LONDON--(BUSINESS WIRE)--The lithium carbonate market size is expected to post a CAGR of about 11% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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.
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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 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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 shift toward the use of renewable energy resources will positively impact the market’s growth.
“Apart from the growing use of renewable energy, other factors such as the rise in the number of partnerships, and the expansion of production capacities will have a positive impact on the lithium carbonate market growth during the forecast period,” says a senior analyst at Technavio.
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Lithium Carbonate Market: Segmentation Analysis
This market research report segments the lithium carbonate market by application (batteries, ceramics and glass, cement and aluminum, and others) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. The market 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 ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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