Rockville , Aug. 28, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the lithium carbonate market has undergone growth at a CAGR of 11.1% over the past decade.
Lithium carbonate is a crucial lithium compound used in various applications, particularly in the production of lithium-ion batteries for electric vehicles, portable electronics, and renewable energy storage systems due to its ability to store and release energy efficiently. It's a crucial part of making lithium-ion batteries, which are essential for these technologies. These batteries efficiently store and release energy, making them vital for clean energy solutions. Lithium carbonate also has uses in pharmaceuticals and ceramics. As the world shifts towards cleaner energy, the demand for lithium carbonate is growing rapidly, playing a key role in building a greener future.
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The growth of the lithium carbonate market is being driven by the rapid expansion of the electric vehicle sector, where lithium-ion batteries are a core component. Additionally, the increasing demand for renewable energy storage solutions, coupled with advancements in battery technology, is boosting the need for lithium carbonate.
Key Takeaways:
- Automotive Industry occupies significant consumption due to increasing demand from the electric vehicle industry.
- Europe accounts for around 15% of the global lithium carbonate demand due to increasing demand from the automotive industry.
- North America market was expected to witness the highest CAGR followed by East Asia, South Asia, and Oceania.
- Global Lithium Carbonate market is expected to witness a CAGR of nearly 11% during the forecast period (2020-2030)
Soaring demand for electric vehicles, growing energy storage solutions, and expanding use in renewable energy technologies are common drivers boosting the growth of the lithium carbonate market - Says FACTMR Expert
Market Competition
Key players in the market are investing heavily in research and development to enhance battery performance, lifespan, and safety, aiming to gain a competitive edge in supplying high-quality lithium-ion batteries for electric vehicles and energy storage systems. Moreover, these players are actively working to secure long-term access to reliable lithium sources through partnerships, acquisitions, and investments in mining operations.
- Tesla has invested in research to improve battery technology and reduce costs. In 2020, they announced the "Battery Day" event, outlining plans for advanced battery manufacturing and introducing their own lithium extraction process directly from clay sources, aiming to secure a stable lithium supply chain.
Winning strategies
- To get ahead in the market, leading lithium carbonate companies should invest in research and innovation. This involves enhancing battery performance, safety, and energy efficiency through advanced materials and designs, meeting EV demands, and driving market relevance.
- Key players can reduce risks by using lithium carbonate in new areas like pharmaceuticals and ceramics. This creates more income sources beyond batteries, making them less vulnerable to market changes. For instance, lithium's chemical properties might have medical uses, while its applications in ceramics diversify the company's income.
- Setting up production facilities in strategic markets offers significant advantages for major companies in the lithium carbonate industry. This approach brings about cost savings by minimizing shipping expenses and allows for smoother navigation through complex regional regulations. By having production facilities closer to key markets, companies can optimize their supply chain, ensuring a timely and reliable response to the demands of different regions.
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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.
- By Purity:
- 98.5% - 99.4%
- 99.5% - 99.8%
- 99.9%
- By Grade:
- High Purity
- Battery
- Pharmaceutical
- By Application:
- Li-ion batteries
- Glass & Ceramics
- Cement Manufacturing
- Aluminum Production
- Pharmaceutical Industry
- Others
- By Region:
- North America
- Europe
- East Asia
- South Asia & Oceania
- Rest of the World
Explore More Related Studies Published by Fact.MR Research:
Lithium Aluminum Hydride Market: Worldwide demand for lithium aluminum hydride is anticipated to reach US$ 285.5 million by 2033-end.
Lithium Chloride Market: The global lithium chloride will hold a valuation of US$ 2.3 billion in 2033.
Lithium Mining Market: Battery production has a high consumption of lithium and is estimated to account for a market share of 72.8% in 2023.
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