Lithium decreased 750 CNY/T or 1.00% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Lithium - values, historical data, forecasts and news - updated on March of 2025.

In 2022, the average price of battery-grade lithium carbonate stood at 71,000 U.S. dollars per metric ton. This figure is by far the highest price for battery-grade lithium carbonate recorded in the period of consideration. For 2024, lithium carbonate price was estimated at 14,000 U.S. dollars per metric ton. Lithium is a highly reactive soft and silvery-white alkali metal. As the third element in the periodic table, it has 3 protons in its nucleus and three electrons around it. Because it is highly reactive, it cannot be found in its pure form in nature. Lithium is the least dense of solid elements and the lightest out of all metals. Lithium and batteries One of lithium’s most well-known end uses is in lithium-ion batteries. Lithium-ion batteries are rechargeable and mostly used in portable electronics and electronic vehicles. In lithium-ion batteries, the lithium ions move from the negative electrode to positive electrode while in use, and the process is reversed while charging. These batteries are highly flammable but are also low-maintenance. They have a high energy density and a low self-discharge. Some drawbacks include the fact that they are expensive to manufacture, and that they require protection circuits to maintain the voltage safely. Lithium-ion batteries are also the single-largest end use of lithium, amounting to an 87 percent share of global lithium consumption in 2024. Lithium demand forecasts Looking to the future, lithium demand is forecast to stand at 1.4 million tons by 2025. This growth will be mainly driven by lithium-ion battery demand for electric vehicles. Demand is expected to remain the highest in China, which will consistently account for half of global lithium-ion battery demand.

In Q2 2024, lithium hydroxide prices in the United States peaked at 14720 USD/MT in June. Several factors influenced these changes, including higher ocean freight demand, European restocking trends, and greater import activity within North America. These factors put pressure on the container market, reducing spot market liquidity and driving up shipping costs.

In 2025, the price of 99% lithium carbonate is projected to be around 7.60 U.S. dollars per kilogram.

Growing global lithium demand

There has been a steady increase in battery demand globally, which in turn becomes a strong driver of lithium usage in the future. However, producers have been unable to keep up with the demand. In 2025, global lithium demand is expected to reach 4,450 metric tons of lithium carbonate equivalent for non-rechargeable batteries. The 2018 annual average price of battery-grade lithium carbonate was 17,000 U.S. dollars per metric ton, increased from the 15,000 U.S. dollars in the previous year.

Lithium demand by application Lithium has many end use applications aside from batteries. For example, demand for lithium in ceramics is anticipated to reach 51,788 metric tons of lithium carbonate equivalent in 2025. Another example is that the demand for lithium in polymers is expected to grow to 12,624 metric tons of lithium carbonate equivalent by 2025, from the 2018 demand which was 9,873 metric tons.

During the last quarter of 2024, the lithium carbonate prices in the USA reached 10,842 USD/MT in December. As per the lithium carbonate price chart, due to excess and little demand, the market saw fluctuations. At first, prices stayed constant, but when supply exceeded demand, they began to decline. The market was soon dominated by lower-priced cargoes after a brief price spike brought on by expensive imports.

Explore IMARC’s newly published report, titled “Lithium Carbonate Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2025 Edition,” offers an in-depth analysis of lithium carbonate pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

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Lithium Market Size 2023-2027

The lithium market size is forecast to increase by 1066.47 thousand t at a CAGR of 25% between 2022 and 2027.

The market is experiencing significant growth due to the increasing demand for lithium carbonate in various applications, including battery manufacturing for electric vehicles, energy storage systems, fuel cells, and renewable energy. The in demand from the electronics industry, particularly for mobile phones and consumer electronics, as well as digital cameras, is also driving market growth. However, the rise in availability of substitute products, such as nickel-metal hydride and lead-acid batteries, poses a challenge to the market.

