Electrification
The World’s Top 10 Lithium Mining Companies
The World’s Top 10 Lithium Mining Companies
Battery demand for electric vehicles, energy storage systems, and portable electronic devices is propelling lithium mining around the planet.
As a result, worldwide lithium production increased by 21% in 2021 compared to 2020 to approximately 100,000 metric tons.
The above infographic lists the world’s largest mining companies of the white metal by market capitalization.
Where Does Lithium Come From?
There are two primary sources to obtain lithium:
- Brine: Lithium brine deposits are accumulations of saline groundwater enriched in dissolved lithium. Although abundant in nature, only select regions in the world contain brines, mostly in South America.
- Mineral/Hard Rock: Lithium found in ‘hard rock’ is a part of minerals hosted in pegmatites, rock units formed when mineral-rich magma intrudes from magma chambers into the Earth’s crust. As the magma cools, water and other minerals become concentrated.
Lithium can also be extracted from lithium clays, but there’s still no commercial scale of production for this method of extraction.
Here’s a look at lithium resources and production by country:
| Country | Mine Production (metric tons) | Reserves (metric tons) |
|---|---|---|
| 🇦🇺 Australia | 55,000 | 5,700,000 |
| 🇨🇱 Chile | 26,000 | 9,200,000 |
| 🇨🇳 China | 14,000 | 1,500,000 |
| 🇦🇷 Argentina | 6,200 | 2,200,000 |
| 🇧🇷 Brazil | 1,500 | 95,000 |
| 🇿🇼 Zimbabwe | 1,200 | 220,000 |
| 🇵🇹 Portugal | 900 | 60,000 |
| 🇺🇸 United States | Withheld | 750,000 |
| 🌐 Other countries | — | 2,700,000 |
According to the U.S. Geological Survey, four mineral operations in Australia, two brine operations each in Argentina and Chile, and two brine and one mineral operation in China accounted for the majority of global lithium production in 2021.
The Largest Lithium Miners
The world’s largest lithium producer, Albemarle Corporation, operates at the Chilean resource of Salar de Atacama in partnership with the second biggest producer, Sociedad Química y Minera de Chile (SQM). Salar de Atacama is home to almost a quarter of the world’s current supply of lithium and has been in operation since the 1980s.
Albemarle also has assets in Nevada, U.S., and Australia. Its Clayton Valley operation is the only source of lithium production in the United States.
| Rank | Company | Market Cap (in billions $) |
|---|---|---|
| #1 | Albemarle | 33.9 |
| #2 | SQM (Sociedad Química y Minera de Chile) | 29.6 |
| #3 | Tianqi Lithium | 25.0 |
| #4 | Ganfeng Lithium | 22.9 |
| #5 | Mineral Resources Ltd. | 9.4 |
| #6 | Pilbara Minerals | 8.6 |
| #7 | Allkem | 6.5 |
| #8 | Livent | 6.2 |
| #9 | Sichuan Yahua Industrial | 4.8 |
| #10 | Lithium Americas | 4.2 |
While Australia and Chile account for the majority of lithium supply, China has more than half of all capacity for refining it into specialized battery chemicals.
As part of the country’s efforts to dominate the clean energy metals supply chain, three Chinese companies are also among the top lithium mining companies. The biggest, Tianqi Lithium, has a significant stake in Greenbushes, the world’s biggest hard-rock lithium mine in Australia.
Lithium Supply Security
Between 2000 and 2010, lithium consumption in batteries increased by 20% annually. In the following decade, that figure jumped to 107% per year for batteries, with overall lithium consumption growing 27% annually on average.
Demand for lithium is forecast to almost triple by mid-decade from last year’s level, according to BloombergNEF.
Therefore, lithium supply security has become a top priority for tech companies in Asia, Europe, and the United States.
Electrification
Charted: Battery Capacity by Country (2024-2030)
This graphic compares battery capacity by cathode type across major countries.
Charted: Battery Capacity by Country (2024-2030)
As the global energy transition accelerates, battery demand continues to soar—along with competition between battery chemistries.
According to the International Energy Agency, in 2024, electric vehicle sales rose by 25% to 17 million, pushing annual battery demand past 1 terawatt-hour (TWh)—a historic milestone.
This graphic, using exclusive data from Benchmark Mineral Intelligence (as of February 2025), compares battery capacity by cathode type across major countries. It focuses on the two dominant chemistries: Nickel Cobalt Manganese (NCM) and Lithium Iron Phosphate (LFP).
Understanding Cathode Chemistries
Batteries store and release energy through the movement of lithium ions. The cathode—a key electrode—determines a battery’s cost, range, and thermal performance.
NCM
- Offers higher energy density and better performance in cold climates, but is more expensive and has a shorter lifespan.
LFP
- Known for its lower cost and improved thermal stability, though it delivers a shorter driving range and adds weight.
