Lithium Mining Market Regional Analysis:
APAC Market Insights
Asia Pacific region is poised to dominate around 49.5% market share by 2035, attributed majorly to the increasing technological advancements as well as the rising exploration of potential lithium reserves in the region along with the augmenting metal mining projects in the region as the maximum lithium in the region comes from ore mining. For instance, Australia with 2.7 million tons of known lithium reserves, was the world’s second-largest lithium miner in 2018. Moreover, the flourishing automotive industry as well as the growing production of EVs in the region is further expected to boost the market growth in the region. For instance, China is known to control most of the world's lithium-processing plants and as per research, 75% of the global lithium-ion batteries are made in China owing to its prospering electronics and electric vehicle industries.
North American Market Insights
The North American lithium mining market is projected to hold the second-largest share during the forecast period, attributed majorly to the increasing government initiatives in the United States to promote the use of renewable energy along with the augmenting demand for battery storage together with the rising sale of solar panels in the region. As per data, in the United States, investment in renewable energy technologies rose from about USD 59 billion in 2019, compared to USD 11.3 billion in 2005. Moreover, as Li-ion batteries are the most scalable type of grid-scale storage, its market has seen strong growth in recent years as it is widely used in many applications, from energy storage to air mobility which is further responsible for the escalation of the lithium mining market in the region.
Europe Market Insights
Europe region is poised to witness substantial growth through 2035, attributed majorly to the growing mining activities in the region to excavate lithium in various regions, including Portugal, Czechia, Finland, Germany, Spain, and Austria. Significant brine resources also exist in Germany. As per the USGS data, Portugal is known to have the largest reserve of lithium in Europe with around 60,000 metric tons of known reserves.