Additionally, the trend towards battery recycling to reduce carbon dioxide emissions and minimize the environmental impact of lithium production is gaining momentum. Overall, capacity expansions and technological advancements are expected to accelerate market growth in the coming years.

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The market is experiencing growth, driven by the increasing demand for renewable energy storage and the electrification of transportation. Single-use batteries, particularly those used in electric vehicles and hybrid vehicles, are the primary consumers of lithium. The market's size is projected to expand significantly due to the ongoing transition towards sustainable energy sources and the increasing popularity of electric vehicles. Backward integration is a notable trend in the market, as companies seek to secure supply chains and improve performance metrics. Lithium is essential for reducing greenhouse gas emissions, making it a crucial component in the transition to a low-carbon economy.

Safety standards and ion disposal are critical considerations in the market, as the industry strives to address concerns related to ion charging and safety. Lithium is also used in various applications, including metallurgy, lubricants, medical, and polymer industries. The market's sustainability is a significant focus, with efforts underway to ensure sustainable production and minimize the environmental impact of lithium mining. The market's future direction is towards grid-scale energy storage, as the world moves towards a more electrified energy infrastructure.

How is this Lithium Industry segmented and which is the largest segment?

The lithium industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD thousand t' for the period 2023-2027, as well as historical data from 2017-2021 for the following segments.ApplicationBatteriesCeramics and glassGreasePolymerOthersProductCarbonateHydroxideOthersGeographyAPACChinaJapanSouth KoreaNorth AmericaUSEuropeGermanySouth AmericaMiddle East and Africa

By Application Insights

The Batteries segment is estimated to witness significant growth during the forecast period.

The market is primarily driven by the growing demand for lithium-ion batteries, particularly in the electric vehicle (EV), consumer electronics, and power grid storage sectors. Lithium-ion batteries provide high-energy density with low weight and size, making them an ideal choice for these applications. Government regulations and subsidies for EVs further boost market growth. The EV industry's increasing requirement for lithium-ion batteries, coupled with the declining prices of battery technology, is expected to result in significant market expansion during the forecast period. Lithium-ion batteries have become the preferred solution for energy storage in EVs due to their exceptional electrochemical performance and capacity. Applications of lithium-ion batteries extend beyond EVs, including portable devices, power tools, hybrid vehicles, fuel cells, and air treatment systems. Additionally, lithium compounds are used in various industries, such as pharmaceuticals, glass ceramics, and lithium alloys. The market's growth is subject to regulatory scrutiny and sustainable mining practices, ensuring the production of lithium carbonate and lithium hydroxide for battery cells. Lithium extraction and battery recycling are essential for reducing the environmental impact and maintaining the sustainability of the market.

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The Batteries segment accounted for USD 148.29 in 2017 and showed a gradual increase during the forecast period.

Regional Insights

APAC is estimated to contribute 70% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in the Asia Pacific (APAC) region is experi

The US Lithium Carbonate market in Q4 2024 exhibited a volatile price trajectory, primarily driven by persistent oversupply and subdued demand. The quarter commenced with relatively stable prices amidst an oversupplied market, with excess supply outpacing current demand, leading to downward pressure on prices. While there were initial signs of production cuts by Chinese producers, their impact was limited.

Lithium-ion battery pack price dropped to 115 U.S. dollars per kilowatt-hour in 2024, down from over 144 dollars per kilowatt-hour a year earlier. Lithium-ion batteries are one of the most efficient energy storage devices worldwide. Over recent years, high-scale production and capital investment into the battery production process made lithium-ion battery packs cheaper and more efficient. This demonstrates a staggering demand for energy storage worldwide and could be attributed to the fact that the world is moving towards a renewable energy-based economy where electric vehicles play an increasingly large role. Electric vehicle sales Individuals, organizations, and governments aim to reduce their environmental footprint, as the awareness about the consequences of climate change becomes more widespread. To contribute to a greener society, they promote the growth of the electric vehicle market to make transportation more sustainable and less polluting. When it comes to the sales volume of electric vehicles, the trend is staggeringly positive. For instance, global plug-in electric light vehicle (PEV) sales have progressively increased since 2015, surpassing 13.7 million units sold in 2023. Environmental impact Incorrect disposal of Li-ion batteries can have a devastating environmental impact on the environment, sparking the need for recycling. The global market for lithium-ion battery recycling is expected to reach 13.5 billion U.S. dollars by 2030. This figure compares to around 3.5 billion U.S. dollars in 2023.

