Lithium carbonate, with the chemical formula Li2CO3, is an inorganic compound that appears as colorless monoclinic crystals. It is slightly soluble in water and dilute acid, but insoluble in ethanol and acetone. It is mainly used as a raw material for ceramics, glass, ferrites, etc., and can also be used for component silver paste spraying. At the same time, it is used in medicine to treat mental depression.

Overview of Market Development

In recent years, the global lithium carbonate market has shown a rapid growth trend. In terms of market size, according to our research data, the estimated global lithium carbonate market size in 2024 is $2492 billion, an increase of 15.46% compared to 2023, and is expected to continue to increase to $4138 billion by 2029. The CAGR for 2024-2029 is estimated to be 10.67%.

Segmented Market Analysis

From the perspective of product types, lithium carbonate can be divided into two categories: industrial grade and battery grade, depending on the purpose and quality standards. Industrial grade lithium carbonate has a content of 99% and is mainly used in ceramic glazes, special glass, semiconductor materials, etc. It can also play a promoting role in cement additives; Battery grade lithium carbonate has a content of 99.5%, and it is mainly used as a raw material for lithium batteries. Research shows that battery grade lithium carbonate dominates the market, with an estimated market share of 68.84% in 2024.

From the perspective of downstream application patterns, lithium carbonate has a wide range of applications in various fields such as batteries, glass and ceramics, lubricants, and metallurgy due to its unique physical and chemical properties. Among them, the battery industry is the largest downstream application market, with an estimated application share of 68.95% in 2024.

Source: www.globalmarketmonitor.com

Analysis of Market Competition Pattern

From the perspective of market competition, the concentration of the global lithium carbonate market is moderate. According to the data, the total revenue of the lithium carbonate market for the top 3 companies in 2023 was $773 million, with a total revenue share of 35.82%. The top 3 companies were SQM, Albemarle, and Tianqi Lithium. In 2023, these three companies' revenue shares in the global lithium carbonate market were 17.98%, 17.07%, and 10.75%, respectively.

Companies	Market Revenue (Million USD)	Revenue Share
SQM	362	16.76%
Albemarle	249	11.56%
Tianqi Lithium	162	7.50%
Top3 Companies	773	35.82%

Market Outlook Trend Prediction

Demand growth: The development of electric vehicles, renewable energy, and 3C products will continue to drive the growth of lithium carbonate demand.

Market competition: Global lithium resource development and capacity increase may lead to oversupply and intensified market competition.

Technological progress: The development of battery recycling and reuse technology will bring new growth points to the industry.

For more industry information, please refer to our latest released "2023 Global Lithium Carbonate Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast".