Lithium Carbonate Market Size to Grow USD 9176.4 Million by 2030 at a CAGR of 16.8% | Valuates Reports
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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