The global lithium mining market is predicted to hit $340 million in 2021 and grow by over $170 million in the next seven years, Fortune Business Insights reported.
- The market is expected to stand at $343.22 million this year, from $321.36 million in 2020. It is projected to hit $516.22 million in 2028, at a compounded annual growth rate of 6%.
- Growth will be partly driven by the demand for electric cars, with the need for more lithium-based batteries, which are considered among the most reliable and long-lasting electric vehicle batteries.
- Growth will also come from demand for grid-based energy storage, with non-renewable sources fast depleting and being continuously replaced by green energy sources.
Demand is also expected for lithium-based products such as ceramics and glasses, given their properties on lower firing temperatures and thermal expansion.