BANGALORE, India, July 23,
2024 /PRNewswire/ -- Lithium Carbonate Market is
Segmented by Type (Industrial Grade Lithium Carbonate, Battery
Grade Lithium Carbonate): Global Opportunity Analysis and Industry
Forecast, 2024-2029.
The Global Lithium Carbonate market is projected to reach
USD 9176.4 Million by 2030 from an
estimated USD 3614.2 Million in 2024,
at a CAGR of 16.8% during 2024 and 2030.
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Major Factors Driving the Growth of Lithium Carbonate
Market:
The market for lithium carbonate is expanding rapidly, driven
mainly by the increasing need for lithium-ion batteries in energy
storage systems and electric vehicles (EVs). In order to produce
lithium-ion batteries, which are necessary for the electric vehicle
(EV) sector, portable gadgets, and renewable energy storage
solutions, lithium carbonate is a crucial raw element. Two key
factors driving the industry ahead are the move towards renewable
energy sources and the growing popularity of electric vehicles.
Government initiatives supporting renewable energy and consumers'
growing inclination toward environmentally friendly cars also
contribute to the market's expansion.
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TRENDS INFLUENCING THE GROWTH OF THE LITHIUM CARBONATE
MARKET:
An essential part of making lithium-ion batteries, which are
extensively used in electric vehicles (EVs), portable gadgets, and
renewable energy storage systems, is battery grade lithium
carbonate. The lithium carbonate industry is expanding rapidly
because of the increased demand for electric vehicles (EVs) brought
on by international initiatives to lower carbon emissions and rely
less on fossil fuels. Large automakers are producing more electric
vehicles (EVs), which necessitates the use of high-performance
lithium-ion batteries. Demand for battery grade lithium carbonate
is driven by the growth of the electric vehicle (EV) sector. The
need for high-purity lithium carbonate is further augmented by the
widespread use of portable electronics and the growing necessity
for effective energy storage solutions in renewable energy
applications, which is propelling the lithium carbonate market's
expansion.
Lithium carbonate of industrial grade is necessary for several
industrial processes, such as the making of ceramics, glass, and
aluminum. Despite being less well-known than battery grade, it
still plays a big part in the battery business. The manufacturing
of non-rechargeable lithium batteries, which are frequently found
in consumer electronics, medical equipment, and military hardware,
frequently uses industrial grade lithium carbonate. The requirement
for industrial grade lithium carbonate is growing as a result of
these industries' expansion, which is being fueled by rising
consumer demand and technical improvements. Its use in production
procedures that need reliable and effective power sources further
emphasizes its significance in the lithium carbonate industry. The
need for industrial-grade lithium carbonate is anticipated to
increase as sectors continue to innovate and flourish, supporting
the industry's overall expansion.
The market for lithium carbonate is primarily driven by the
increase in the use of electric vehicles (EVs). Globally, as part
of larger initiatives to fight climate change and lower greenhouse
gas emissions, governments are putting laws in place to promote the
use of electric vehicles (EVs). Electric vehicles (EVs) are
becoming more accessible and appealing to customers because of
incentives including tax cuts, subsidies, and the construction of
infrastructure for EV charging stations. Because of this, the car
industry is producing more electric vehicles (EVs), which increases
the need for lithium-ion batteries. Demand for battery grade
lithium carbonate, an essential component of these batteries, is
rising. This pattern is anticipated to persist as technical
developments boost battery performance and lower prices, propelling
the market for lithium carbonate.
Solar and wind energy are examples of renewable energy sources
that are becoming more and more important to global energy
strategy. To guarantee a steady and dependable power supply, these
energy sources' intermittent nature calls for effective energy
storage technologies. Relying on lithium carbonate, lithium-ion
batteries are one of the best options for storing renewable energy.
The need for high-capacity energy storage systems is increasing due
to the global expansion of renewable energy projects. To accomplish
sustainability targets and lessen dependency on fossil fuels,
nations are making significant investments in the infrastructure
and storage capacity for renewable energy. Due to its necessity in
the production of batteries that store renewable energy, this
expansion is driving up the price of lithium carbonate and
promoting market development.
In the pharmaceutical and medical fields, lithium carbonate is
also frequently utilized, mostly for the treatment of bipolar
disorder and other mental health issues. The demand for drugs based
on lithium is being driven by the rising global prevalence of
mental health conditions. Lithium carbonate is becoming more often
used in medications as knowledge and understanding of mental health
issues grow. Furthermore, novel therapeutic uses of lithium
carbonate are being investigated via continuing medical research
and development, which might lead to an expansion of its use in the
future. Thus, a key driver of the lithium carbonate market's
expansion is the expanding demand from the pharmaceutical and
medical industries.
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LITHIUM CARBONATE MARKET SHARE ANALYSIS:
With a market share of more than 70%, Battery Grade Lithium
Carbonate is the biggest product category.
Batteries are the most widely used application, followed by
lubricants, metallurgy, glass and ceramics, etc.
Key participants in the global lithium carbonate market include
SQM, Ganfeng Lithium, and Albemarle. Three quarters of all
manufacturers worldwide have a stake.
With a market share of over 50%, Asia
Pacific is the largest market. South America and Europe come in second and third, respectively,
with shares of roughly 45%.
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Key Companies:
- SQM
- Albemarle
- FMC
- Orocobre
- Nordic Mining
- Tianqi Lithium
- Ganfeng Lithium
- Ruifu Lithium
- Weihua
- QingHai Salt Lake Industry
- Yahua
- Palith
- Tibet Mineral Development
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
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at USD 2937 Million in 2023 and is
anticipated to reach USD 3481 Million
by 2030, witnessing a CAGR of 2.5% during the forecast period
2024-2030.
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estimated to be worth USD 2548.1
Million in 2023 and is forecast to a readjusted size of
USD 15880 Million by 2030 with a CAGR
of 28.1% during the forecast period 2024-2030.
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