Lithium carbonate is one of the key materials used in the manufacture of Li-ion electric vehicle batteries, an industry that has grown rapidly over the years. This growing demand proportionally boosted manufacturers’ revenues during the historical period until the Chinese government proposed landslide measures to cut EV subsidies, adversely affecting demand for lithium carbonate in EV applications. For years, there has been constant demand from pharmaceutical manufacturers. These factors will all impel the growth of Lithium Carbonate Market steadily up to the Medium Term Forecast Period, 2020-2030.
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Key insights from the Lithium Carbonate market study
- The global lithium carbonate market is expected to generate around USD 3.9 billion in value creation opportunity during the forecast period.
- The application of Li-ion battery is expected to dominate the market revenue in 2020 and is expected to gain 700 BPS market share by 2030 from 2020.
- The pharmaceutical segment is expected to lose around 150 BPS during the forecast period 2020-2030.
- East Asia holds a leading share of the global lithium carbonate market, with China providing much of the market demand.
- The COVID-19 pandemic has hit most industries around the world. The main end-use industries of lithium carbonate are automotive and pharmaceutical, which are also affected by lockdowns and various restrictions, leading to a decline in demand for lithium carbonate in 2020.
Lithium Carbonate Market Segmentation
Fact.MR has studied the Lithium Carbonate market with detailed segmentation by purity, grade, application and key regions.
- 98,5 % – 99,4 %
- 99,5 % – 99,8 %
- 99,9 %
- High purity
- Li-ion batteries
- Glass & Ceramics
- cement manufacture
- aluminum production
- pharmaceutical industry
- North America
- East Asia
- South Asia & Oceania
- rest of the world
Lithium Carbonate Market Manufacturers: Key Strategies
The global lithium carbonate market is highly consolidated in nature. The big three of the market – SQM, Albemarle, and Livent (divested company from FMC) are key market players accounting for more than 70% of the global supply of lithium carbonate. The market has high entry barriers, owing to difficult access to lithium mines and the high cost of production.