LONDON--(BUSINESS WIRE)--The global lithium carbonate market 2019-2023 is expected to post a CAGR of 11% during the forecast period, according to the latest market research report by Technavio.
Lithium carbonate is widely used in the production of several items. The increasing use of lithium-ion batteries in electronic devices and in many EVs has increased the demand for lithium carbonate. Furthermore, owing to its high melting temperature, lithium carbonate is used to lower the boiling points of ceramics and glass. Lithium carbonate increases strength in ceramic products and improves the viscosity of ceramics that are used for coating and glazing. Therefore, the increased use of lithium carbonate in various applications will drive the growth of the market during the forecast period.
As per Technavio, the growing use of renewable energy will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global lithium carbonate market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global lithium carbonate market: growing use of renewable energy
Growing environmental concerns are pressurizing many countries to shift their focus toward renewable energy sources. The increasing installation of renewable energy plants such as hybrid wind turbines and solar panels are driving the demand for lithium-ion batteries. Countries such as the US are increasing the capacity of such renewable energy resources. This has further increased the use of photovoltaic cells for power generation, thereby increasing the need for lithium-ion batteries. Furthermore, the use of lithium carbonate to produce lithium-ion batteries is expected to increase over the forecast period. Thus, the shifting trend toward the use of renewable energy resources will positively impact the market’s growth.
“Many lithium carbonate vendors are expanding their production capacities to support the growing demand for lithium-based products. Such capacity expansions will help to boost market growth over the forecast period”, says an analyst at Technavio.
Global lithium carbonate market: segmentation analysis
This market report segments the global lithium carbonate market by application (batteries, ceramics and glass, cement and aluminum, and others) and geography (APAC, Europe, MEA, North America, and South America).
APAC led the market in 2018, followed by North America, Europe, South America, and MEA respectively. The dominance of APAC can be attributed to the growth of the automotive, electrical and electronics, and healthcare industries in the region.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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