Analysis of Lithium Carbonate Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global lithium carbonate (Li2CO3) market has witnessed rapid growth at a CAGR of 11.1% over the past half-decade. However, due to the ongoing outbreak of COVID-19, battery production has taken a hit and has cascaded the effect to the lithium carbonate market.
The market has reopened in a few regions such as Europe and East Asia, but the demand for lithium carbonate has not seen a significant rise. However, on the brighter side, the market is set to reach its original pace by the 2nd quarter of 2021, and global demand is set to gain pace and witness an uptake at a CAGR of nearly 11% during the forecast period (2020-2030).
Since 2015, the lithium carbonate market size grew at an impressive rate, but the market suddenly collapsed in H2 of 2019 owing to higher supply side and contracted demand that led to thinner market prices. But the scenario is set to change, as lithium carbonate has reached to initial point of its market lifecycle. Owing to the aforementioned factors, the lithium carbonate market is set to gain pace by the middle of the forecast period
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Of the two major grades of lithium carbonate, high purity and battery grade, battery grade accounts for more than three-fourth of the lithium carbonate market share, owing to its extensive application in the automotive sector.
The key driver for the growth of the lithium carbonate market is accredited to the automotive sector, as demand requisite of significant amounts of lithium carbonate is observed in electric vehicles such as PHEVs (plug-in hybrid electric vehicles), BEVs (battery electric vehicles), and HEVs (hybrid electric vehicles).
Lithium carbonate is also used to manufacture batteries for electronic devices such as phones, personal computers, etc. But the quantity consumed in electronic equipment is significantly less compared to the automotive sector.
High purity grade is quite expensive as compared to its counterpart, owing to high production cost. This grade is mostly used in glass manufacturing, aluminum production, and cement manufacturing, and accounts for less than 20% of global lithium carbonate owing to its limited application.
Lithium carbonate witnesses significant consumption in the automotive industry, especially with increasing demand from the electric vehicle industry, which has provided impetus to the market in the historical period. Lithium carbonate is used in miniscule amounts in the pharmaceutical industry to manufacture medicines for patients suffering from mental disorders. These factors are set to boost the demand for lithium carbonate in the long run.
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East Asia will account for the largest market share in 2020. This trend is anticipated to continue throughout the forecast period. Currently, Europe accounts for nearly 15% of global lithium carbonate demand. Consumption of lithium carbonate in Europe is mainly backed by increasing demand from the growing automotive industry.
As per lithium carbonate market trends, the fastest-growing market was North America during the historical period. This is attributed to increasing consumption of lithium carbonate in the automotive industry. Followed by East Asia, South Asia & Oceania have progressed at around 9% CAGR during the historical period.
However, landslide policies by the Chinese government to cut down subsidies on EVs have contracted demand by more than 50%. Adding to that, the COVID-19 pandemic has slowed down demand further by 10%. This trend is anticipated to continue for more than 12 months. By the 2nd quarter of 2021, the market is set to recover its original pace. The market will gain momentum once EV demand rises and manufacturing grows at a rapid pace.
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.
The coronavirus pandemic has brought the whole world to a standstill. Business activities have registered a downturn in the form of dwindling sales due to reduced production and demand. The same is true for the lithium carbonate market. One of the prominent end uses of lithium carbonate is electric vehicles. The ongoing pandemic has led to a decline in all industrial activities, in the wake of disrupted supply chains.
Extended lockdowns across different countries have affected the production of lithium carbonate over the past few months, as key manufacturing units and factories are shut. Even after these lockdowns are lifted, it will take at least a couple of months to restore production to normal. Thus, contracting demand from allied industries in the second quarter of 2020 will have prolonged effects on the global lithium carbonate market.
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The lithium carbonate market is filled with professional sharks, and small fish hardly survive the market heat, owing to the high volatility of prices and instability in demand.
Fact.MR published an exclusive forecast report in the lithium carbonate market for 2020 and 2030. The foremost objective of this report on the lithium carbonate market is to pitch spearhead insights on the market scenario, demand generators, and technological advancements in the lithium carbonate market. Also, the study on the lithium carbonate market addresses key dynamics that are expected to diversify the sales and future prominence of the lithium carbonate market.
The report on the lithium carbonate market begins with an executive overview, in which product definition has been provided. The report further proceeds with the taxonomy of the lithium carbonate market, elaborating on key segments. The report also outlines visionary insights on the dynamics of the lithium carbonate market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with key buying factors for lithium carbonate.
Supply chain analysis and pricing analysis of the lithium carbonate market, along with the difference between lithium carbonate used as per application, have also been included in the report to help readers clearly understand the product framework map of the lithium carbonate market.
Fact.MR has studied the lithium carbonate market with a detailed segmentation on the basis of purity, grade, application, and key regions.
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Lithium Carbonate Market Is Anticipated To Grow At Cagr Of 11.1% During The Forecast Period By 2030
North America, Western Europe, Asia-Pacific , Japan are the major countries driving demand for Lithium Carbonate Market report
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