Lithium Mining Market Set for Staggering Performance Through 2025; EVs Play Out as Key Catalyst

LONDON, April 15, 2021 /PRNewswire/ -- Largely benefiting from the rocketing electric vehicle (EV) demand that are powered by lithium-ion batteries, the global lithium mining market is set for a leapfrog between 2021 and 2025. The latest market study of Fairfield Market Research clearly projects a whopping 26.3% CAGR for lithium mining market value over the forecast period as it is poised to reach a valuation of US$1,630.30 Mn by 2025. Brines remain the most cost-efficient source of the metal over hard rock or spodumene, which remains a strong factor sustaining the market potential of lithium mining.

For More Insights into the Market, Get Sample of this Report (Including Full TOC, List of Tables & Figures): https://www.fairfieldmarketresearch.com/report/lithium-mining-market/ 

Strong Prospects of Electric Vehicles Accelerate Lithium Mining Activities

The report further suggests that as the application of lithium expands to cover a range of aluminium products, glass, ceramics, polymers, lubricating greases, and Li-ion batteries for EVs, mining activities will continue to witness a heavy upsurge. Lithium is also utilised in air treatment applications, thereby pushing the demand further. The prices saw a fall for the entire decade till 2020 because of oversupply and slight fall in electric vehicle sales that year.

Research in this area indicates that the steep price drop in lithium between 2010 and 2020 would lead to growing affordability of Li-ion batteries thus bringing down the price electric vehicles, pushing consumers towards purchase of EVs. Mining activities are most likely to receive a strong impetus from this in the near future. After an abrupt halt in 2020, EV and hybrid EV sales are regaining the pace, which is working in favour of lithium miners once again. Leading miners are focused on improving their control along value chains to augment margins as the momentum of EV market builds up, even the demand could outweigh supply in future.

With EVs becoming more prevalent, poised to enter the mainstream soon, especially in key markets across the globe, there is a lot of reliance on lithium supply. Lithium will continue to garner the interest of chemicals companies, battery companies, automakers, and even governments given this backdrop. All these elements of the industry are thus amplifying their investments in or entering partnerships with miners or key suppliers of the raw material itself.