Lithium carbonate is an inorganic composite, the lithium salt of carbonate, with the formula Li2CO3. According to BlueQuark Research & Consulting, the global Lithium Carbonate market is expected to witness significant growth during the forecasted period. Factors such as the increasing demand in the automotive industry due to electric vehicles are expected to drive the Lithium carbonate market in the forecasted period. Further, lithium carbonate is utilized in the form of batteries in portable electronic devices, which is predicted to drive the growth of the Lithium Carbonate market over the forecasted period. Furthermore, increasing demand in the pharmaceutical industry to produce medicines for patients suffering from mental disorders is expected to drive the global Lithium carbonate market in the forecasted period. However, lithium carbonate also has a few side effects due to its high dose, which is awaited to hinder the growth of the lithium carbonate market during the forecast period.

Lithium carbonate is also utilized to manufacture batteries for electronic devices such as personal computers, phones, etc. But the quantity absorbed in electronic equipment is significantly less than in the automotive sector.

The automotive application segment is anticipated to witness substantial growth over the forecasted period, driven by stringent regulations for ICE automakers regulated by government bodies to reduce vehicle carbon dioxide emissions. This has shifted automakers' interest toward producing EVs, which is predicted to benefit the demand for lithium and related products. In addition, government subsidies for EVs and investments in this space will likely act as an additional booster to the market's growth. Lithium carbonate (Li2CO3) is a lithium salt utilized as cathode and electrolyte precursor materials for lithium iron phosphate batteries which have been employed in portable electronic devices (like laptops and cell phones) and Electric Vehicles (EVs). One Of the two significant grades of lithium carbonate, high purity and battery grade accounts for more than three-fourths of the lithium carbonate market share, owing to its broad application in the automotive sector. Lithium compounds are extracted from li ion batteries as per individual methods and stages. The stages are divided into pre-treatment and extraction stages, while extraction is again categorized into hydrometallurgy, pyrometallurgy, and electrochemical extraction. Despite the growing emphasis and development of different recycling technologies, less than 1% of lithium is currently recycled. Rechargeable lithium-polymer cells are utilized in cell phones, laptops, toys, digital cameras, tablets, e-readers, small and large appliances, and power tools. These batteries are made from vital materials, such as graphite, cobalt, and lithium, and need to be handled with safety and precautions. Furthermore, various developed countries are investing increasingly in deploying energy storage systems based on Li-ion batteries, thus, fueling the market's growth. Therefore, the key driver for the development of the lithium carbonate market is recognized as the automotive industry, as demand requisite for significant amounts of lithium carbonate is observed in electric vehicles such as PHEVs (plug-in hybrid electric vehicles), BEVs (battery electric vehicles), and HEVs (hybrid electric vehicles). In addition, lithium carbonate is used in electric vehicle manufacturing, and growing momentum in the EV sector will undoubtedly push the development of the global lithium carbonate market in the forecasted period.

The Asia Pacific region is presumed to dominate the market and will likely observe the highest CAGR during the forecasted period. China is the most increased economy in terms of GDP. Also, India and China are among the fastest-developing economies in the world. Moreover, Japan, China, and India are among the top manufacturers of electric vehicles globally. China is the most extensive base for electronics production in the world. Electronic products, such as TVs, smartphones, and other personal devices, recorded high growth in the electronics segment. The country serves the domestic demand for electronics and exports electronic output to other countries. With a rise in disposable incomes of the middle-class population, the need for electronic products is projected to increase. Furthermore, it has usage in transportation applications in the manufacturing of submarines and spacecraft. In addition, rapid development in battery technologies propels the demand for LiOH, thus, propelling the market growth. Another essential factor for developing global lithium battery market growth has been using lithium carbonate in the pharmaceutical industry. Pharma companies use lithium carbonate in small amounts for manufacturing medicines to treat patients suffering from mental disorders. Lithium carbonate is utilized in drugs for curing bipolar disorders. Consumption of lithium carbonate-based medicines decreases the symptoms of manic episodes, such as anxiousness, loud/rapid speech, irritability, and aggressive \behavior. Moreover, in ceramics, lithium carbonate makes glazes because of its high temperatures, which causes them to melt. These applications are expected to boost demand for lithium carbonate during the forecasted period.

The market's key players are Ganfeng Lithium Co ., Ltd., Albemarle Corp ., SQM SA., Tianqi Lithium Corp., and Livent Corp.

In February 2020, Orocobre Limited, a lithium chemical manufacturer, entered into a definitive agreement that stated that Orocobre would acquire 100% of the outstanding and issued shares of Advantage Lithium Corp.

The Global Lithium carbonate Market report provides deep insight into the market's current and future state across various regions. The study examines the Lithium carbonate market in detail by segmenting it based on the Grade (Technical Grade, Battery Grade, and Industrial Grade), Application ( Lithium ion Battery, Pharmaceuticals and Dental, Glass and Ceramic, Aluminum Production, Cement Industry, and Other Applications), and geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa). The report examines the market drivers and restraints and the impact of COVID-19 on market growth in detail. The research examines emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched sections on the competitive landscape with prominent companies and profiles, including their market shares and projects.