Lithium Carbonate Market is Booming Worldwide According to New Research Report Forecast to 2030

The lithium carbonate market size was valued at US$ 5,280.92 million in 2022 and is projected to reach US$ 7,024.31 million by 2030; it is anticipated to record a CAGR of 3.6% from 2022 to 2030. Lithium carbonate is an inorganic compound widely used in various applications such as the production of lithium-ion batteries, drug production, glass and ceramics, aluminum, air conditioning, greases and lubricants, chemicals, and metallurgy. Lithium carbonate is a precursor of lithium grease, which is generally used as a lubricant in various industrial applications. It is also used in lithium bromide absorption refrigeration systems. The widespread adoption of lithium-ion batteries in recent years has significantly increased the demand for lithium carbonate, making it a significant constituent in the development of technologies related to energy storage, electric transportation, and electronics.

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Competitive Landscape: Lithium Carbonate Market:
Albemarle Corporation
SQM SA
Targray
Noah Chemicals
Livent
Imerys
Tianqi Lithium
Alfa Aesar
Otto Chemie Pvt Ltd

Environmental concerns and supply chain vulnerabilities pose challenges to market growth. Geopolitical factors, mining challenges and availability of lithium reserves influence the lithium supply chain. The lithium market has experienced price volatility due to factors such as supply-demand dynamics and changes in government policies.

The rising production of lithium-ion batteries for electric vehicle production and the adoption of lithium carbonate in the ceramics industry are a few factors boosting the growth of the global lithium carbonate market. Lithium carbonate is a source of lithium ions and, therefore, is used in the production of cathode materials. The increasing demand for lithium-ion batteries can be attributed to the growing demand for electric vehicles, renewable energy storage, and portable electronic devices.

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This release was published on openPR.