Lithium Carbonate Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 11.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Lithium Carbonate Market Analysis
The lithium carbonate market is projected to register a CAGR of around 11% during the forecast period (2022-2027).
The market was negatively impacted by COVID-19 in 2020. The COVID-19 pandemic affected one of the prominent end-users of lithium carbonate, i.e., electric vehicles. Due to the disrupted supply chains globally, the pandemic has led to a decline in all industrial activities. Lockdowns across different countries have affected lithium carbonate production, as key manufacturing units and factories were shut.
Over the short term, rising demand for lithium carbonate for the application in electric vehicles is the driving factor stimulating the market demand.
The intoxicating nature of lithium carbonate is supposed to hinder the market growth.
Application in air conditioning and air treatment systems might act as an opportunity for the market studied.
The Asia-Pacific region is expected to dominate the market and is likely to witness the highest CAGR during the forecast period.
Lithium Carbonate Market Trends
This section covers the major market trends shaping the Lithium Carbonate Market according to our research experts:
Increasing Demand for Li-Ion battery applications
Lithium carbonate (Li2CO3) is a lithium salt used as cathode and electrolyte precursor materials for lithium iron phosphate (LFP) batteries which have applications in portable electronic devices (such as cell phones and laptops) and Electric Vehicles (EVs).
The global demand for Li-Ion batteries was 0.5 gigawatt-hours in 2010, which grew to around 526 gigawatt-hours in 2020 and is expected to reach 9,300 gigawatt-hours by 2030.
According to the JEITA (Japan Electronics and Information Technology Association), global electronics and IT production is expected to grow 5% Year-on-Year to USD 3,536.6 billion in 2022. Thus, the growing electronic industry will boost the demand for lithium carbonate for the application in Li-ion batteries.
As per the EV volumes, the global EV sales reached 6.75 million units in 2021, registering a growth of 108% compared to 3.24 million sales in 2020. Also, globally the share of EVs in sales of light vehicles was 8.3% in 2021 compared to 4.2% in 2020.
According to IEA, in 2030, global electric vehicle sales are expected to reach 125 million as per the New Policies Scenario (excluding two/three-wheelers).
Owing to all these factors, the market for lithium carbonate is likely to grow globally during the forecast period.
Asia-Pacific Market to dominate the market
China is the largest economy in terms of GDP. Also, China and India are among the fastest emerging economies in the world. Moreover, China, Japan, and India are among the top manufacturers of electric vehicles globally.
China is the largest base for electronics production in the world. Electronic products, such as smartphones, TVs, and other personal electronic devices, recorded the highest growth in the electronics segment. The country serves the domestic demand for electronics and exports electronic output to other countries. With an increase in disposable incomes of the middle-class population, the demand for electronic products is projected to increase in the future. This factor is expected to drive the lithium carbonate market.
China has invested at least USD 60 billion to support the EV industry, pushing an ambitious plan to transition to all-electric or hybrid cars by 2035. China has predicted that approximately 50 percent of all cars sold by 2035 will exclusively be EVs.
As per the EV Volumes, In 2021, out of a total of 6.75 million EVs sold, around 3.4 million, i.e., around 50%, were sold to mainland China. Also, in the EV30@30 Scenario, in 2030, around 70% of the vehicle sales in China are expected to be EVs.
As per India Energy Storage Alliance (IESA), India's Electric Vehicle (EV) industry is expected to expand at a CAGR of around 36% by 2030.
According to Japan Electronics and Information Technology Industries Association (JEITA), as of December 2021, the global production by the Japanese electronics and IT industry, including electronic equipment, components, devices, and others, was estimated to register a growth of 8% year-on-year in 2021 to JPY 37,319.4 billion and the industrial production is forecasted to JPY 38,015.2 billion in 2022, with an estimated growth of 2% Year-on-Year.
Due to all such factors, the market for lithium carbonate in the region is expected to have a steady growth during the forecast period in the region.
Lithium Carbonate Industry Overview
The global lithium carbonate market is consolidated in nature, with top players contributing to the major share of the market. Some of the major players in the market include (not in any particular order) Albemarle Corporation, SQM S.A., Livent, Targray, and Tianqi Lithium.
Lithium Carbonate Market Leaders
Albemarle Corporation
SQM S.A.
Livent
Targray
Tianqi Lithium
*Disclaimer: Major Players sorted in no particular order
Lithium Carbonate Market News
Recent Developments will be Covered in the Full Report.
Lithium Carbonate Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increase in Sales of Electric Vehicles Globally
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Intoxication Nature of Lithium Carbonate
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Grade
5.1.1 Technical Grade
5.1.2 Battery Grade
5.1.3 Industrial Grade
5.2 Application
5.2.1 Li-ion battery
5.2.2 Pharmaceuticals and Dental
5.2.3 Glass and Ceramic
5.2.4 Aluminum Production
5.2.5 Cement Industry
5.2.6 Other Applications
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Albemarle Corporation
6.4.2 Basstech International
6.4.3 Ganfeng Lithium Co.,Ltd.
6.4.4 LevertonHELM Limited
6.4.5 Lithium Americas Corp.
6.4.6 Livent
6.4.7 Orocobre Limited Pty Ltd
6.4.8 Shandong Ruifu Lithium Co., Ltd.
6.4.9 SQM S.A.
6.4.10 Targray
6.4.11 Tianqi Lithium
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Application in Air Conditioning and Air Treatment Systems
Lithium Carbonate Industry Segmentation
Lithium carbonate is a white powder, carbonate salt of lithium. The global lithium carbonate market is segmented by grade, application, and geography. By grade, the market is segmented into technical grade, battery grade, and industrial grade. By application, the market is segmented into Li-ion battery, pharmaceuticals and dental, glass and ceramic, aluminum production, cement industry, and other applications. The report also covers the market sizes and forecasts for the global lithium carbonate market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (kilotons).
| Grade | |
| Technical Grade | |
| Battery Grade | |
| Industrial Grade |
| Application | |
| Li-ion battery | |
| Pharmaceuticals and Dental | |
| Glass and Ceramic | |
| Aluminum Production | |
| Cement Industry | |
| Other Applications |
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Lithium Carbonate Market Research FAQs
What is the current Lithium Carbonate Market size?
The Lithium Carbonate Market is projected to register a CAGR of greater than 11% during the forecast period (2024-2029)
Who are the key players in Lithium Carbonate Market?
Albemarle Corporation , SQM S.A. , Livent, Targray and Tianqi Lithium are the major companies operating in the Lithium Carbonate Market.
Which is the fastest growing region in Lithium Carbonate Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Lithium Carbonate Market?
In 2024, the Asia-Pacific accounts for the largest market share in Lithium Carbonate Market.
What years does this Lithium Carbonate Market cover?
The report covers the Lithium Carbonate Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Lithium Carbonate Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Lithium Carbonate Industry Report
Statistics for the 2024 Lithium Carbonate market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Lithium Carbonate analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
