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Lithium Carbonate Market Outlook to 2033 Revenue Trends, Pricing Dynamics and Growth
Lithium Carbonate Market
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Key Market Drivers
- EV Expansion: In 2023, EVs accounted for 80% of global lithium-ion battery demand. This figure is poised to rise further with policies like China's doubling of EV subsidies in July 2024, resulting in over 5 million EV sales by mid-December.
- Battery Demand: Lithium-ion battery demand surpassed 750 GWh in 2023, marking a 40% YoY increase, with electric cars contributing 95% of this growth.
- Production Surge: In response, China's lithium carbonate production rose by 45%, reaching 670,000 metric tons in 2024.
Strategic Developments & Investments
- Saudi Aramco is venturing into lithium production with plans to begin commercial output by 2027, targeting batteries for 500,000 EVs and 110 GW of renewable energy.
- Rio Tinto is in talks to acquire Arcadium Lithium, underscoring its commitment to capitalize on a projected 8x increase in lithium demand by 2040.
- Albemarle expanded facilities in Nevada and Chile to add 30,000 metric tons of annual production by 2025.
- SQM invested $900 million to boost capacity to 180,000 metric tons annually as of April 2022.
Policy & Regulatory Landscape
India:
- Amended the Mines and Minerals Act (1957) in August 2023 to allow private lithium mining.
- Removed customs duties on lithium imports in July 2024 to reduce battery production costs.
- China proposed new export restrictions on lithium processing tech in January 2025 to strengthen its global dominance.
- Argentina introduced a reference export price of USD 53/kg for lithium carbonate in May 2022, effective until July 2024.
Technology Spotlight: LFP Batteries:
The rise of Lithium Iron Phosphate (LFP) batteries is reshaping the lithium carbonate demand landscape:
- GM discontinued its Ultium battery brand in October 2024 to focus on LFP integration, potentially cutting EV costs by $6,000.
- Tesla, BYD, Volkswagen are already adopting LFP tech for its affordability and safety.
- In December 2024, Stellantis and CATL announced a $4.47 billion investment in an LFP battery plant in Zaragoza, Spain, targeting mass production by 2026.
Sectoral Applications:
- Battery Manufacturing: Core use in EV and electronics batteries.
- Glass & Ceramics: Enhances durability and heat resistance of products. GMIC is leading a $3M project to decarbonize glass production.
- Construction: Accelerates cement setting and strengthens concrete. India exempted duties on 25 critical minerals, including lithium, to cut construction costs.
Leading Market Players:
- Ganfeng Lithium Group Co., Ltd.
- Albemarle Corporation
- SQM S.A.
- Tianqi Lithium Corporation
- LevertonHELM Limited
- Camber Pharmaceuticals, Inc.
- Central Drug House
- Vishnupriya Chemicals Pvt. Ltd.
- PACIFIC ORGANICS PVT. LTD
- Merck KGaA
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