Lithium Carbonate Market to Reach $3.7B by 2030 with Booming Lithium-Ion Battery Demand – IndexBox
NEW YORK, Jan. 13, 2023 (GLOBE NEWSWIRE) — The following are some of the key takeaways from a recent report by IndexBox on the global lithium carbonate market.
Lithium Carbonate Market Overview and Opportunities
The global lithium carbonate market is expected to reach $3.7B by 2030, from $2.3B in 2022 at a CAGR of 5.5% during the forecast period. The rising demand for electric vehicles and grid energy storage is the major driver for the growth of this market.
Lithium carbonate is one of the most widely used lithium compounds. It is an inorganic salt with the chemical formula Li2CO3. Lithium carbonate is produced by the calcination of lithium ore or lithium chloride. It is a white powder that is insoluble in water.
Lithium carbonate is used in the production of glass, ceramics, and batteries for automobiles and consumer electronics. The increasing adoption of renewable energy sources is a key factor driving the growth of the lithium carbonate market. Renewable energy sources such as solar and wind are variable and intermittent in nature, which requires energy storage solutions to ensure uninterrupted power supply. Lithium-ion batteries are being increasingly used for this purpose as they offer high energy density and long life span. Electric vehicles also require high-capacity batteries for power storage, which in turn boosts the demand for lithium carbonate as it is used in the production of lithium-ion batteries. This is expected to drive the market growth over the forecast period.
The Asia-Pacific region, followed by North America and Europe, is expected to be the largest market for lithium carbonate, due to the growing automotive industry in countries such as China and India. In addition, South America is expected to witness high growth potential in the coming years, owing to the expansion of mining activities in Bolivia and Chile.
The Challenges the Market Faces
The market for lithium carbonate is facing several challenges. The most significant of these is the high cost of production. This is due to the need to mine and process the raw materials, which are in limited supply. In addition, there is competition from other industries for these materials. As a result, prices for lithium carbonate have been volatile in recent years.
Another challenge facing the market is the environmental impact of lithium mining and production. This has led to some countries imposing restrictions on lithium mining and production. Lithium mining can lead to soil and water contamination due to leaching of chemicals such as sulfuric acid. Moreover, large-scale evaporation ponds used in lithium extraction can lead to bird deaths due to reduction in water quality. These factors are expected to impede market growth over the forecast period.
As more and more technologies rely on lithium-ion batteries to power them, the need for recycling has become increasingly important. Lithium-ion batteries are made of hazardous materials that must be disposed of properly in order to minimize their impact on the environment. Unfortunately, recycling these batteries can be complicated and costly due to the variety of materials that make up the battery. The anode and cathode are made of different metals, which must be separated before they can be recycled. The electrolyte is also a hazardous material that must be handled with care. The recycling process is further complicated by the fact that lithium-ion batteries often contain other materials, such as cobalt, that must be removed before the battery can be recycled. This makes the recycling process more expensive and time-consuming.
However, there are ways to reduce the cost of recycling lithium-ion batteries. One way is to reuse the battery cells instead of recycling them. Another way is to use lower-cost materials in the manufacturing process.
About IndexBox
IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.
Companies Mentioned in the Report
Albemarle Corporation, FMC Corporation, SQM, Tianqi Lithium Corporation, Livent Corporation.
Sources
World – Lithium Carbonate – Market Analysis, Forecast, Size, Trends and Insights
EU – Lithium Carbonate – Market Analysis, Forecast, Size, Trends and Insights
Asia – Lithium Carbonate – Market Analysis, Forecast, Size, Trends and Insights
U.S. – Lithium Carbonate – Market Analysis, Forecast, Size, Trends and Insights
CONTACT: Contact Information Mekhrona Dzhuraeva Editor [email protected]