The statistic depicts the annual average price for 99 percent LCE lithium chemicals worldwide from 2008 to 2014. In 2010, the average annual price for 99% LCE lithium chemicals was 5.16 U.S. dollars per kilogram. Increase in battery demand will be a strong driver of lithium consumption in the near future but producers are currently limited in their ability to match demands.

During Q2 2024, the lithium hexafluorophosphate prices in China reached 7778 USD/MT in June. The prices experienced a significant decline due to increased production, oversupply, global economic challenges, and decrease in demand for electric vehicles (EVs), particularly impacting China.

Lithium's market value is forecast to increase to nearly 6.68 billion U.S. dollars by 2030, due to its increasingly significant importance for various applications such as lithium-ion batteries. In 2023, the global market value of lithium amounted to 4.2 billion U.S. dollars.

According to Cognitive Market Research, the global lithium ores market size will be USD XX million in 2024. It will expand at a compound annual growth rate (CAGR) of 7.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD XX million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031.
The saline lake lithium is the fastest growing segment of the Lithium ores industry

Market Dynamics of Lithium Ores Market

Key Drivers for Lithium Ores Market

Rising Demand for Electric Vehicles to Drive Market Growth

The rising demand for electric vehicles (EVs) is a major driver of growth in the lithium ores market. As governments worldwide implement stringent emission regulations and offer incentives for zero-emission vehicles, consumer adoption of EVs is accelerating. Lithium-ion batteries, which are integral to EVs, require substantial amounts of lithium, thus boosting demand for lithium ores. The shift towards electric mobility not only reduces reliance on fossil fuels but also promotes technological advancements in battery performance and energy density. This increased demand for lithium to power EV batteries is leading to expanded exploration, investment, and development in lithium ore extraction and processing. Consequently, the lithium ores market is experiencing significant growth, driven by the global push for cleaner, more sustainable transportation solutions.

Growth in Renewable Energy Storage Solutions to Boost Market Growth

The growth in renewable energy storage solutions is significantly boosting the lithium ores market. As the world transitions towards cleaner energy sources like solar and wind, effective storage solutions become crucial to manage intermittent energy supply. Lithium-ion batteries are preferred for these applications due to their high energy density, long cycle life, and efficiency. The increasing deployment of energy storage systems, such as grid-scale batteries and residential storage units, is driving demand for lithium, which is essential for these batteries. This surge in demand leads to greater exploration and investment in lithium ores, enhancing market growth. Additionally, advancements in battery technology and increased focus on sustainable energy solutions further accelerate the need for lithium, contributing to the expansion of the lithium ores market.

Restraint Factor for the Lithium Ores Market

Limited Availability of High-Quality Lithium Ores Limit Market Growth

The limited availability of high-quality lithium ores is constraining market growth. High-grade lithium deposits are becoming increasingly scarce, making it challenging to meet the rising demand for lithium-ion batteries used in electric vehicles and renewable energy storage. The extraction of high-quality lithium ores often involves complex and costly processes, which can limit production capacity and drive up prices. Additionally, the concentration of high-quality deposits in a few geographic locations adds to the market's vulnerability to geopolitical and supply chain risks. This scarcity not only affects the stability of lithium supply but also impacts the overall cost structure of lithium products. As a result, the constrained availability of premium lithium ores poses a significant barrier to the expansion and development of the lithium market.

