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Lithium Carbonate Market to Reach $102.8 Billion, Globally, by 2033 at 14.5% CAGR: Allied Market Research

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Allied Market Research

17 Mar, 2025, 14:20 GMT

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The global shift toward electrification and renewable energy is significantly driving the demand for lithium-ion batteries, positioning lithium carbonate as a crucial raw material. One of the primary factors fueling this demand is the rapid expansion of the electric vehicle (EV) industry. Governments worldwide are implementing stringent emissions regulations and offering incentives to promote EV adoption, leading automakers to ramp up production.

WILMINGTON, Del., March 17, 2025 /PRNewswire/ -- Allied Market Research published a report, titled, "Lithium Carbonate Market by Grade (Battery Grade, Technical Grade, Industrial Grade), by Application (Electric Vehicles, Pharmaceutical, Cement Manufacturing, Glass and Ceramics, Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the "lithium carbonate market" was valued at $26.7 billion in 2023, and is estimated to reach $102.8 billion by 2033, growing at a CAGR of 14.5% from 2024 to 2033.

Exploring Growth & Innovation Opportunities

The rapid adoption of electric vehicles (EVs) has significantly increased the demand for lithium carbonate, a critical component in lithium-ion batteries. In 2023, EVs accounted for 80% of lithium-ion battery demand, a figure expected to rise as EV adoption accelerates worldwide. In China, the world's largest EV market, government policies have significantly boosted EV adoption. In July 2024, China doubled EV subsidies, leading to more than 5 million EVs sold by mid-December 2024. This surge in EV sales has driven a substantial increase in lithium carbonate production, with China's output rising 45% from 2023 to 670,000 metric tons in 2024. The surge in electric vehicle (EV) adoption has significantly increased global demand for lithium carbonate, a crucial component in lithium-ion batteries. In 2023, EV battery demand reached over 750 GWh, marking a 40% increase from the previous year, with electric cars accounting for 95% of this growth. This escalating demand has prompted substantial investments in lithium production. For instance, Saudi Aramco is expanding into lithium production, aiming for commercial output by 2027 to support the manufacturing of 500,000 EV batteries and 110 GW of renewable energy by 2030. Rio Tinto's negotiations to acquire Arcadium Lithium highlight strategic efforts to strengthen positions in the lithium market, anticipating an eightfold increase in lithium demand by 2040.

Download Sample Pages of Research Overview: https://www.alliedmarketresearch.com/request-sample/A108160

Governing Policies and Regulatory Impacts

The governing policies and regulatory impacts on lithium carbonate, a critical component in battery manufacturing, particularly for electric vehicles (EVs), renewable energy storage, and other technologies, are shaped by a combination of environmental, economic, and geopolitical factors. Lithium production is highly concentrated in a few countries (e.g., Australia, Chile, Argentina, India), and there are concerns about supply chain disruptions. Governments may impose export restrictions or tariffs on lithium exports to retain local resources or influence global lithium prices. In August 2023, India amended the Mines and Minerals (Development and Regulation) Act, 1957, to allow private companies to mine lithium and other critical minerals. This legislative change aims to bolster domestic production of minerals essential for EV batteries and electronics. Moreover, in July 2024, the Indian government removed customs duties on the import of lithium minerals. This move is designed to reduce input costs for lithium-ion battery manufacturing, thereby promoting the growth of the EV industry and enhancing competitiveness in the renewable energy sector.

Report Coverage & Details:

Report Coverage

Details

Forecast Period

2024–2033

Base Year

2023

Market Size in 2023

$26.7 billion

Market Size in 2033

$102.8 billion

CAGR

14.5 %

No. of Pages in Report

334

Segments Covered

Grade, Application, and Region

Drivers 

  • Rising demand for lithium-ion batteries
  • Growth in renewable energy storage

Opportunity

  • Advancements in lithium recycling
  •  The high production costs 

Expansion of Lithium-Iron-Phosphate (LFP) Batteries

The expansion of Lithium-Iron-Phosphate (LFP) batteries is significantly driving the demand for lithium carbonate, a key raw material used in battery production. LFP batteries have gained traction due to their superior safety, long cycle life, and cost-effectiveness compared to other lithium-ion chemistries, such as nickel-manganese-cobalt (NMC) batteries. In October 2024, GM announced the discontinuation of its Ultium battery brand to focus on integrating various cell types, emphasizing LFP technology. This strategic shift aims to reduce electric vehicle (EV) costs by up to $6,000, leveraging LFP's simpler and more affordable composition, which also sidesteps ethical concerns associated with cobalt used in other battery chemistries. Major automakers, including Tesla, BYD, and Volkswagen, are incorporating LFP battery technology in their EV models due to its lower cost and enhanced thermal stability. In December 2024, Stellantis partnered with Chinese battery manufacturer CATL to invest approximately $4.4686 billion (€4.1 billion) in a new LFP battery plant in Zaragoza, Spain. Scheduled to commence production by late 2026, this facility aims to bolster EV affordability by producing safer and more cost-effective LFP batteries, despite their lower energy density compared to alternatives containing lithium carbonate, nickel, cobalt, and manganese.

