Lithium and Other Non-Metallic Mineral Mining in Australia - Market Research Report (2014-2029)
Melbourne, Australia
Last Updated: April 2024
ANZSIC B0990Revenue
$10.9bn
Past 5-Year Growth
Profit
$X.Xbn
Employees
5,137
Businesses
184
Wages
$XXX.Xm
Lithium and Other Non-Metallic Mineral Mining in Australia industry analysis
Spodumene concentrate (lithium ore) has become by far the dominant product in the Lithium and Other Non-Metallic Mineral Mining industry over past few years. Spodumene concentrate is still mainly exported to China for further processing, but major mining firms have started to use it domestically to refine lithium hydroxide. Despite spodumene concentrate output strongly expanding, growth in this industry is mainly price-driven. Given the importance of lithium for battery manufacturing, many downstream buyers stockpiled lithium, prompting a severe spike in world prices. This surge in prices led to revenue surges of 340.1% and 231.0% revenue in 2021-22 and 2022-23, respectively. Profit margins also soared in these years. Prices started to normalise during 2023, and are expected to plummet by 32.1% in 2023-24. Overall, revenue is anticipated to widen by 20.3% over the five years through 2023-24, to $10.9 billion.
Trends and Insights
- Soaring lithium prices have driven revenue upwards. A strong Chinese electric vehicle market and battery manufacturers stockpiling lithium have led to a jump in lithium prices and profit margins for miners.
- Lithium has become the dominant product sold by industry mining firms. The closure of the Argyle diamond mine, and surging prices and production of lithium have meant that other products now account for only a minor share of industry revenue.
- Western Australia, as the major source of lithium, dominates industry enterprise numbers and revenue. The only lithium project producing lithium outside of Western Australia is the Finniss Lithium Project in the Northern Territory.
- Alternative battery technologies represent the biggest potential threat to demand for lithium. A viable alternative battery technology that doesn't use lithium has the potential to sharply reduce the industry's largest downstream source of demand.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 20.3 % over the past five years, to reach an estimated $10.9bn in 2024.
Trends and Insights
Price changes have driven up lithium revenue
- Industry mining firms experienced extreme levels of growth over recent years. Much of that growth was in 2021-22 and 2022-23, when revenue increased by over 500% due to spiking spodumene concentrate prices. But prices are on the way down in 2023-24, which is set to drive down annual revenue by over 50%.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Lithium prices are slowing, but are set to return to growth over the medium term
- Shaky global demand for electric vehicles has prompted price declines across various critical minerals that are crucial to battery manufacturing. For example, the Chinese electric vehicles market slowed on the back of an end to government subsidies in late 2022-23. But these are only short-term fluctuations and the medium-term outlook for electric vehicles remains on track for strong growth.
Biggest companies in the Lithium and Other Non-Metallic Mineral Mining in Australia
| Company | Market Share (%)
2024 | Revenue ($m)
2024 |
|---|---|---|
Windfield Holdings | 7,923.7 | |
Pilbara Minerals | 2,726.7 | |
Mineral Resources | 1,829.7 |
To view the market share and analysis for all 5 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Lithium minerals and Other minerals. Lithium minerals is the largest segment of the Lithium and Other Non-Metallic Mineral Mining in Australia.
Trends and Insights
Strong pricing and climbing production volumes have led to booming lithium sales
- Lithium ores and minerals, or spodumene, account for the vast majority of industry revenue. Lithium minerals undergo beneficiation to extract lithium concentrate.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- There are no industries to display.
Complementors
- Manganese and Other Mineral Mining in Australia
- Gravel and Sand Quarrying in Australia
- Rock, Limestone and Clay Mining in Australia
- Basic Inorganic Chemical Manufacturing in Australia
International industries
- Mineral & Phosphate Mining in the US
- Mineral & Phosphate Mining in Canada
- Chemical & Fertiliser Mineral Mining in the UK
- Salt Extraction in the UK
Table of Contents
About this industry
Industry definition
Industry firms harvest lithium ore and salt, and mine or quarry non-metallic and related minerals such as diamonds, phosphate rock, silica, gypsum, magnesite, talc and lithium minerals. Industry firms also carry out some basic processing functions.
What's included in this industry?
Lithium orePrecious and semi-precious stonesGypsumMagnesiaPhosphate rockSaltSilica sandTalcSulphurCompanies
Windfield HoldingsPilbara MineralsMineral ResourcesPurchase this report to view all 5 major companies in this industry.
Related Terms
OPEN-CUT MININGSALT HARVESTINGLITHIUM HYDROXIDESPODUMENEIndustry Code
ANZSIC 0990 - Lithium and Other Non-Metallic Mineral Mining in Australia
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Soaring lithium prices have driven revenue upwards. A strong Chinese electric vehicle market and battery manufacturers stockpiling lithium have led to a jump in lithium price...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Lithium has become the dominant product sold by industry mining firms. The closure of the Argyle diamond mine, and surging prices and production of lithium have meant that ot...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Western Australia, as the major source of lithium, dominates industry enterprise numbers and revenue. The only lithium project producing lithium outside of Western Australia ...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each region
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each region in 2024
- Number and share of revenue each region accounts for in 2024
- Number and share of wages each region accounts for in 2024
- Number and share of employees in each region in 2024
Detailed analysis
- Geographic spread of the industry across Asia Pacific, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Alternative battery technologies represent the biggest potential threat to demand for lithium. A viable alternative battery technology that doesn't use lithium has the potent...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Lithium companies have seen revenue surge amid rising production and prices. Mining firms have scaled up production to meet global demand. The recent strength of Chinese elec...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Windfield Holdings's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Pilbara Minerals's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Mineral Resources's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 2 additional companies
Detailed analysis
- Description and key data for Windfield Holdings, and factors influencing its performance in the industry
- Description and key data for Pilbara Minerals, and factors influencing its performance in the industry
- Description and key data for Mineral Resources, and factors influencing its performance in the industry
- Description, key data and performance trends for 2 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Mining firms face significant long-term risks from the development of alternatives to lithium batteries. The potential for a commercially viable alternative that uses lower c...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Profit margins have surged due to a spike in lithium prices. A strong Chinese electric vehicle market and manufacturer stockpiling behaviour caused a spike in world lithium p...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Australia include:
- Australian Bureau of Statistics
- Australian Taxation Office
- Australian Securities & Investments Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Lithium and Other Non-Metallic Mineral Mining industry in Australia in 2024?
The market size of the Lithium and Other Non-Metallic Mineral Mining industry in Australia is $10.9bn in 2024.
How many businesses are there in the Lithium and Other Non-Metallic Mineral Mining in Australia industry in 2024?
There are 184 businesses in the Lithium and Other Non-Metallic Mineral Mining industry in Australia, which has declined at a CAGR of 1.1 % between 2019 and 2024.
Has the Lithium and Other Non-Metallic Mineral Mining industry in Australia grown or declined over the past 5 years?
The market size of the Lithium and Other Non-Metallic Mineral Mining industry in Australia has been growing at a CAGR of 20.3 % between 2019 and 2024.
What is the forecast growth of the Lithium and Other Non-Metallic Mineral Mining industry in Australia over the next 5 years?
Over the next five years, the Lithium and Other Non-Metallic Mineral Mining industry in Australia is expected to grow.
What are the biggest companies in the Lithium and Other Non-Metallic Mineral Mining market in Australia?
The biggest companies operating in the Lithium and Other Non-Metallic Mineral Mining market in Australia are Windfield Holdings, Pilbara Minerals and Mineral Resources
What does the Lithium and Other Non-Metallic Mineral Mining in Australia include?
Lithium ore and Precious and semi-precious stones are part of the Lithium and Other Non-Metallic Mineral Mining industry.
Which companies have the highest market share in the Lithium and Other Non-Metallic Mineral Mining in Australia?
The company holding the most market share in Australia is Windfield Holdings.
How competitive is the Lithium and Other Non-Metallic Mineral Mining industry in Australia?
The level of competition is moderate and steady in the Lithium and Other Non-Metallic Mineral Mining industry in Australia.