Impact of Covid-19 on the Lithium Ores Market

The COVID-19 pandemic had a detrimental impact on the lithium ores market. The global disruption in supply chains led to delays in mining operations and processing, resulting in a temporary shortage of lithium ores. Lockdowns and restrictions also hampered the ...

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Lithium Carbonate Market Size 2025-2029

The lithium carbonate market size is forecast to increase by USD 4.98 billion at a CAGR of 14.1% between 2024 and 2029.

The market is experiencing significant growth due to the increasing demand for lithium-ion batteries in various applications, particularly in the electric vehicle (EV) industry. This trend is driven by the global shift towards sustainable transportation and the depletion of fossil fuel resources. Additionally, recycling initiatives for EV batteries are gaining traction, further boosting the demand for lithium carbonate. However, challenges such as the shortage of EV charging stations and the high production cost of lithium carbonate may hinder market growth. The market analysis report provides an in-depth examination of these trends and challenges, offering valuable insights for stakeholders and investors in the lithium carbonate industry.

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Lithium carbonate, a vital component in the pharmaceutical industry, plays a significant role in the treatment of various mood disorders. This inorganic compound is particularly effective in managing mood stabilizing medications for individuals suffering from mental illnesses, including bipolar disorder, mania, hypomania, depression, schizophrenia, and mood swings. Lithium carbonate works by regulating the levels of neurotransmitters such as dopamine and serotonin in the brain. The use of lithium carbonate in the medical field has been extensive due to its efficacy in managing symptoms related to these disorders. However, its application is not without challenges. Patients undergoing treatment may experience side effects such as stomach discomfort, nausea, diarrhea, vertigo, dizziness, muscle weakness, shaking hands, tiredness, thirst, urination, weight changes, metallic taste, saliva, acne, rash, headache, and lithium toxicity.
Moreover, despite these challenges, the demand for lithium carbonate remains high due to its proven therapeutic benefits. Blood tests are essential in monitoring lithium levels in patients to prevent toxicity and ensure effective treatment. The addiction potential of lithium carbonate is minimal compared to other psychiatric medications. Overall, the market for lithium carbonate continues to grow as research and development efforts focus on improving its efficacy and minimizing side effects.

How is this Lithium Carbonate Industry segmented and which is the largest segment?

The Lithium Carbonate industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Application

  Batteries
  Ceramics and glass
  Cement and aluminum
  Others


Distribution Channel

  Direct sale
  Indirect sale


Geography

  APAC

    China
    India
    Japan
    South Korea


  North America

    Canada
    US


  Europe

    Germany
    UK
    France


  Middle East and Africa



  South America

    Brazil

By Application Insights

The batteries segment is estimated to witness significant growth during the forecast period.

Lithium carbonate is a crucial component in the production of cathode materials for lithium-ion batteries, specifically for electric vehicles (EVs), energy grid storage, and consumer electronics. The higher the lithium content, the better the quality, with 99.9% lithium content being considered EV-grade and 99.5% as standard battery-grade. Lithium carbonate's excellent electrochemical inertness makes it ideal for manufacturing protective cathode layers in lithium-ion batteries. Lithium carbonate-based batteries, such as lithium cobalt oxide, offer stable capacities and high specific energy, making them suitable for use in smartphones, laptops, and digital cameras. These batteries' desirable characteristics contribute to their widespread use in various industries.

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The batteries segment was valued at USD 2.09 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 73% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

For more insights on the market share of various regions, Request Free Sample

Lithium carbonate is a critical raw material for producing lithium-ion batteries, which have gained significant popularity due to their application in electric vehicles (EVs) and renewable energy storage systems. The increasing adoption of EVs, particularly in countries like China and India, is driving the

The price of lithium iron phosphate in China reached 8239 USD/MT in December 2023.

