Yes, but to be fair to publishers: libraries don't replace sales the way that piracy can. Borrowing requires a trip to the library, which has a limited number of copies of any book, borrowers have a limited time to read a book, they can't make notes in it, etc. Enthusiastic fans will often still buy. If they can get a permanent copy that's just as good as the paid version, without leaving home, for free, that's a different matter.

Not that piracy == lost sales in every case. But a pirated copy gives more of the value of the original than a borrowed book does.

I don't know that is true in all cases. For instance, if I were to pirate "ultimate programming reference book", yes what you say is true, i get far more value than borrowing it. On the other hand, if it is a novel I will read exactly 1 time, the difference in value transmitted is negligable.