The global lithium mining market was valued at $5.2 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 10.0% to reach $9.1 billion by 2028.

This market grew significantly in the last decade due largely to demand for lithium-ion batteries in electronic vehicles, consumer electronics, and medical devices. This demand, coupled with declining costs and improved performance, will contribute to lithium production almost doubling by the end of 2028.