Lithium Carbonate (Li2CO3) Market to Grow 2.8X by 2030, Finds Fact.MR
Since 2015, the lithium carbonate market size grew at an impressive rate, but the market suddenly collapsed in H2 of 2019 owing to higher supply side and contracted demand that led to thinner market prices.
As per Fact.MR, the lithium carbonate market is estimated to be valued at US$ 2.2 Bn in 2020, and add value worth US$ 3.9 Bn during the forecast period (2020-2030). The market is projected to expand at a CAGR of around 11% over the assessed forecast period of 2020-2030.
Key Takeaways from Lithium Carbonate Market Study
• The global lithium carbonate market is anticipated to create a value opportunity of around US$ 3.9 Bn during the forecast period, adding 2.8X more value as compared to 2020.
• Li-Ion battery application is set to dominate market revenue in the year 2020, and is expected to gain 700 BPS in its market share by the year 2030 over 2020.
• The pharmaceuticals segment is anticipated to lose around 150 BPS during the forecast period of 2020-2030.
• East Asia holds a leading share in the global lithium carbonate market space, of which, China has a majority of the market demand.
• The COVID-19 pandemic has affected most industries around the world. The main end-use industries of lithium carbonate are automotive and pharmaceuticals, which have been affected too due to lockdowns and various restrictions, resulting in decreased demand for lithium carbonate in 2020.
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"The global lithium carbonate industry is its initial lifecycle, post which, greater potential is set to be unveiled during the mentioned forecast period through 2030," says a Fact.MR analyst.
Key Players to Dominate Lithium Carbonate Market
The global lithium carbonate market is highly consolidated in nature, with key players such as SQM and Albemarle leading the market space. The penetration of new entrants in this market is highly unlikely, owing to thin prices and diseconomies of scale. Speculative demand has higher payoffs in the short term as compared to long-term demand.
PR Source- https://www.factmr.com/