As of now, LFP cathodes make up 40% of the EV market in terms of gigawatt-hours (GWh).
Beyond passenger vehicles, LFP batteries are widely used in systems that undergo frequent charging and discharging—like residential and grid-scale energy storage—where added weight isn’t a major concern. They’re also ideal for daily-use applications such as buses and delivery fleets.
Regional Market Trends
In China, LFP is already dominant, accounting for 64% of the market in 2024. By 2030, that figure is projected to grow to 76%, driven by a focus on affordability in the world’s largest EV market. Notably, over 70% of all EV batteries ever manufactured have been produced in China, contributing to deep manufacturing expertise.
| Region/Country | Year | % NCM | % LFP | % Other |
|---|---|---|---|---|
| China | 2024 | 27% | 64% | 8% |
| North America | 2024 | 71% | 7% | 22% |
| Europe | 2024 | 69% | 8% | 24% |
| South Korea | 2024 | 62% | 4% | 35% |
| Japan | 2024 | 58% | 0% | 42% |
Outside of China, NCM remains the leading chemistry due to consumer demand for longer range and premium performance.
North America – NCM holds a 71% share in 2024, with a slight decline to 69% forecasted for 2030.
Europe – NCM’s share is expected to grow from 69% in 2024 to 71% by 2030.
South Korea and Japan – Both countries show similar trends, with NCM gaining share as LFP remains limited or absent.
Electrification
Top 20 Countries by Battery Storage Capacity
China holds about two-thirds of global BESS capacity.
Visualizing the Top 20 Countries by Battery Storage Capacity
Over the past three years, the Battery Energy Storage System (BESS) market has been the fastest-growing segment of global battery demand. These systems store electricity using batteries, helping stabilize the grid, store renewable energy, and provide backup power.
In 2024, the market grew by 52%, compared to 25% growth in the EV battery market. Among the top companies in the BESS market are technology giants such as Samsung, LG, BYD, Panasonic, and Tesla.
This graphic highlights the top 20 BESS markets by current and planned grid capacity in gigawatt hour (GWh), based on exclusive data from Rho Motion as of February 2025.
Chinese Dominance
As with the EV market, China currently dominates global BESS deployments, accounting for approximately two-thirds of installed capacity. However, other markets are expected to grow significantly in the coming years, driven by low-cost lithium-ion cells and the expansion of renewable energy capacity.
Currently, China has 215.5 GWh of installed capacity and an ambitious 505.6 GWh project pipeline. The U.S. follows with 82.1 GWh installed and 162.5 GWh planned.
| Top BESS Markets | Installed 2024 (GWh) | 2027P |
|---|---|---|
| 🇨🇳 China | 215.5 | 721.2 |
| 🇺🇸 USA | 82.1 | 244.6 |
| 🇬🇧 UK | 7.5 | 56.3 |
| 🇦🇺 Australia | 5.6 | 102.9 |
| 🇨🇱 Chile | 3.8 | 41.0 |
| 🇮🇹 Italy | 2.2 | 7.9 |
| 🇸🇦 Saudi Arabia | 1.3 | 32.4 |
| 🇿🇦 South Africa | 1.3 | 9.4 |
| 🇮🇪 Ireland | 1.6 | 2.5 |
| 🇵🇭 Philippines | 1.0 | 6.1 |
| 🇯🇵 Japan | 1.0 | 5.0 |
| 🇩🇪 Germany | 1.0 | 6.2 |
| 🇰🇷 South Korea | 1.1 | 1.3 |
| 🇮🇱 Israel | 0.8 | 4.6 |
| 🇫🇷 France | 0.6 | 1.8 |
| 🇧🇪 Belgium | 0.7 | 5.3 |
| 🇺🇿 Uzbekistan | 0.6 | 5.9 |
| 🇸🇪 Sweden | 0.6 | 1.5 |
| 🇮🇳 India | 0.5 | 4.3 |
| 🇨🇦 Canada | 0.3 | 18.3 |
Canada is projected to be the fastest-growing market through 2027, with its cumulative capacity hitting 18.3 GWh—a significant increase from its current 0.3 GWh capacity.
Countries such as Australia (97.3 GWh pipeline), Saudi Arabia (31.1 GWh), and Chile (37.2 GWh) have relatively small current installations but plan substantial expansions. Within Europe, the UK leads with 7.5 GWh of installed capacity and 48.7 GWh in the pipeline, while Italy, Germany, France, and Belgium show steady but more modest growth.
Despite being technological leaders, Japan (4 GWh pipeline) and South Korea (0.3 GWh) have relatively low planned BESS expansions.
According to Rho Motion, China will remain the dominant player in 2027, but its share of the total market is expected to decline to just over 50% based on the current project pipeline.
While the BESS market is expanding, challenges remain, including grid connection bottlenecks and the development of revenue streams in emerging markets.
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