Lithium Carbonate Market Scope And Analysis

Lithium Carbonate Market Report Scope

INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES

Various initiatives taken by the key players operating in the lithium carbonate market are listed below:

• In August 2023, E3 Lithium produced the first lithium carbonate from its resources in the US. Further, testing was conducted to treat a concentrated sample produced by the direct lithium extraction technology.
• In February 2023, Livent Corporation reported the first 10,000 metric ton expansion of lithium carbonate in Argentina.
• In April 2022, SQM invested US$ 900 million for the expansion of lithium carbonate capacity to ~180 thousand metric ton per year.

IMPACT OF COVID-19 PANDEMIC/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION

Before the COVID-19 pandemic, many countries across the globe reported economic growth. The key manufacturers invested in the research and development of lithium carbonate. They also focused on the expansion of geographic reach through merger and acquisition strategies to cater to a wide customer base. Before the COVID-19 pandemic, lithium carbonate producers reported steady growth in manufacturing due to increasing demand for electric vehicles. According to the US International Trade Commission (USITC), owing to the high vulnerability of the automotive industry, vehicle sales in the US decreased by 15% in 2020 compared to 2019. During the pandemic, supply chain disruptions, raw material and labor shortages, and operational difficulties created a demand and supply gap, which adversely affected the lithium carbonate market growth.

The production shortfall caused by severe disruptions in supply chains and limited skilled laborers created a demand-supply gap in many regions, particularly Asia Pacific, Europe, and North America. The demand and supply gap were also recorded in the regions above due to fluctuating demand from major end-use industries. In 2021, rising vaccination rates contributed to improvements in the overall conditions in different countries, which led to conducive environments for the chemicals & materials industry. The sales of lithium carbonate increased with the resumption of production & sales operations of electric vehicle manufacturers and battery-producing companies.

COMPETITIVE LANDSCAPE AND KEY COMPANIES

Albemarle Corporation, SQM SA, Targray, Noah Chemicals, Livent, Imerys, Tianqi Lithium, Alfa Aesar, Otto Chemie Pvt Ltd, and Celtic Chemicals Ltd are among the key players operating in the lithium carbonate market.