Jul 06, 2020
Lithium Carbonate Market to Grow 2.8X by 2030; Demand from End-use Industries Hit Due to Ongoing COVID-19 Pandemic
by Team Fact.MR
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.
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.
Key Players to Dominate Lithium Carbonate Market
The global lithium carbonate market is highly consolidated in nature, with key players such as SQM and Albemarle leading the market space. The penetration of new entrants in this market is highly unlikely, owing to thin prices and diseconomies of scale. Speculative demand has higher payoffs in the short term as compared to long-term demand.
More Valuable Insights on Lithium carbonate Market
Fact.MR, in its new offering, presents an unbiased analysis of the global lithium carbonate market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the lithium carbonate market on the basis of purity (98.5% - 99.4%, 99.5% - 99.8%, and 99.9%), grade (high purity, battery, and pharmaceutical), and application (li-Ion batteries, glass & ceramics, cement manufacturing, aluminium production, and pharmaceutical industry, others), across five major regions of the world.
>>> To Get more insights on lithium carbonate market, visit- https://www.factmr.com/report/3791/lithium-carbonate-market
About the Chemicals & Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the chemicals & materials team at Fact.MR assists clients with unique business intelligence needs on a global level. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the chemicals & materials industry lucidly in 50+ countries for over a decade. The chemicals & materials team at Fact.MR assists clients in their business expansion as well as new ventures, through hawk-eyed analysis and strategic recommendations.