H1 2023: In H1 2023, the price of Lithium Carbonate fluctuated in the Asia Pacific region. In the first quarter of 2023, there was a significant decrease in prices of Lithium Carbonate in the Chinese domestic market. The drop in prices during January was attributed to cautious procurement by downstream sectors. February witnessed the accumulation of built-up inventories of Lithium Carbonate in the region, contributing to a persistently weak outlook and negative market sentiments, primarily driven by a decline in electric vehicle sales. By March, market prices experienced a further decline despite reductions in production by lithium salt. Asia Pacific region faced high inventories, reflecting the overall weak demand from downstream battery manufacturing industries, contributing to the hazy market conditions. In the period of April to mid-May 2023, the price trend continued the bearish trajectory in China due to low price pressure from the upstream market. After mid-May 2023, prices rebounded in the Chinese market. Chinese inventories began depleting as players faced challenges in procuring raw materials, attributed to the inadequacy of feedstock and the sluggish pace of lithium carbonate manufacturing rates in China. On the other hand, in the US market, he Lithium Carbonate market experienced pessimistic conditions in H1 2023. In January, market prices decreased amid limited market activities, leading to reduced competition among downstream EV manufacturers. The decline continued in February, with prices further tumbling as the region adopted a wait-and-see attitude in the consumer market. In March, the market prices of Lithium Carbonate slipped down in US due to a decrease in new orders.
The global Lithium Carbonate market stood at approximately 500 thousand tonnes in 2023 and is anticipated to grow at a CAGR of 13.14% during the forecast period until 2034. Lithium Carbonate, an inorganic compound and the Lithium salt of Carbonate, is a white substance extensively utilized in the manufacturing of metal oxides. Additionally, it serves as a medication for addressing various disorders, including mood disorders and bipolar disorder. The primary source of lithium extraction is spodumene found in pegmatite deposits, and lithium salts are obtained from subterranean brine deposits. The extraction process, known as the Quebec process, involves high-pressure CO2 conditions.
Lithium Carbonate, an inorganic compound, is multifaceted in its applications across diverse industries. Based on grade, Lithium Carbonate is divided into- Battery Grade, Industrial Grade, and Others. It is a key component in metallurgy, contributing to the production of metal oxides and influencing alloy properties in the metallurgical sector. In the field of energy storage, Lithium Carbonate takes centre stage as a vital component in lithium-ion batteries, widely employed in electronic devices, electric vehicles, and renewable energy storage systems. Also renowned for its pharmaceutical use, it serves as a crucial medication for mood disorders, including bipolar disorder, aiding in mood stabilization. Beyond the realm of healthcare, Lithium Carbonate plays a pivotal role in the ceramics and glass industry, enhancing the thermal and mechanical properties of materials by reducing melting temperatures and improving glaze characteristics. Additionally, its applications extend to air treatment in air conditioning systems, where it acts as a carbon dioxide absorbent, contributing to stable indoor air quality. From chemical synthesis to aluminium production and specialized glasses in the aerospace industry, Lithium Carbonate demonstrates its versatility as a valuable compound with diverse and significant applications across various industrial sectors.
The lithium carbonate market is propelled by a confluence of influential drivers that collectively shape its trajectory. A primary force behind the market's expansion is the rapid growth of the Battery industry. Lithium-ion batteries, reliant on lithium carbonate, are pivotal in powering electric vehicles, and as the automotive industry pivots towards sustainable mobility, the demand for lithium carbonate intensifies. Simultaneously, the ubiquitous use of portable electronic devices, including smartphones and laptops, contributes significantly to the market's vitality, as these devices rely on lithium-ion batteries. Moreover, the rise in energy storage systems, spanning grid storage to residential solutions, accentuates the demand for lithium carbonate, underlining its crucial role in advancing renewable energy objectives. As industrial applications encompassing glass, ceramics, and aluminium production, the industrial sector emerges as an additional driver for lithium carbonate demand. Technological innovations in lithium-ion battery technology and extraction processes, coupled with global investments in renewable energy projects and clean energy initiatives, collectively amplify the market's momentum. Consumer awareness regarding the environmental advantages of electric vehicles and clean energy sources plays a pivotal role, steering purchasing preferences towards lithium-ion battery-powered solutions. Owing to these reasons, the global Lithium Carbonate market is likely to reach approximately 1945 thousand tonnes in 2034.
In terms of consumption, the Asia Pacific region leads the global Lithium Carbonate market. The Asia-Pacific region is poised to assert dominance in the lithium carbonate market due to many factors. A major factor is the region's exponential growth in the electric vehicle (EV) market, notably in countries like China, where robust government policies incentivize EV adoption. As a critical constituent in lithium-ion batteries, this surge in EV demand substantiates the escalating need for lithium carbonate. Moreover, Asia-Pacific has strategically positioned itself as a global hub for battery manufacturing, strengthening its influence in the industry. Proactive government initiatives, especially in China, drive market dynamics by providing incentives for electric vehicle adoption and fostering growth in the lithium-ion battery sector. Concurrently, strategic investments in lithium resources and mining operations fortify the region's supply chain resilience. The region's dominance is further solidified by a flourishing consumer electronics market, continuous technological advancements, and sustained industrialization, collectively propelling demand for batteries across various applications.
