Rockville, MD, Oct. 03, 2024 (GLOBE NEWSWIRE) -- According to the updated research analysis by Fact.MR, a market research and competitive intelligence provider, the global Lithium Carbonate Market is analyzed to reach a worth of US$ 9.69 billion in 2024. Worldwide sales of lithium carbonate are forecasted to rise at a CAGR of 11.1% from 2024 to 2034.
The continued shift to electric vehicles is responsible for the increasing demand for lithium carbonate worldwide. It is projected that as governments around the globe implement stricter pollution regulations and provide incentives for the usage of electric vehicles, the market for lithium-ion batteries will rise. This increased demand is leading to a rise in the price of lithium carbonate, an essential component used in the production of batteries. The growth potential is particularly notable in areas such as China, Europe, and the United States where sales of electric vehicles are already significant.
Effective energy storage devices are required for the grid to include renewable energy sources like solar and wind power. In this industry, lithium-ion batteries are a well-known technology because of their high energy density and scalability.
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Key Takeaway from Market Study:
- The market of lithium carbonate is calculated to reach a value of US$ 27.75 billion by 2034.
- North America is approximated to capture a 21.6% share of the global market in 2024.
- Global sales of lithium carbonate for use in the pharmaceutical industry is evaluated to rise at a CAGR of 11.1% and reach US$ 13.57 billion by 2034-end.
- Sales of lithium carbonate in Japan are projected to rise at an 11.3% CAGR through 2034.
- South Korea is analyzed to account for a share of 13.9% of the East Asian market revenue by 2034.
- The market in East Asia is forecasted to expand at a CAGR of 12.2% from 2024 to 2034.
“As electric vehicle (EV) sales rise in China, Europe, and the US, the lithium carbonate business is expanding rapidly,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Lithium Carbonate Market:
LevertonHELM Limited; Ganfeng Lithium Co., Ltd.; Orocobre Limited Pvt Ltd,; Shandong Ruifu Lithium Co., Ltd.,; SQM S.A.,; Targray,; Tianqi Lithium; Albemarle Corp.; SQM S.A.; Tianqi Lithium Corporation; Livent Corp.; Lithium Americas Corp.; Pilbara Minerals; Mineral Resources Group Co., Ltd.
Healthcare Sector Embracing Digital Technologies with the Help of Lithium Carbonate:
Lithium carbonate is utilized in the medical field in addition to pharmaceuticals. The healthcare sector depends heavily on electronic medical devices such as wearable health monitors, implantable devices, and portable diagnostic instruments. Since these devices require compact, lightweight, and reliable power sources, lithium-ion batteries are an excellent choice. As the healthcare industry continues to adopt digital technology, lithium carbonate is becoming more common in medical equipment and healthcare applications.
Lithium Carbonate Industry News:
Arcadium Lithium was formed via the all-stock combination of Allkem and Livent in January 2024. This merger is a calculated strategic decision to increase the scope of suppliers and production while utilizing the current resources. With a vertically integrated company model and an emphasis on improving operational predictability and flexibility while cutting costs, Arcadium focuses on highly complementary assets.
- October 2023: Under the terms of the second tranche subscription agreement, General Motors Holdings LLC (GM) would pay USD 329.85 million for shares of Lithium Americas (NewCo). Under the terms of this agreement, GM will be the sole producer of lithium compounds, such as lithium carbonate, at Thacker Pass for ten years, with 100% exclusive rights.
A long-term strategic agreement was announced in May 2023 between SQM SA and Ford Motor Company to supply high-quality battery-grade lithium carbonate, a necessary ingredient for the production of high-performance electric vehicle batteries.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the lithium carbonate market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the lithium carbonate market based on purity (98.5% to 99.4%, 99.5% to 99.8%, 99.9%), grade (high purity, battery, pharmaceutical), and application (li-ion batteries, glass & ceramics, cement manufacturing, aluminum production, pharmaceuticals), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
Segmentation of Lithium Carbonate Market Research:
- By Purity :
- 98.5% to 99.4%
- 99.5% to 99.8%
- 99.9%
- By Grade :
- High Purity
- Battery
- Pharmaceutical
- By Application :
- Li-ion batteries
- Glass & Ceramics
- Cement Manufacturing
- Aluminum Production
- Pharmaceuticals
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