Lithium carbonate is one of the key materials for the manufacturing of li-Ion batteries for electric vehicles, an industry that has been rapidly growing over the years. This growing demand has proportionately boosted the revenues of manufacturers during the historical period, until landslide policies were proposed by the Chinese government to slash subsidies on EVs, which adversely affected the demand for lithium carbonate in EV applications. Steady demand has been observed from pharmaceutical manufacturers over the years. These factors are all set to drive the growth of the lithium carbonate market at a steady pace till the mid-term forecast period of 2020-2030.
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As per Fact.MR, the lithium carbonate market is estimated to be valued at US$ 2.2 Bn in 2020, and add value worth US$ 3.9 Bn during the forecast period (2020-2030). The market is projected to expand at a CAGR of around 11% over the assessed forecast period of 2020-2030.
Key Takeaways from Lithium Carbonate Market Study
- The global lithium carbonate market is anticipated to create a value opportunity of around US$ 3.9 Bn during the forecast period, adding 2.8X more value as compared to 2020.
- Li-Ion battery application is set to dominate market revenue in the year 2020, and is expected to gain 700 BPS in its market share by the year 2030 over 2020.
- The pharmaceuticals segment is anticipated to lose around 150 BPS during the forecast period of 2020-2030.
- East Asia holds a leading share in the global lithium carbonate market space, of which, China has a majority of the market demand.
- The COVID-19 pandemic has affected most industries around the world. The main end-use industries of lithium carbonate are automotive and pharmaceuticals, which have been affected too due to lockdowns and various restrictions, resulting in decreased demand for lithium carbonate in 2020.
“The global lithium carbonate industry is its initial lifecycle, post which, greater potential is set to be unveiled during the mentioned forecast period through 2030,”says a Fact.MR analyst.
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Lithium Carbonate Market Segmentation
Fact.MR has studied the lithium carbonate market with a detailed segmentation on the basis of purity, grade, application, and key regions.
- 98.5% – 99.4%
- 99.5% – 99.8%
- High Purity
- Li-ion batteries
- Glass & Ceramics
- Cement Manufacturing
- Aluminum Production
- Pharmaceutical Industry
- North America
- East Asia
- South Asia & Oceania
- Rest of the World
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For More Insights-https://www.globenewswire.com/news-release/2022/03/09/2400432/0/en/Low-Code-Development-Industry-is-Projected-to-Achieve-a-Global-Market-Size-of-US-187-Bn-by-2032-Currently-US-Accounts-For-the-Largest-Market-Share-in-the-World.html
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