Solution Mining Market To Witness A Significant Growth Of USD 27.36 Billion By 2030


 San Francisco, 2 May 2024: The Report Solution Mining Market Size, Share & Trends Analysis Report By Product (Magnesium, Lithium, Potash, Borates, Trona), By Region (North America, Europe, Asia Pacific, MEA), And Segment Forecasts, 2023 - 2030

The global solution mining market size is expected to reach USD 27.36 billion by 2030, according to a new report by Grand View Research, Inc, expanding at a CAGR of 4.0% during the forecast period. Lithium is of vital importance in today’s world where there is growing emphasis on the application of renewable energy. Lithium production via solution mining is anticipated to prove fruitful for market growth. Solution mining is also known as the In-situ Leaching (ISL) or In-situ Recovery (ISR) process. The minerals are recovered from the ore by leaching liquids through the ground. In this process, there is a very low surface disturbance, and no tailings or waste rock is generated. Lithium, trona, borate, potash, and magnesium are some of the products obtained via this technology.

These products are extensively used in various end-use industries. For instance, lithium is used in electric vehicles for manufacturing batteries. The potash product segment accounted for the largest revenue share in 2022. Potash can be mined with the solution mining process cost-effectively and securely. This method is hence conventionally popular and is expected to continue further during the forecast period. Lack of fertilizer and nutrients in the soil gradually leads to a decline in crop yields. To combat this and increase crop yield, the demand for potash is expanding, which is positively impacting the market growth. North America is one of the leading operators of solution mining in the world. Due to the high demand for boron products in the U.S., companies are investing in new mining products.

For instance, in June 2021, American Pacific Borates Ltd. decided to establish a specialty boron product, wherein the company is expected to start an integrated manufacturing facility, which includes a solution mine, solar-operated pond, boric acid plant, and specialty production. Various growth strategies, such as new product development and capacity expansion, by producer and buyer market players, are likely to benefit the industry growth. For instance, in April 2022, the Canadian government announced an investment of USD 2 billion to accelerate the production and processing of critical minerals for the Electric Vehicle (EV) battery supply chain. Thus, this investment ramps up the extraction and processing of critical minerals, such as lithium, nickel, and cobalt.

Access Research Report of Solution Mining Market @ https://www.grandviewresearch.com/industry-analysis/solution-mining-market-report

Solution Mining Market Report Highlights

  • The potash segment held the largest revenue share in 2022. Growing crop production is propelling the demand for fertilizers and thus, positively influencing the production of potash
  • In terms of revenue, lithium is anticipated to register a significant CAGR during the forecast period owing to its rising demand for EV batteries and renewable energy-related applications
  • Asia Pacific accounted for the maximum revenue share in 2022 and will expand further at a steady CAGR from 2023 to 2030
  • In January 2021, the Government of Rajasthan (India), Mineral Exploration Corp. Ltd. (MECL), and Rajasthan State Mines & Minerals Ltd. (RSMML) signed a tripartite agreement for conducting feasibility studies related to solution mining of potash in Rajasthan, India. It is India’s first solution mining site
  • The market is characterized by intense competition owing to the presence of a number of players entering into long-term supply contracts with end-users

Solution Mining Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 20.61 billion

Revenue forecast in 2030

USD 27.36 billion

Growth rate

CAGR of 4.0% from 2023 to 2030

Base year for estimation

2022

Historical data

2018 - 2021

Forecast period

2023 - 2030

List of Key Players of the Solution Mining Market

  • 5E Advanced Materials, Inc.
  • Eti Soda Elektrik
  • Intrepid Potash
  • K+S Potash Canada GP
  • Mosaic
  • Nedmag B.V.
  • Nutrien Ltd.
  • Vale

Access Press Release of Solution Mining Market @ https://www.grandviewresearch.com/press-release/global-solution-mining-market

 

Comments

Post a Comment

Popular posts from this blog

Asia Pacific PoC Diagnostics Market Growth Opportunities, Industry Analysis And Forecast: Grand View Research Inc.

Image
San Francisco, 18 March 2020 :  The Report   Asia Pacific PoC Diagnostics Market  Analysis And Segment Forecasts To 2020 The Asia Pacific point of care (PoC) diagnostics market is expected to reach USD 5,427.1 million by 2020, according to a new study by Grand View Research, Inc. Growing base of geriatric population and the ability to render immediate results and improve patient care coupled with rising market penetration of PACS (picture archiving and communication systems) and EMR (electronic medical records) are expected to drive demand over the next six years. Skilled staff shortages, especially pertaining to the field of diagnostics are also expected to accelerate the market penetration rates of PoC products, by expediting lab automation processes. Rising demand for home healthcare and other healthcare establishments catering to the elderly population and initiatives undertaken by governments to shorten hospital stays by establishing out-patient care models are also expect
Read more

U.K. Point Of Sale Software Market To Expand Industry Growth At USD 1.05 Billion By 2028

Image
  San Francisco, 21 Jan 2022:   The Report  U.K. Point Of Sale Software Market  Size, Share & Trends Analysis Report By Application (Fixed POS, Mobile POS), By Deployment, By Organization Size, By End-user, And Segment Forecasts, 2021 - 2028 The global U.K. point of sale software market size is expected to reach USD 1.05 billion by 2028, expanding at a CAGR of 8.1% from 2021 to 2028, according to the new study conducted by Grand View Research, Inc. The integration of a Point-Of-Sale (POS) solution with capabilities such as sales reports monitoring, cash flow recording, product demand analysis, tracking delivery status, and inventory management ensure systematic functioning and upscaling of a business. The adoption of POS software is directly impacted by the demand for POS terminals, which is witnessing growth in demand due to changing lifestyles and government policies. However, the COVID-19 pandemic disrupted the industry's business, wherein retail stores, restaurants, and hot
Read more