Global Lithium Carbonate Market Size By Grade (99.5% and >99.5%), By Application (Batteries, Ceramics and Glass, Cement and Aluminum), By Geographic Scope And Forecast

Lithium Carbonate Market Size and Forecast

Lithium Carbonate Market size was valued at USD 6.77 Billion in 2021 and is projected to reach USD 17.16 Billion by 2030, growing at a CAGR of 11.10% from 2022 to 2030. The demand for global lithium carbonate is rapidly increasing because lithium carbonate is a substance that is used in various products. For an instance, lithium carbonate is used in medicines such as is used in drugs to cure disorders related to bipolar. However, there are some side effects of lithium carbonate such as side effects on the central nervous system due to intoxication may hamper the growth of the market. But advancements in the automobile industry especially in the EV space have become a great opportunity for this market. The Global Lithium Carbonate Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Lithium Carbonate Market Definition

Lithium carbonate has the chemical formula Li CO and is an inorganic chemical compound. It's a crucial chemical for the industry. Lithium battery-grade is a form of lithium carbonate that has been manufactured specifically for use in batteries. It's employed in a variety of situations such as cathodes for

lithium

ion batteries are manufactured.

Global Lithium Carbonate Market Overview

The use of lithium carbonate in the form of batteries in portable electronic devices is likely to fuel market expansion over the forecast period. Furthermore, because of the high temperatures that cause the glazes to melt, lithium carbonate is utilized to make glazes in ceramics. During the projection period, these uses are likely to increase the demand for lithium carbonate. However, due to its high dose, lithium carbonate has a number of adverse effects, which are projected to limit the lithium carbonate market's growth throughout the projection period. Drowsiness, dizziness, weight gain, weariness, and slight shaking of hands are only a few of the negative effects. The growing need for portable charging devices such as cellphones, computers, smartphones, power banks, and other similar products is driving up demand for lithium batteries, which in turn is driving up demand for lithium battery-grade lithium carbonate. Furthermore, the adoption of such batteries in electronic two-wheelers is expected to boost the industry.

Global Lithium Carbonate Market Segmentation Analysis

The Global Lithium Carbonate Market is segmented on the basis of Grade, Application, And Geography.

Lithium Carbonate Market, By Grade

• 99.5%
• >99.5%
• The global lithium carbonate market is classified into 99.5% and >99.5% on the basis of grade. Whereas 99.5% is expected to hold the majority of the share because it is battery-grade and the majority of the lithium carbonate is used to manufacture batteries in different sectors such as in the automobile industry and in the tech industry to manufacture batteries for smartphones, power banks, and laptops.

Lithium Carbonate Market, By Application

• Batteries
• Ceramics and glass
• Cement and aluminum
• Pharmaceuticals
• Others

Based on the application lithium carbonate market is classified into batteries, ceramics and glass, cement and aluminum, pharmaceuticals, and others. The battery segment is expected to remain dominant in terms of revenue, due to the heavy manufacturing of the batteries around the globe in various segments also because of the manufacturing of electric vehicles the segment holds a majority of the share. The cement and aluminum segment also has a big share in the market followed by the battery segment Cement and aluminum are both made from lithium carbonate. In the case of high alumina-based cement, lithium carbonate is primarily used to speed up the setting of mortar and cement. Another factor projected to drive demand for lithium carbonate is the growing number of construction projects.

Lithium Carbonate Market, By Geography

• North America
• Europe
• The Asia Pacific
• Latin America
• Middle East and Africa
• Huge production base and easy access to raw materials, Asia Pacific hold the greatest share of the market. Due to significant R&D expenditure for newer technologies, North America holds the second-largest share of the market. Latin America is considered to have the world's greatest lithium reserves, which is one of the factors driving the regional industry. Europe is expected to rise significantly. By the end of the projected period, the Middle East and Africa are expected to have slow growth.

Key Players

• The "Global Lithium Carbonate Market" study report will provide a valuable insight with an emphasis on the global market including some of the major players such as
• Orocobre Limited, SQM S.A., Nordic Mining ASA, Albemarle, Western Mining Co., Ltd., Simbol Mining, Galaxy Resources Limited, FMC Corporation, Tibet Mineral Development Co., Ltd., International Lithium Corp., and Livent among others.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In May 2022, Lilium N.V.the creator of the all-electric vertical take-off and landing ("eVTOL") jet, and Livent Corporation one of the producers of lithium products for the battery cell industry announced a research and development partnership. Livent and Lilium have decided to work together to enhance lithium metal technology for use in high-performance battery cells. Collaborating with Livent will help Lilium's future access to the high-performance battery cell technology that will power Lilium's planes.
• In June 2022, Albemarle Corporation a specialty chemical company opened a new Lithium conversion plant in Chile with an investment of around USD 500 million.