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Lithium carbonate Li2CO3 is an important engineering chemical. It is widely used mostly in chemical batteries. Salt Lake Battery Grade Lithium Carbonate is type of Lithium carbonate that is extracted from Salars which basically are brine water sources. Almost 87 % of the lithium is extracted from the Salars. Salars have the highest concentration of lithium nearly 1,000 to 3,000 ppm.
Increasing demand for salt lake battery grade lithium carbonate from electronics industry is likely to drive the market. Additionally, the inexpensive extraction process as compared to land mining is turning to be an advantage which shall foster the market growth.
However, the brine mining method is upfront but it is a time-consuming process that involves natural evaporation. It may take 8 months to 3 years of time for evaporation. This is expected to hinder the market growth. However, the scientists are developing new methods to overcome this drawback which can turn out to be an opportunity.
Key Market Driver -
Increasing demand for Lithium batteries from electronics industry.
Key Market Restraint -
Time consuming method for extraction.
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 salt lake battery grade lithium carbonate market consists of global & regional players operating. Some of the key players in the market include SQM, Albemarle, Tibetan Lithium Industry, Qinghai Salt Lake Industry Co., Ltd, Western mining, CITIC Guoan, FMC, Ganfeng Lithium Co. 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. Latin America holds the largest lithium reserves across the world which is estimated driving the regional market. countries like Chile, Bolivia, Argentina holds largest salars. North America is expected to significant growth due to the increase g adoption of electric vehicles. 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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