As per the recently published report by MarketsandMarkets™, The “Brine Concentration Minerals Market by Type (Sodium derivatives, Magnesium derivatives, Calcium derivatives, Potassium dereivatives), Technology (Solar evaporation, NF-RO-MF, Osmotically assisted RO), Application, and Region – Global Forecast to 2029″, is USD 1.1 billion in 2024 and is projected to reach USD 1.7 billion by 2029, at a CAGR of 8.1% from USD 1.1 billion in 2024. The market growth is driven by growing demand for lithium-ion batteries and growing emphasis on sustainable practices.
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- 222 Market data Tables
- 48 Figures
- 251 Pages and in-depth TOC on “Brine Concentration Minerals Market – Global Forecast to 2029”
This report also provides a comprehensive analysis of the companies listed below:
The key players in brine concentration minerals market are Magrathea (US), Olokun Minerals (US), Albemarle Corporation (US), Ganfeng Lithium Group Co., Ltd. (China), Arcadium Lithium (US), ICL Industrial Products (Israel), SQM S.A. (Chile), Solvay (Belgium), SEALEAU (Netherlands), and Konoshima Chemical Co., Ltd. (Japan) etc. These companies are strong in their home regions and explore geographic diversification alternatives to grow their businesses. They focus on increasing their market shares through new product launches and other expansions and acquisitions.
Recent Developments in Brine Concentration Minerals Market Industry
- In December 2023, Ganfeng Lithium Group Co., Ltd. officially commenced production at the Cauchari-Olaroz salt lake project in Argentina. The lithium resource at Cauchari-Olaroz totals approximately 24.58 million tons of lithium carbonate equivalent (LCE), making it one of the largest salt lake lithium extraction projects globally. Ganfeng has control over this project. The planned Phase 1 capacity of the project is 40,000 tons of LCE, with Phase 2 not less than 20,000 tons of LCE.
- In September 2023, Albemarle Corporation announced that the U.S. Department of Defense has approved a USD 90 million grant to help support the expansion of domestic mining and the production of lithium for the nation’s battery supply chain. The funding will be provided by the Office of the Assistant Secretary of Defense for Industrial Base Policy, utilizing Defense Production Act authorities, and will be used to purchase a fleet of mining equipment as part of the company’s planned reopening of its lithium mine in Kings Mountain, North Carolina.
- In March 2023, Albemarle Corporation announced plans to locate its previously announced lithium hydroxide Mega-Flex facility in Chester County, South Carolina, US. Plans for the facility include an initial investment of at least USD 1.3 billion to help meet the surging demand for domestic and international electric vehicles and lithium-ion batteries.
- In October 2022, Albemarle Corporation announced that its subsidiary, Albemarle Lithium UK Limited, has completed the acquisition of Guangxi Tianyuan New Energy Materials Co., Ltd. (“Tianyuan”) for approximately USD 200 million. Located near the Port of Qinzhou in Guangxi, Tianyuan’s operations include a lithium conversion plant with a designed annual conversion capacity of up to 25,000 metric tons LCE (lithium carbonate equivalent) and can produce battery-grade lithium carbonate and lithium hydroxide
- In June 2022, Albemarle Corporation, present in Chile for more than 40 years, inaugurated its third chemical conversion plant, La Negra III/IV, in Antofagasta (Chile) as one of the most modern chemical conversion plants in Latin America. With new technology, the plant is expected to double lithium production and further reduce the company’s low-freshwater consumption in this process, marking a clear commitment to sustainable production.