|Fastest Growing Market:||Asia-Pacific|
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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 the one of the prominent end-users of lithium carbonate i.e., electric vehicles. The pandemic has led to a decline in all industrial activities, due to the disrupted supply chains globally. Lockdowns across different countries have affected the production of lithium carbonate, 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 that is stimulating the market demand.
- The intoxication nature of Lithium Carbonate is supposed to hinder market growth.
- Application in air conditioning and air treatment systems might act as an opportunity for the market studied.
- Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
Scope of the Report
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 size 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).
|Pharmaceuticals and Dental|
|Glass and Ceramic|
Key Market Trends
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), the production of global electronics and IT industries 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 as 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 market is likely to grow globally during the forecast period.
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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 and it is 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 total 6.75 million EVs sold, around 3.4 million i.e., around 50% EVs were sold to mainland China. Also in the [email protected] Scenario, in 2030, around 70% of the vehicle sales in China are expected to be EVs.
- As per India Energy Storage Alliance (IESA), the Electric Vehicle (EV) industry in India 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.
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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.
Recent Developments will be Covered in the Full Report.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Increase in Sales of Electric Vehicles Globally
4.1.2 Other Drivers
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
5.1.1 Technical Grade
5.1.2 Battery Grade
5.1.3 Industrial Grade
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
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.3.2 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
5.3.4 South America
126.96.36.199 Rest of South America
5.3.5 Middle-East and Africa
188.8.131.52 Saudi Arabia
184.108.40.206 South Africa
220.127.116.11 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
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.
6.4.7 Orocobre Limited Pty Ltd
6.4.8 Shandong Ruifu Lithium Co., Ltd.
6.4.9 SQM S.A.
6.4.11 Tianqi Lithium
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Application in Air Conditioning and Air Treatment Systems
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Frequently Asked Questions
What is the study period of this market?
The Lithium Carbonate Market market is studied from 2017 - 2027.
What is the growth rate of Lithium Carbonate Market?
The Lithium Carbonate Market is growing at a CAGR of >11% over the next 5 years.
Which region has highest growth rate in Lithium Carbonate Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Lithium Carbonate Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in Lithium Carbonate Market?
Albemarle Corporation , SQM S.A. , Livent, Targray , Tianqi Lithium are the major companies operating in Lithium Carbonate Market.