Jersey City, NJ, Sept. 27, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Pharmaceutical-Grade Lithium Carbonate Market- (By Application (Extended Release, Immediate Release), By Purity (99%, Above 99%)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Pharmaceutical-Grade Lithium Carbonate Market is valued at USD 138.03 Million in 2022, and it is expected to reach USD 179.91 Million by 2031, with a CAGR of 3.1% during the forecast period of 2023-2031.
A pharmaceutical-grade lithium carbonate is a high-purity form of lithium carbonate manufactured and processed to meet the strict quality and purity standards required for pharmaceutical and medical applications. Pharmaceutical-grade lithium carbonate is primarily used in the treatment of certain psychiatric and neurological disorders, particularly bipolar disorder and certain mood disorders. It is prescribed as a mood stabilizer to help manage mood swings and control episodes of mania or depression.
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Growing demand from sectors like electronics and power generation has been a boon to the lithium carbonate business. Rising demand for lithium carbonate to produce batteries for portable electronic gadgets is anticipated to be a major driver of market expansion. In addition, the unavoidable advance of industrialization and the growth of the manufacturing sector have all contributed to a surge in the need for cleaner, more efficient furnaces. The impact of economic, technological, and environmental issues on the dynamic and ever-changing pharmaceutical-grade lithium carbonate market.
However, the market expansion may be hampered by the small number of permanent magnets utilized for miniaturization and other applications. It remains too costly in terms of time, resources, and capital. However, the high dose of lithium carbonate is associated with several unwanted side effects that could slow the market's expansion in the coming years.
Recent Developments:
- In Oct 2022, Albemarle Corporation recently confirmed the successful completion of its acquisition of Guangxi Tianyuan New Energy Materials Co., Ltd. ("Tianyuan") by its subsidiary, Albemarle Lithium UK Limited, for an estimated sum of $200 million.
List of Prominent Players in the Pharmaceutical-grade lithium carbonate Market:
- Livent Corporation (US)
- Albemarle Corporation (US)
- Jiangsu Lianhuan Pharmaceutical Co. Ltd. (China)
- American Elements (US)
- Globe Química (US)
- Jiangsu Nhwa Pharmaceutical Co., Ltd. (China)
- Panchsheel Organics Ltd (POLTD) (India)
- Blanver (Brazil)
- Zhenjiang Poworks Co., Ltd.
- Axiom Chemicals Pvt. Ltd.
- Hubei Rison Chemical Co., Ltd.
- Pharmaffiliates Analytics
- Synthetics P. Ltd.
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Pharmaceutical-Grade Lithium Carbonate Market Report Scope:
| Report Attribute | Specifications |
| Market Size Value In 2022 | USD 138.03 Mn |
| Revenue Forecast In 2031 | USD 179.91 Mn |
| Growth Rate CAGR | CAGR of 3.1% from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By Application, Purity |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
Market Dynamics:
Drivers-
The growing demand for pharmaceutical-grade lithium carbonates is fueled by the fact that medications for treating bipolar illnesses contain lithium carbonate. Intake of lithium carbonate-based medications reduces the anger, anxiety, loud/rapid speaking, and violent conduct associated with manic episodes. Lithium carbonate is also utilized to make glazes in the ceramics industry because of the high temperatures it generates. Demand for lithium carbonate is predicted to increase due to these uses in the future. As a result, the need for pharmaceutical-grade lithium carbonate products is expected to increase in the coming years.
Challenges:
The prime challenge is the volatility in the prices of raw materials, strict regulations, and cross-cultural pollution markets because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of the pharmaceutical-grade lithium carbonate market.
However, Lithium carbonate's high dose comes with a few unwanted consequences, which could delay the market's expansion in the coming years. Drowsiness, fainting, weight gain, fatigue, and minor hand trembling are only a few of the potential negative reactions. Almost all countries decided to shut down all production facilities except for those involved with creating critical items, which had a substantial impact on the pharmaceutical-grade lithium carbonate market.
Regional Trends:
The North American pharmaceutical-grade lithium carbonate market is anticipated to register a major market share in terms of revenue. It is projected to grow at a high CAGR in the near future due to Pharmaceutical-grade lithium carbonate being produced in the area, and the industry invests much in R&D to boost the effectiveness of pharmaceuticals. Increased pharmaceutical sector innovation and public mental health awareness have directed to a growing demand for pharmaceutical-grade lithium carbonate in North America.
Besides, Europe had a substantial share of the market because the demand for batteries is anticipated to be driven by the rising popularity of consumer devices. Moreover, the presence of significant companies and the growing cooperation between major players for market penetration in the area enables an opportunity to grow the global pharmaceutical-grade lithium carbonate market.
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Segmentation of Pharmaceutical grade Lithium Carbonate Market-
By Application-
- Extended Release
- Immediate Release
By Purity-
- 99%
- Above 99%
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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