Lithium Carbonate Market To Reach USD 86.25 Billion By 2032 SNS Insider

(MENAFN- GlobeNewsWire - Nasdaq) Rising adoption of consumer electronics requiring high-performance batteries, increasing lithium-based pharmaceutical R&D spur Lithium Carbonate demand.

Austin, June 06, 2025 (GLOBE NEWSWIRE) -- The Lithium Carbonate Market Size was valued at USD 28.44 billion in 2024 and is expected to reach USD 86.25 billion by 2032, growing at a CAGR of 14.88% over the forecast period of 2025-2032.

Emerging Energy Trends and Strategic Production Drive Lithium Carbonate Market Expansion Globally

The surging demand for electric vehicles and renewable energy storage is driving significant growth in Lithium Carbonate consumption worldwide. Producers are expanding mining and processing capacities to meet rising battery-grade lithium needs. Alongside automotive applications, pharmaceutical and glass sectors are increasing their usage, supported by advancements in extraction technologies that improve efficiency and reduce environmental impact. Government policies, such as those in the U.S., promote domestic production to enhance energy security. Notably, global lithium production grew 23% from 2022 to 2023, led by Australia, Chile, China, and increased U.S. output.

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The U.S. Lithium Carbonate Market had the largest market share of 80% in 2024, with a market size of USD 8.38 billion.

The U.S. Lithium Carbonate market is expanding rapidly, driven by robust EV incentives from the Department of Energy and substantial investments from Albemarle and Livent Corp. for new conversion facilities. Domestic lithium output grew to 615 metric tons in 2023, supporting reduced import dependence and bolstering supply for battery manufacturers

Key Players:

• Albemarle Corporation
• SQM S.A.
• Tianqi Lithium Corporation
• Ganfeng Lithium Co., Ltd.
• Livent Corporation
• Orocobre Limited Pty. Ltd.
• Mineral Resources Group Co., Ltd.
• Arcadium Lithium
• Pilbara Minerals
• Lithium Americas Corp.

Lithium Carbonate Market Report Scope:

Report Attributes	Details
Market Size in 202 4	USD 28.44 Billion
Market Size by 2032	USD 86.25 Billion
CAGR	CAGR of 14.88% From 2025 to 2032
Base Year	2024
Forecast Period	2025-2032
Historical Data	2021-2023
Report Scope & Coverage	Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Drivers	. Government Incentives Propel Domestic Lithium Production and Lithium Carbonate Market Growth . Expansion of Lithium Recycling Technologies Enhances Lithium Carbonate Market Sustainability.

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By Grade , Battery-grade Lithium Carbonate Dominated the Lithium Carbonate Market in 2024 with a 52.8% Market Share.

This dominance is driven by soaring demand for ≥99.5% purity lithium-ion batteries. Albemarle and Livent expanded their Kemerton and Bessemer City facilities, while Albemarle's Meishan plant supported 35% volume growth. Technological advances like AI-based brine extraction helped Ganfeng Lithium open a 40,000-tonne battery-grade plant in Argentina. Rising vehicle-range standards in Europe and North America further boosted premium battery material demand, outpacing modest growth in Technical and Industrial Grades.

By Application , the Li-ion batteries dominated the Lithium Carbonate Market in 2024 with a 63.5% Market Share.

The dominance is driven by electric vehicle growth and large-scale energy storage projects. Tesla's Gigafactory boosted battery production by 40%, while Panasonic and CATL expanded capacity in the U.S. and China. U.S. tax incentives under the Inflation Reduction Act accelerated raw material procurement. The Glass & Ceramics sector held about 15%, supported by construction recovery. Pharmaceuticals and cement manufacturers saw modest growth due to Lithium Carbonate's emerging applications and environmental regulations.

North America dominated the Lithium Carbonate Market in 2024, Holding A 36.7% Market Share.

The dominance of the region is driven by a 55% rise in U.S. electric vehicle sales and supportive policies like DOT EV grants. Investments from Albemarle, Livent, and Piedmont Lithium expanded battery-grade output, boosted by the Inflation Reduction Act's tax credits encouraging domestic sourcing. Growing consumer demand for FDA-backed Lithium Carbonate supplements added diversity. Livent's Bessemer City plant reported 25% volume growth, ensuring supply consistency. Renewable energy projects, including California's 1,200 MWh grid battery contract, further strengthened demand, solidifying North America's market leadership.

Asia Pacific is the fastest-growing region in the Lithium Carbonate Market in 2024, holding the Highest CAGR of 15.64%.

Asia Pacific's growth is due to China's EV policies and Australia's vast lithium reserves. China's production exceeded 80,000 metric tons, supporting brands like BYD and NIO. Australia's Greenbushes mine supplied over 40,000 metric tons to battery makers, while Indonesia plans to process 50,000 metric tons by 2026. South Korean firms secured 60,000 metric tons through 2025. EV subsidies in India and Thailand boosted demand, driving rapid expansions in Lithium Carbonate refining and an integrated regional supply chain.

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