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the increasing use of autonomous hauling systems trucks in the mining industry are expected to drive innovation in lithium manufacturing, thus driving the market during the forecast period.

The global lithium market is expected to grow from $6.2 billion in 2022 to $7.25 billion in 2023 at a compound annual growth rate (CAGR) of 16.9%. The lithium market size is expected to grow from $13.85 billion in 2027 at a CAGR of 17.5%.

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Global Lithium Market Segments Include:

• By Type: Glass/Ceramics, Greases / Lubricants, Chemical Synthesis, Portable Electronics & Other Handhelds, Hybrids, Battery Electric Vehicle (bev), Grid, and Other Power Storage Applications
• By Mining Type: Underground Mining, Surface Mining
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, South America is the largest region in the global lithium market in 2021.

Major Market Players in the lithium market include Albemarle Corporation, Sociedad Química Y Minera, FMC Corporation, Sichuan Tianqi Lithium Industries Inc., and Jiangxi Ganfeng Lithium Co. Ltd.

Companies engaged in the lithium industry are using autonomous haulage systems to control and track mining vehicle movements, and coordinate and autonomously drive off-highway haul trucks operating in a mine.

The Lithium Global Market Report 2023  provides a lithium market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The lithium market forecast analyzes lithium market size, lithium market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Lithium refers to the process of mining lithium and its compounds. Lithium extraction is a series of chemical procedures that isolate lithium from a material and transform it into a form that may be sold. Brine, or water with a high concentration of lithium carbonate, is frequently used to recover lithium. One of the main sources of lithium carbonate is subsurface brines that are confined in the Earth’s crust.

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