Explore IMARC’s newly published report, titled “Lithium Iron Phosphate Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of lithium iron phosphate pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

According to Cognitive Market Research, the global Lithium Mining market size was USD 1625.2 million in 2023 and will expand at a compound annual growth rate (CAGR) of 7.80% from 2023 to 2030.

The demand for Lithium Miningis rising due totherising technological advancements & extensive use in air treatment.
Demand for Brine remains higher in the Lithium Mining market.
The Lithium Carbonate cate
Author say's

The global Lithium Mining market will expand significantly by 7.80% CAGR between 2023 and 2030.

North America held the major market of more than 26% of the global revenue with a market size of USD 422.55 Million in 2023 and will grow at a compound annual growth rate (CAGR) of 6.0% from 2023 to 2030.

Europe market held of more than 25% of the global revenue with a market size of USD 406.30 Million in 2023 and will grow at a compound annual growth rate (CAGR) of 6.3% from 2023 to 2030.

Rising Demand in Electric Vehicles (EVs) to Provide Viable Market Output
Growing Renewable Energy Storage to Propel Market Growth
Challenges in Supply Chain Dynamics to Restrict Market Growth
gory held the highest Lithium Mining market revenue share in 2023.
North American Lithium Miningwill continue to lead, whereas the Asia Pacific Lithium Mining market will experience the most substantial growth until 2030.

Rising Demand in Electric Vehicles (EVs) to Provide Viable Market Output

The growing demand for electric vehicles (EVs) is a major driver of the lithium mining industry. As the automotive sector transitions to more environmentally friendly modes of transportation, lithium-ion batteries—which are dependent on lithium—become essential to electric vehicles. The lithium mining market is fueled by the soaring need for lithium as a primary component in these batteries. With governments globally promoting EV adoption and automotive manufacturers investing heavily in electric mobility, the lithium mining sector anticipates sustained growth, driven by the expanding market for lithium-ion batteries in the electric vehicle ecosystem.

In September 2021, Guangxi Tianyuan New Energy Materials, a Chinese lithium converter, has signed a deal for Albemarle Corporation's subsidiary, Albemarle Lithium UK Limited, to purchase all of the company's outstanding equity.

Source-www.albemarle.com/newsalbemarle-completes-acquisition-of-guangxi-tianyuan-new-energy-materials-co-ltd

Growing Renewable Energy Storage to Propel Market Growth

A key driver in the Lithium Mining market is the growing demand for renewable energy storage solutions. Lithium-ion batteries are crucial for storing energy generated from renewable sources such as solar and wind. As the world increasingly embraces renewable energy to combat climate change, the need for efficient energy storage solutions intensifies. Lithium mining plays a pivotal role in meeting this demand, supporting the expansion of renewable energy infrastructure.

January 2022, Under a court-approved plan of arrangement under the Business Corporations Act (British Columbia), Lithium Americas Corp. completed the acquisition of Millennial Lithium Corp. for approximately US$ 491 million.

Source-www.albemarle.com/newsalbemarle-completes-acquisition-of-guangxi-tianyuan-new-energy-materials-co-ltd

Market Dynamics for the Lithium Mining market

Challenges in Supply Chain Dynamics to Restrict Market Growth

Supply chain dynamics pose a significant restraint in the Lithium Mining market. The intricate and globalized nature of the lithium supply chain involves multiple stages, including extraction, processing, and transportation. Challenges arise from geopolitical factors affecting lithium-rich regions, trade complexities, and infrastructure limitations. As demand surges, ensuring a stable and resilient supply chain becomes crucial. Delays in any phase of the supply chain, whether due to regulatory hurdles, transportation constraints, or geopolitical tensions, impact the timely availability of lithium. This poses challenges for industries heavily reliant on lithium, such as electric vehicles and renewable energy storage, hindering their sustainable development.

Impact of COVID–19 on the Lithium Mining market

The Lithium Mining market experienced notable impacts from the COVID-19 pandemic. The pandemic disrupted global supply chains, causing delays and interruptions in lit...

