Market Overview:
Lithium carbonate is a prescription medicine used to treat the symptoms of bipolar disorder. It belongs to a class of drugs called bipolar disorder agents. It is used to treat and prevent episodes of mania in people with bipolar disorder. Moreover, lithium carbonate is widely used in various end-use industries, such as electronics, construction, and automotive (especially in the Electric Vehicles). Lithium carbonate is used in the form of batteries in portable electronic devices. Its main industrial use is to produce rechargeable batteries. Electric vehicle batteries can also use lithium carbonate. Furthermore, lithium carbonate is used as a cement additive for accelerating the cement-setting action. It is typically used in building materials and cementitious systems to adjust and accelerate the setting time. Thus, there is an increasing demand worldwide.
Competitive Landscape:
Major players operating in the global lithium carbonate market are Livent, FMC Corporation, International Lithium Corp., Galaxy Resources Limited, Western Mining Co., Ltd., Albemarle, Simbol Mining, Nordic Mining ASA, Orocobre Limited, SQM S.A., and Tibet Mineral Development Co., Ltd., among others.
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Key Market Drivers:
Increasing prevalence of bipolar disorder across the globe is expected to propel growth of the lithium carbonate market over the forecast period. For instance, according to the World Health Organization (WHO), November 2019 report, bipolar disorder affects about 45 million people worldwide. Moreover, it is considered to be the sixth leading cause of disability by WHO.
Moreover, increasing usage of lithium carbonate, increasing demand for consumer electronics, and increasing construction activities is expected to augment growth of the lithium carbonate market. For instance, according to India Brand Equity Foundation (IBEF), India, India, and the United States are expected to account for about 60% of all global growth in the construction sector by 2025.
COVID-19 Impact Analysis:
Lithium carbonate is widely used in the electronics, construction, and automotive industry. But the pandemic has severely impacted these industries, which in turn has decreased the demand for lithium carbonate during the pandemic. However, the easing of restrictions and revival of economic activities is expected to increase the demand in the coming future. This in turn is expected to propel growth of the market.
Key Takeaways:
The lithium carbonate market is expected to exhibit a CAGR of 11.1% during the forecast period due to the increasing demand for lithium carbonate and rapid growth of the electric vehicle industry. For instance, in July 2021, Rio Tinto invested US$ 2.4 billion to the Jadar lithium-borates project in Serbia, one of the world’s largest green-field lithium projects. Jadar will produce battery-grade lithium carbonate, a critical mineral used in large scale batteries for electric vehicles and storing renewable energy.
Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the lithium carbonate market due to the increasing prevalence of bipolar disorder, increasing consumption of lithium carbonate, increasing adoption of electric vehicles, and rapid growth of the construction industry in these regions. For instance, according to IBEF, India is expected to become the third largest construction market in the world by 2025.
Moreover, in October 2021, China launched a joint venture project of 50,000 mt of lithium hydroxide and 10,000 mt of lithium carbonate in Indonesia.
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Important Features that are under Offering and Key Highlights of the Reports:
– Potential and niche segments/regions exhibiting promising growth.
– Detailed overview of Market
– Changing market dynamics of the industry
– In-depth market segmentation by Type, Application, etc.
– Historical, current, and projected market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Market
– Strategies of key players and product offerings
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✤ SWOT Analysis is used to define, assess, and analyse market competition by focusing on the world's major manufacturers. The market is defined, described, and forecasted by type, application, and region.
✤ Examine the potential and advantages of the global and major regional markets, as well as the opportunities and challenges, as well as the constraints and risks.
✤ Determine whether market growth is being driven or hampered by trends and factors.
✤ Stakeholders will be able to assess market potential by identifying high-growth categories.
✤ Conduct a strategic analysis of each submarket's growth trends and contribution to the market.
✤ Competitive developments in the market include expansions, agreements, new product launches, and acquisitions.
✤ To develop a strategic profile of the major players and conduct a thorough analysis of their growth strategies.
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✔ In the next seven years, what innovative technology trends should we expect?
✔ Which sub-segment do you believe will grow the fastest over the next few years?
✔ By 2028, which region is predicted to have the largest market share?
✔ What organic and inorganic strategies are businesses employing to gain market share?
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