High Prevalence of Bipolar Disorder and Growing Construction Sector to Augment Growth of Lithium Carbonate Market

 

Lithium Carbonate

Lithium carbonate is used in batteries, ceramics and glass, cement and aluminum, and pharmaceutical.

Market Dynamics

High prevalence of bipolar disorder is expected to propel growth of the lithium carbonate market. For instance, according to 2018 study in Therapeutic Advances in Psychopharmacology, one survey of 11 countries found the lifetime prevalence of bipolar disorder was 2.4%. The U.S. had a 1% prevalence of bipolar type I. Moreover, increasing production of cement is also expected to aid in growth of the market. For instance, according to International Energy Agency, 4.1 Gt of cement were produced globally in 2019. Production reached a high of 4.2 Gt in 2014 and has since remained at around 4.1 Gt.

Growing construction sector is expected to offer lucrative growth opportunities for players in the lithium carbonate market. For instance, according to the U.S. Census Bureau, in February 2020, there were 1,464,000, building permits, 1,599,000 housing starts, and 1,316,000, housing completions in the U.S. Moreover, increasing production of lithium carbonate is also expected to offer lucrative growth opportunities for players in the market. For instance, in February 2021, British Lithium Ltd. announced that company raised output target to 21,000 mt/year lithium carbonate.

Among end-use industries, the pharmaceutical segment is expected to witness significant growth in the lithium carbonate market, owing to growing pharmaceutical sector. For instance, according to The European Federation of Pharmaceutical Industries and Associations’ Key Data 2019, the pharmaceutical sector in Europe was valued at US$ 139, 287 million in 2000, which increased to US$ 284, 028 million (est.) in 2018. 

Automotive segment is also expected to witness significant growth in the lithium carbonate market, owing to increasing demand and production of electric vehicles. For instance, in January 2020, Great Wall Motor, a China-based automobile manufacturer, announced to launch its electric car Ora R1 in India in 2020.

Competitive Analysis

Major players operating in the global lithium carbonate market include, SQM S.A., Orocobre Limited, Albemarle, Nordic Mining ASA, Simbol Mining, Vision Lithium Inc., Western Mining Co., Ltd., Galaxy Resources Limited, FMC Corporation, Tibet Mineral Development Co., Ltd., International Lithium Corp., and Livent.

Major players operating in the global lithium carbonate market are focused on R&D to expand their product portfolio. For instance, in February 2021, Vision Lithium Inc. announced that the company produced lithium carbonate (Li2CO3) grading at 99.9%.

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