Request For Customization: https://www.alliedmarketresearch.com/request-for-customization/A108160

Geopolitical Factors and Trade Policies

Lithium production is highly concentrated in a few countries (e.g., Australia, Chile, Argentina), and there are concerns about supply chain disruptions. Governments may impose export restrictions or tariffs on lithium exports to retain local resources or influence global lithium prices. The U.S., for example, has taken steps to secure lithium supply through strategic partnerships and mining projects. January 2025, China proposed additional export restrictions on technologies used in processing critical minerals like lithium. These measures aim to maintain China's dominant position in the lithium processing market, which is crucial for electric vehicle batteries, and could pose challenges for Western companies relying on Chinese technology. Moreover, On May 31, 2022, Argentina's Federal Public Revenue Administration established an export reference price for lithium carbonate at a Free on Board (FOB) value of USD 53 per kilogram, applicable to exports destined for countries including Canada, the U.S., Japan, China, and South Korea. This measure remained in effect until July 22, 2024.

Targeted Solutions Aligned with your target audience needs

Battery Manufacturing – Lithium carbonate is a precursor for compounds used in lithium-ion batteries. These batteries are integral to electric vehicles (EVs) and portable electronic devices, aligning with the demands of consumers and industries seeking efficient, rechargeable power sources. In February 2025, India's Finance Minister Nirmala Sitharaman announced a customs duty exemption on lithium-ion battery scrap. This policy aims to reduce costs and encourage domestic production in the electric vehicle (EV) and battery sectors, aligning with the government's vision of promoting sustainable technologies.

Glass and Ceramics Industry - Lithium carbonate acts as a flux, reducing the melting point of silica and enhancing the properties of glazes. This results in products with improved durability and thermal resistance catering to the needs of both industrial applications and consumer goods that require robust materials. The Glass Manufacturing Industry Council (GMIC) launched a $3 million project to decarbonize glass production through electric melting technologies. Partners include CelSian, Roman Manufacturing, Toledo Engineering Co., and the Pacific Northwest National Laboratory.

Construction Industry - Lithium carbonate significantly enhances the performance of cementitious materials in the construction industry by accelerating setting times and improving overall strength. In the Union Budget, the government of India fully exempted customs duties on 25 critical minerals, including lithium. This exemption aimed to reduce input costs for manufacturing lithium-ion batteries, indirectly supporting sectors like construction that rely on energy storage solutions.

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

Recent Key Developments

  • In 2024, Albemarle expanded its lithium carbonate production facilities in Nevada and Chile, aiming to increase annual output by 30,000 metric tons by 2025. This expansion addresses the growing demand from electric vehicle manufacturers and enhances supply chain stability.
  • In April 2022, SQM invested US$900 million to expand its lithium carbonate capacity to approximately 180,000 metric tons per year, supporting the rising demand in the electric vehicle sector.
  • In October 2023, the Indian government established royalty rates for lithium extraction at 3% of the lithium prices published by the London Metal Exchange. This move aims to attract private companies to mine lithium, supporting India's energy transition goals and its burgeoning electric vehicle market.

The report provides a detailed analysis of these key players in the global lithium carbonate market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.

Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://www.alliedmarketresearch.com/lithium-carbonate-market/purchase-options

Similar Reports:

  • Lithium Chloride Market: Global Opportunity Analysis and Industry Forecast, 2021-2031
  • Lithium Metal Market: Global Opportunity Analysis and Industry Forecast, 2023-2032
  • Lithium Foil Market: Global Opportunity Analysis and Industry Forecast, 2021-2031
  • Lithium Compounds Market: Global Opportunity Analysis and Industry Forecast, 2023-2032
  • Ethylene Carbonate Market: Global Opportunity Analysis and Industry Forecast, 2020-2027
  • Carbonate Market: Global Opportunity Analysis and Industry Forecast, 2021-2030
  • Polycarbonate Sheets Market: Global Opportunity Analysis and Industry Forecast, 2022-2031

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

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United States
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Corporation Trust Center,
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Delaware 19801 USA.
Int'l: +1-503-894-6022
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