Lithium Mining Market Size, Share, Growth Analysis, By Source(Brine, Hardrock), By Type(Chloride, Lithium Hydroxide, Carbonate, Concentrate), By Region - Industry Forecast 2024-2031

Lithium Mining Market size was valued at USD 343.22 million in 2019 and is poised to grow from USD 363.81 million in 2023 to USD 614.65 million by 2031, growing at a CAGR of 6% in the forecast period (2024-2031).

In 2020, lithium mining market generated revenue of USD 321.36 million revenue from lithium mining worldwide. The COVID-19 pandemic's effects have been unprecedented and overwhelming, with mining suffering from a decline in demand in every location. When the pandemic is finished, this market's demand and growth will resume to pre-pandemic levels, which will explain the increase in CAGR. Lithium consumption has increased globally as a result of the amazing growth in lithium production.
Every industry has been negatively impacted by the global health catastrophe brought on by the unexpected spread of the new coronavirus, also known as COVID-19. Due to stringent regulations, including nationwide lockdowns to stop the COVID-19 virus's spread, they had to endure huge losses during the operative period. The virus outbreak consequently changed the demand for the good. The market being heavily dependent on mining operations, the worst collapse the mining industry has had in a long time has also had an influence on mining investment. Leading mining corporations were compelled to temporarily halt production due to the limited supply and demand for metals, which ultimately caused a change in the price of metals and minerals.

US Lithium Mining Market is poised to grow at a sustainable CAGR for the next forecast year.