Lithium carbonate is an inorganic compound, the lithium salt of carbonate with the formula Li2CO3. This white salt is widely used in processing metal oxides and treating mood disorders. The major factor driving the market is the increasing use of lithium carbonate in different industries such as electronics and electrical. Moreover, lithium carbonate is used in the form of batteries in portable electronic devices which is expected to drive growth of the market over the forecast period.
- Lithium carbonate is used in drugs for curing bipolar disorders. Consumption of lithium carbonate based medicines decreases the symptoms of manic episodes such as irritability, anxiousness, loud/rapid speech, and aggressive behavior.
- Moreover, in ceramics, lithium carbonate is used for making glazes owing to its high temperatures which causes the glazes to melt. These applications are expected to boost demand for lithium carbonate during the forecast period.
- However, lithium carbonate also has a few side effects owing to its high dose which is expected to hamper the growth of the lithium carbonate market during the forecast period. Few of these side effects include drowsiness, dizziness, weight gain, tiredness, and mild shaking of hands among others.
- Among grade, the battery grade segment is expected to gain significant market share over the forecast period owing to increasing demand from the electronics industry. According to the India Brand Equity Foundation’s data on Electronic and Computer Software Industry and Exports, published in December 2019, the revenue generated from the export of consumer electronics from India reached US$ 148.9 Mn between April and July 2019. Moreover, as per the same source, the top export destinations from India for consumer electronics included U.S., U.K., Singapore, Israel, and Belgium among others.
- Therefore, increasing demand for consumer electronics is expected to drive the demand for batteries. This is a major factor for the growth of the global lithium carbonate market.
- Lithium carbonate is used for manufacturing cement and aluminum. For instance, lithium carbonate is mainly used as an accelerator for setting mortar and cement at a faster rate in case of high alumina based cement. The increasing number of construction activities is expected to be another factor driving demand for lithium carbonate. According to data released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development in June 2019, the number of newly completed residential buildings was about 900 thousand units in May 2014 which increased to 1200 thousand units in May 2019.
- Key players operating in the global lithium carbonate market are SQM S.A., Orocobre Limited, Albemarle, Nordic Mining ASA, Simbol Mining, Western Mining Co., Ltd., Galaxy Resources Limited, FMC Corporation, Tibet Mineral Development Co., Ltd., International Lithium Corp., and Livent.
On the basis of grade, the global lithium carbonate market is segmented into:
- Battery Grade (99.5% purity)
- Enhanced Grade (99.6%-99.9&)
- Superior Grade (Above 99.9%)
On the basis of application, the global lithium carbonate market is segmented into:
- Ceramics and glass
- Cement and aluminum
- Others (Pharmaceutical, etc.)
On the basis of region, the global lithium carbonate market is segmented into:
- North America
- South America
- Rest of South America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East
- Rest of Middle East
- North Africa
- Central Africa
- South Africa