteries in various applications, especially the automotive industry, is expected to augment market growth through 2027, according to Grand View Research. Their report said that the global lithium market size was valued at USD 4.23 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 1.9% from 2020 to 2027. Active stocks in the mining markets this week include Argentina Lithium & Energy Corp. (OTCQB: PNXLF) (TSX-V: LIT), Millennial Lithium Corp. (OTCQX: MLNLF) (TSX-V: ML), Albemarle Corporation (NYSE: ALB), Livent Corporation (NYSE: LTHM), Standard Lithium Ltd. (NYSE: SLI) (TSX-V: SLI).
- According to the Business Research Company, the lithium mining market expected to reach a value of nearly $1.81 billion by 2022, significantly growing at a CAGR of 7.0% during the forecast period.
- The growth in the lithium mining market is due to increased use of autonomous hauling systems trucks in the mining industry, which is significantly enhancing production efficiency and reducing turnaround time.
- Increasing demand for lithium-ion (Li-ion) batteries in various applications, especially the automotive industry, is expected to augment market growth through 2027, according to Grand View Research.
- Increasing production of batteries in the U.S. and worldwide is expected to augment market growth in coming years."