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Lithium carbonate is an inorganic chemical compound with chemical formula Li2CO3. It is an important industrial chemical. Lithium battery grade lithium carbonate is a type of lithium carbonate that is specially synthesized for battery applications. It is used in manufacturing of the cathodes used in lithium ion batteries.
The increasing demand for portable charging devices like mobiles, laptops, smartphones, power banks and others are substantially increasing the demand for lithium batteries further driving the lithium battery grade lithium carbonate market. moreover, the use of such batteries in electronic two-wheelers is likely to create a positive impact on the market.
However, the toxic nature of lithium salts like carbonates cause intoxication which leads to affect the central nervous system and renal system of human body. This is expected to hinder the market growth.
Key Market Driver -
Increasing demand for lithium batteries may drive the industry growth
Key Market Restraint -
Toxic nature of lithium carbonate shall hinder the overall market growth
Based on type, the market is segmented into 99.5 % and > 99.5 %. Based on application, the market is segmented into power battery, 3C battery,and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global lithium battery grade lithium carbonate market consists of global & regional players operating. Some of the key players in the market include Orocobre, Tianqi Lithium Industry, Yan Feng Lithium Industry, Shandong Ruifu Lithium Industry, and Others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific accounts for the largest share in the market attributed to the large manufacturing base and easy availability of raw material. North America accounts for the second-largest share in the market due to high expenditure on R&D for newer technologies. Latin America holds the largest lithium reserves across the world which is estimated to be one of the factors driving the regional market. Europe is estimated to show considerable growth. Middle East and Africa is expected to show sluggish growth by the end of the forecast period.
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