According to Cognitive Market Research, the global technical grade lithium hydroxide market size is USD XX million in 2023 and will expand at a compound annual growth rate (CAGR) of 4.10% from 2023 to 2030. Growing Demand for Electric Vehicles to Drive the Market Expansion.

The importance of renewable energy and energy storage grew, particularly in light of worldwide initiatives to minimise greenhouse gas emissions and promote green energy is anticipated to drive the market growth. Spending on technical grade lithium hydroxide for stationary energy storage and electric vehicles has surged. The primary drivers of the market are the increasing demand for technical grade lithium hydroxide used in electric vehicles and the growing popularity of lithium hydroxide NCA cathode-powered power tools.

For instance, in August 2022, Ganfeng Lithium stated that it has partnered with GAC AlON in a long-term strategic cooperation to enhance the development of battery raw materials and the recycling of outdated new electric vehicle ("NEV") batteries.

Source-www.marklines.com/en/top500/catl

Novel and Enhanced Tchnology in Lithium Ion Battery to Propel Market Growth

New and improved lithium-ion battery technology is being developed as battery applications require more power and lower costs. Battery technology developments are critical to meeting consumer demand for portable devices and electric vehicles with greater battery life and faster charging periods. As a result, new materials, manufacturing methods, and battery management systems have been developed to improve the efficiency and performance of technical grade lithium hydroxide.

For instance, in May 2022, According to the International Energy Agency (IEA), electric vehicle sales are expected to reach a record high of 4.7 million units in 2021, a 43% increase over the previous year.

Market Restraints of the Technical Grade Lithium Hydroxide Market

The High Expense of Procedure Stemming from the Need for Multiple Stages and the Use of Lime, Which Generates Waste, are Hamper the Market Growth. 

Numerous common reasons of maintenance outages in processing plants that lead to reduced output, increased costs, and downtime, regardless of whether LiOH is derived from carbonate or straight from a spodumene slurry. Erosion frequently serves as a source of contaminants as well. The hardness of crystallised hydroxide is well known to those who have attempted to chip it out of equipment (more on this later). The erosion that occurs when this material is moving quickly through a pipe in the form of a turbulent hot slurry is also noteworthy.

Impact of the COVID-19 on Technical Grade Lithium Hydroxide market

The COVID-19 pandemic affected the technical grade lithium hydroxide market significantly. Lockdowns and mask mandates reduced the demand for lithium hydroxide COVID-19 influenced short-term lithium hydroxide sales. Covid-19 is causing a backlog in the lithium hydroxide supply chain. Overseas markets, primarily Japan and South Korea, bought more over 80% of China's hydroxide output. Overseas consumers are having difficulty obtaining lithium hydroxide due to customs clearance complications caused by the epidemic. Domestic users are also suffering issues as a result of transportation disruptions. They may find it increasingly difficult to obtain the material as converters work to keep their foreign customers well supplied. These effects are exacerbated by the chemical's limited shelf life. Because lithium hydroxide is highly hygroscopic and oxidative, users rarely keep considerable quantities of it on hand. What is Technical Grade Lithium Hydroxide?

Lithium hydroxide is a chemical used in the production of technical grade lithium hydroxide , ceramics, and lubricants. Lithium-ion batteries are commonly employed in electric vehicles, portable electronics, and grid energy storage systems. The market is primarily driven by rising demand for technical grade lithium hydroxide in the automotive sector. Lithium-ion batteries are commonly employed in electric vehicles due to their high energy density, extended life, and low self-discharge rates. The automotive industry is experiencing an increase in demand for technical grade lithium hydroxide . Lithium-ion batteries are commonly employed in electric vehicles due to their high energy density, extended life, and low self-discharge rates...

Global Pharmaceutical Grade Lithium Carbonate Market was valued at USD 145.89 Million in 2024 and is expected to reach USD 152.97 Million by 2030 with a CAGR of 3.75% during the forecast period.