Based on the end-user industry, the global Lithium Carbonate market is divided into Battery, Glass & Ceramics, and Others. Among these sectors Battery is the leading segment and held about 85% of the global Lithium Carbonate market in 2023 and is anticipated to prevail the similar trend in the upcoming years.
Major players in the Global Lithium Carbonate market are Albemarle Corporation, LevertonHELM Limited, Ganfeng Lithium Co., Ltd., Lithium Americas Corp., Livent, Orocobre Limited Pty Ltd, Shandong Ruifu Lithium Co., Ltd., SQM S.A., Targray, and Tianqi Lithium, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2034
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Objective of the Study:
• To assess the demand-supply scenario of Lithium Carbonate which covers production, demand and supply of Lithium Carbonate market in the globe.
• To analyse and forecast the market size of Lithium Carbonate
• To classify and forecast Global Lithium Carbonate market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Lithium Carbonate market in the globe.
To extract data for Global Lithium Carbonate market, primary research surveys were conducted with Lithium Carbonate manufacturers, suppliers, distributors, wholesalers, and traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Lithium Carbonate market over the coming years.
ChemAnalyst calculated Lithium Carbonate demand in the globe by analyzing the historical data and demand forecast which was carried out considering demand for Lithium Carbonate by the end-user industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Lithium Carbonate manufacturers and other stakeholders
• Organizations, forums and alliances related to Lithium Carbonate distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Lithium Carbonate manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Lithium Carbonate market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2023
500 thousand tonnes
Market size Volume in 2034
1945 thousand tonnes
Growth Rate
CAGR of 13.14% from 2024 to 2034
Base year
2023
Estimated year
2024
Historical Data
2015 – 2022
Forecast period
2025 – 2034
Quantitative units
Demand in thousand tonnes and CAGR from 2024 to 2034
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by Grade, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process, Foreign Trade.
Segments covered
By End-Use: (Battery, Glass & Ceramics, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Market Data & Insights
Table of Content
1. Industry Market Size
It is an essential metric for market analysis, as it provides insights into the overall size and growth potential of Lithium Carbonate market in terms of value and volume.
2. Capacity By Company
On our online platform, you can stay up to date with essential manufacturers and their current and future operation capacity on a practically real-time basis for Lithium Carbonate.
3. Capacity By Location
To better understand the regional supply of Lithium Carbonate by analyzing its manufacturers' location-based capacity.
4. Plant Operating Efficiency
To determine what percentage manufacturers are operating their plants or how much capacity is being currently used.
5. Production By Company [Quarterly Update]
Study the historical annual production of Lithium Carbonate by the leading players and forecast how it will grow in the coming years.
6. Demand by Grade
Learn about the various grades of Lithium Carbonate - Battery Grade, Industrial Grade, and Others, and their demands. It will allow you to choose which grade to concentrate on when designing your strategy.
7. Demand by End- Use [Quarterly Update]
Discover which end-user industry (Battery, Glass & Ceramics, and Others) are creating a market and the forecast for the growth of the Lithium Carbonate market.
8. Demand by Region
Analyzing the change in demand of Lithium Carbonate in different regions, i.e., North America, Europe, Asia Pacific, Middle East and Africa, and South America, that can direct you in mapping the regional demand.
9. Demand by Sales Channel (Direct and Indirect)
Multiple channels are used to sell Lithium Carbonate. Our sales channel will help in analyzing whether distributors and dealers or direct sales make up most of the industry's sales.
10. Demand-Supply Gap
Determine the supply-demand gap to gain information about the trade surplus or deficiency of Lithium Carbonate.
11. Company Share
Figure out what proportion of the market share of Lithium Carbonate is currently held by leading players across the globe.
12. Manufacturing Process
Discover insights into the intricate manufacturing process of Lithium Carbonate.
13. Country-wise Export
Get details about quantity of Lithium Carbonate exported by major countries.
14. Country-wise Import
Get details about quantity of Lithium Carbonate imported by major countries.
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of force majeure, affects the plant's operating rate for the given duration. Disruption tracker gives a clear insight
into the worldwide outages affecting the commodity of interest. With every shutdown, it also reflects the impact on
supply of the product in the market at a Global level.
What was the net market size of Lithium Carbonate in terms of volume in 2023?
Ans:
The global market size of Lithium Carbonate had reached approximately 500 thousand tonnes in 2023.
Q2.
Which industry is the leading consumer of Lithium Carbonate?
Ans:
Battery industry is the leading consumer of Lithium Carbonate globally.
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