Lithium Carbonate Market Size 2026 Comprehensive Growth, Top Players Analysis and Regional Forecast to 2033

The global lithium carbonate market was valued at $26.7 billion in 2023 and is projected to reach $102.8 billion by 2033, registering a robust CAGR of 14.5% during the forecast period.

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Market Momentum Driven by EV Adoption:

- The accelerating shift toward electric mobility is the primary catalyst for lithium carbonate demand. In 2023, electric vehicles accounted for nearly 80% of lithium-ion battery demand, a share expected to grow steadily as global EV adoption intensifies. Global EV battery demand surpassed 750 GWh in 2023, marking a 40% year-on-year increase, with electric cars contributing to 95% of incremental growth.

- China continues to dominate the EV ecosystem. In July 2024, the Chinese government doubled EV subsidies, resulting in over 5 million EV sales by mid-December 2024. This policy support translated into a 45% surge in lithium carbonate production, pushing China's output to approximately 670,000 metric tons in 2024.

- Simultaneously, strategic investments are reshaping the supply landscape. Saudi Aramco's entry into lithium production, targeting commercial output by 2027, underscores the material's strategic importance for supporting 500,000 EV batteries and 110 GW of renewable energy capacity by 2030. In parallel, Rio Tinto's negotiations to acquire Arcadium Lithium reflect industry expectations of an eightfold increase in lithium demand by 2040.

Policy Frameworks and Regulatory Tailwinds:

- Government interventions are playing a decisive role in shaping lithium carbonate supply chains. With lithium production concentrated in a few regions Australia, Chile, Argentina, and India countries are revising mining and trade policies to secure long-term access.

- India (August 2023): Amendment of the Mines and Minerals (Development and Regulation) Act, 1957 opened lithium mining to private players, strengthening domestic supply capabilities.

- India (July 2024): Removal of customs duties on lithium mineral imports to reduce battery manufacturing costs and boost EV competitiveness.

- China (January 2025): Proposal of additional export restrictions on lithium processing technologies to maintain dominance in critical mineral processing.

Argentina (2022-2024): Implementation of a lithium carbonate export reference price (USD 53/kg FOB), influencing global trade flows until July 2024.

LFP Battery Expansion: A Structural Growth Driver

- The rapid adoption of Lithium-Iron-Phosphate (LFP) batteries is reshaping lithium carbonate demand patterns. LFP batteries are gaining preference due to enhanced safety, longer lifecycle, lower costs, and cobalt-free chemistry.

- October 2024: GM discontinued its Ultium battery branding to prioritize flexible battery chemistries, including LFP-aiming to reduce EV costs by up to $6,000 per vehicle.

- December 2024: Stellantis partnered with CATL, investing €4.1 billion ($4.47 billion) in an LFP battery manufacturing facility in Zaragoza, Spain, scheduled for production by late 2026.

Major OEMs such as Tesla, BYD, and Volkswagen are increasingly integrating LFP batteries to enhance affordability and thermal stability across mass-market EV segments.

Industry-Specific Demand Hotspots:-

Battery Manufacturing:

- Lithium carbonate remains a core precursor for lithium-ion battery materials.

Glass & Ceramics:

- Lithium carbonate serves as a flux that lowers melting temperatures and improves durability. The Glass Manufacturing Industry Council (GMIC) recently launched a $3 million decarbonization initiative focused on electric melting technologies.

Construction Materials:

- In cement and concrete applications, lithium carbonate enhances setting time and structural strength. India's full customs duty exemption on critical minerals including lithium supports downstream industries reliant on energy storage and sustainable construction practices.

Competitive Landscape

Key players actively expanding capacity and forming strategic alliances include:

- Ganfeng Lithium Group Co., Ltd.
- Albemarle Corporation
- SQM S.A.
- Tianqi Lithium Corporation
- LevertonHELM Limited
- Merck KGaA, among others

Notable Developments:

- 2024: Albemarle expanded lithium carbonate facilities in Nevada and Chile, targeting an additional 30,000 metric tons annually by 2025.

- 2022: SQM invested $900 million to expand lithium carbonate capacity to ~180,000 metric tons per year.

- October 2023: India introduced a 3% royalty on lithium extraction, linked to LME pricing, to incentivize private sector participation.

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