The lithium fluoride prices in the United States for Q3 2024 reached 44,000 USD/MT in September. The market saw low demand, surplus stock, and slow purchasing that resulted in falling prices. Support for upstream costs was limited, whereas rising imports intensified the strain. The quarter's results indicated negative conditions and ongoing downward trends, highlighting difficult economic situations.

The price of battery-grade lithium carbonate in China surged in 2021 as demand for electric vehicles (EV) rose significantly in the Asian country. The price of one metric ton of battery-grade lithium carbonate stood at more than 43,700 U.S. dollars as of December 31, 2021, representing an increase of nearly 500 percent compared to prices recorded in January of that year.

According to Cognitive Market Research, the global Pharmaceuticals Grade Lithium Carbonates market size is USD XX million in 2024 and will expand at a compound annual growth rate (CAGR) of XX from 2024 to 2031.

• The global Pharmaceuticals Grade Lithium Carbonates market will expand significantly by XX% CAGR between 2024 and 2031. • Asia Pacific held the major market of more than XX% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031. • Europe accounted for a share of over XX% of the global market size of USD XX million. • North America held a market of around XX% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031. • Latin America's market will have more than XX% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031. • Middle East and Africa held the major market of around XX% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031. • According to Cognitive Market Research, Above 99% is the dominant type segment in the Pharmaceuticals Grade Lithium Carbonates market. • According to Cognitive Market Research categorizes the Pharmaceuticals Grade Lithium Carbonate market application segment into extended release and immediate release, with extended-release dominating.

MARKET DYNAMICS:

Key Drivers

Rising incidence of mental illness is a significant driver propelling the demand for Pharmaceuticals Grade Lithium Carbonate Market 

The increased prevalence of mental illness is an essential component driving the need for pharmaceutical-grade lithium carbonate. With millions of people worldwide suffering from mental health issues including bipolar disorder and depression, there is an increasing demand for effective therapies. Lithium carbonate, known for its mood-stabilizing effects, is a key component in the treatment regimen for such illnesses, adding to its growing status. As awareness of mental health concerns rises and stigma fades, more people seek diagnosis and treatment, increasing demand for medications using lithium carbonate as an active component. For instance, according to World Health Organization (WHO) reports, 1 in 8 people worldwide suffer from mental disorders, including anxiety and depressive disorders. The COVID-19 pandemic has increased these cases, with an estimated 26% and 28% increase in 2020. Despite effective prevention and treatment options, many face stigma, discrimination, and human rights violations. Bipolar disorder, affecting 40 million people in 2019, requires psychoeducation, stress reduction, social functioning strengthening, and medication. (Source:https://www.who.int/news-room/fact-sheets/detail/mental-disorders) Furthermore, the increased emphasis on mental health assistance and efforts, especially in light of the COVID-19 pandemic's impact on mental well-being, is likely to drive up demand for lithium carbonate-based medications. As a result, the Pharmaceutical Grade Lithium Carbonate market is poised for long-term expansion, fueled by the need to address the worldwide burden of mental illness and improve patient outcomes.

Key Restrain

Side effects and safety concerns associated with lithium-based medications hamper the growth of Pharmaceuticals Grade Lithium Carbonates Market

The growing demand for the Pharmaceuticals Grade Lithium Carbonates Market is hampered by the side effects and safety issues connected with lithium-based drugs. While lithium carbonate is beneficial in treating mood problems, it can also induce tremors, weight gain, renal malfunction, and thyroid abnormalities. These adverse effects can influence patient compliance and quality of life, thus healthcare practitioners and patients may be hesitant to prescribe and use lithium-based drugs. Furthermore, lithium's narrow therapeutic index demands accurate blood level monitoring to avoid toxicity, adding the treatment's complexity and cost. Safety concerns about potential long-term impacts o...