Salt Lake Battery Grade Lithium Carbonate Market Size, Share & Industry Analysis, By Type (99.5 % , >99.5 % ), By Application (Power Battery, 3C battery, Others) and Regional Forecast, 2024-2032
KEY INDUSTRY INSIGHTS
Lithium carbonate Li2CO3 is an important engineering chemical. It is widely used mostly in chemical batteries. Salt Lake Battery Grade Lithium Carbonate is type of Lithium carbonate that is extracted from Salars which basically are brine water sources. Almost 87 % of the lithium is extracted from the Salars. Salars have the highest concentration of lithium nearly 1,000 to 3,000 ppm.
Increasing demand for salt lake battery grade lithium carbonate from electronics industry is likely to drive the market. Additionally, the inexpensive extraction process as compared to land mining is turning to be an advantage which shall foster the market growth.
However, the brine mining method is upfront but it is a time-consuming process that involves natural evaporation. It may take 8 months to 3 years of time for evaporation. This is expected to hinder the market growth. However, the scientists are developing new methods to overcome this drawback which can turn out to be an opportunity.
Key Market Driver -
Increasing demand for Lithium batteries from electronics industry.
Key Market Restraint -
Time consuming method for extraction.
Market Segmentation:
Based on type, the market is segmented into 99.5 % and > 99.5 %. Based on application, the market is segmented into power battery, 3C battery, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Players Covered:
The global salt lake battery grade lithium carbonate market consists of global & regional players operating. Some of the key players in the market include SQM, Albemarle, Tibetan Lithium Industry, Qinghai Salt Lake Industry Co., Ltd, Western mining, CITIC Guoan, FMC, Ganfeng Lithium Co. and Others.
Key Insights
- New Advancements in Production Technologies
- Key Trends in the Salt Lake Battery Grade Lithium Carbonate Market
- New Product Launches, Expansions, Key Players
- Ranking of Key Players in the Market
Regional Analysis:
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific accounts for the largest share in the market. Latin America holds the largest lithium reserves across the world which is estimated driving the regional market. countries like Chile, Bolivia, Argentina holds largest salars. North America is expected to significant growth due to the increase g adoption of electric vehicles. Europe is estimated to show considerable growth. Middle East and Africa is expected to show sluggish growth by the end of the forecast period.
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Segmentation
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Salt Lake Battery Grade Lithium Carbonate Industry Developments
- In September 2018, Ganfeng Lithium Co. and Tesla came to a conclusive agreement to supply Lithium for batteries. The agreement was for 2018 to 2020 and can be extended for 3 years.
- In April 2018, Qinghai Salt Lake industry and its two subsidiaries announced to build two plants in to manufacture 50,000 tons of Lithium Carbonate annually for batteries.
- Ongoing
- 2023
- 2019-2022
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