Pharmaceutical Grade Lithium Carbonate Market Share, Size, Trends, Industry Analysis Report, By Application (Extended Release, Immediate Release); By Purity; By End-use; By Region; Segment Forecast, 2024 - 2032
- Published Date:Mar-2024
- Pages: 115
- Format: PDF
- Report ID: PM4675
- Base Year: 2023
- Historical Data: 2019 – 2022
Report Outlook
Global pharmaceutical grade lithium carbonate market size was valued at USD 142.99 million in 2023. The market is anticipated to grow from USD 148.06 million in 2024 to USD 197.61 million by 2032, exhibiting the CAGR of 3.7% during the forecast period.
Market Overview
Pharmaceutical-grade lithium carbonate is gaining utility in the current market, driven by its enhanced performance in stabilizing people's moods. It is widely employed in the production of bipolar disorder-related medications. The growing expansion activities of the major players are expected to drive new growth opportunities for the lithium carbonate market during the forecast timeframe.
- For instance, in July 2023, Imerys, a provider of mineral-based specialty solutions, entered into a partnership agreement with British Lithium to strengthen the development of the UK's lithium deposit.
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Moreover, the ongoing advancements in the pharmaceutical space are anticipated to propel pharmaceutical grade lithium carbonate market growth during the forecast timeframe. The prevalence of research and development activities focusing on developing new therapies and medicines to encounter mental problems is playing a prominent role in widening market growth.
However, the growing awareness about the benefits and side-effects associated with the medicines, including pharmaceutical-grade lithium carbonate, and the enhanced availability of the internet in the marketplace are expected to restrain pharmaceutical grade lithium carbonate market growth.
Growth Drivers
Rising initiatives to promote the production of pharmaceutical-grade lithium carbonate
The rising companies focus on the development of new projects to meet ongoing demand for pharmaceutical-grade lithium carbonate market growth. For instance, in September 2023, Lithium Energy's Solaroz lithium brine project in Argentina identified a new production methodology, solar pond evaporation, and unveiled the potential alternative direct lithium extraction method, providing flexibility in the production process. These developments are anticipated to offer new production advancements in the coming years.
Increasing incidence of mental illness
The rising prevalence of mental illness in the world is showcasing enormous opportunities for the pharmaceutical-grade lithium carbonate market. According to the 2010 data analysis published in the World Health Organization 2022 report, more than four million deaths are influenced by mental disorders, including around 1.3 million from bipolar and 2.2 million from major depressive disorders.
Globally, around 970 million people suffered from mental disorders in 2019. As this trend continues, there will be optimal demand for medications, contributing to the need for pharmaceutical-grade lithium carbonate in the marketplace.
Restraining Factors
Side-effects associated with the ingredient
The increasing research innovations unravelling the side-effects of these ingredients are expected to hamper the demand for pharmaceutical-grade lithium carbonate market growth. In 2023, Science Direct published the Side Effects of Drugs Annual Volume, which explored the adverse effects of pharmaceutical-grade lithium carbonate, including gastrointestinal symptoms and neurologic symptoms.
Report Segmentation
The market is primarily segmented based on application, purity, end-user and region.
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By Application |
By Purity |
By End-user |
By Region |
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By Application Analysis
Extended-Release segment expected to witness the highest growth during the pharmaceutical grade lithium carbonate market forecast period
The extended-release segment is anticipated to grow at a CAGR during the forecasted period, mainly driven by its potential to offer limited dose frequency to patients. This is assisting healthcare providers to utilize the proportion of medicine according to the patient condition, contributing to the higher segmental growth over immediate release. Furthermore, the growth can be highly relatable to the rising number of bipolar disorder patients among adults and elders, as it is used for patients with an age greater than or equal to twelve years.
The immediate release segment led the industry market with a substantial pharmaceutical grade lithium carbonate market share in 2023, largely attributable to its ability to offer cost-effective treatment to patients suffering from mental illness. The higher accessibility and prevalence of bipolar disorder in the younger generation, specifically those less than seven years of age, is likely to support the immediate release application during the forecast period.
By Purity Analysis
Above 99% segment accounted for the largest pharmaceutical grade lithium carbonate market share in 2023
The above-99% purity level segment witnessed the largest pharmaceutical grade lithium carbonate market share in 2023. The safety and level of quality of the above-99% purity level-based pharmaceutical-grade lithium carbonate are stimulating its use in pharmaceutical formulations. The increasing quality assurance standards in the pharmaceutical segment are significantly supporting the need for above-99% purity pharmaceutical-grade lithium carbonate in the marketplace.
The 99% segment is expected to grow at a rapid rate over the next few years on account of the rapid increase in demand for cost-effective pharmaceutical ingredients in the marketplace. The 99% purity level is considered a cost-effective option, along with the high quality purity, which lowers the impurities in the medicines, thus promoting their safety for consumers.
By End-User Analysis
Hospitals segment held the significant pharmaceutical grade lithium carbonate market share in 2023
The hospitals segment held a substantial share, due to the continuous rise in the number of patients approaching hospitals and taking admissions for bipolar disorder treatment. This trend is essentially necessitating the demand for effective treatment options, creating demand for pharmaceutical-grade lithium carbonate in the global space.
The clinic segment is expected to stimulate market growth in the next few years, driven by the growing number of patients focusing on preventive care and the increased knowledge of the symptoms of mental illness. The prevalence of higher levels of pharmaceutical-grade lithium carbonate use in clinics is anticipated to boost its market growth during the forecast timeframe.
Regional Insights
North America region registered the largest pharmaceutical grade lithium carbonate market share in 2023
The North America dominated the global market. Region’s growth is due to the existence of several market players in the region, primarily in the United States. The prevailing advancements in drug delivery are likely to promote the development of new medications with various ingredients, including pharmaceutical-grade lithium carbonate, fueling market demand during the study period.
The Asia Pacific region is expected to be the fastest-growing region with a healthy CAGR during the projected period, owing to the prevalence of mental illness in the region, including India. Based on National Health Programme statistics, approximately 6% of the population in Kerala is facing mental disorders. Around 60–70 million people are suffering from several mental health issues, with one in five members having emotional problems. This is projected to drive demand for medications, driving the need for pharmaceutical-grade lithium carbonate.
Key Market Players & Competitive Insights
Strategic acquisitions to stimulate the competition
The pharmaceutical-grade lithium carbonate market is consolidated with the presence of a few larger players driven by the existence of licences for a smaller proportion of companies, along with rising collaborative studies, partnerships, and acquisitions in the global space. For instance, in October 2022, Albema completed the acquisition of Guangxi Tianyuan New Energy Materials with a value of approximately $200 million.
Some of the major players operating in the global market include:
- Albemarle Corporation (US)
- American Elements (US)
- Blanver (Brazil)
- Globe Química (US)
- Jiangsu Lianhuan Pharmaceutical Co., Ltd. (China)
- Jiangsu Nhwa Pharmaceutical Co., Ltd. (China)
- Livent Corporation (US)
- Panchsheel Organics Ltd (India)
Recent Developments in the Industry
- In November 2023, Full Circle Lithium, a producer of lithium-based products, completed the acquisition of Georgia Lithium and its total facilities at a cost of US$500,000.
Report Coverage
The market report emphasizes on key regions across the globe to provide better understanding of the product to the users. Also, the report provides market insights into recent developments, trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.
The report provides detailed analysis of the market while focusing on various key aspects such as competitive analysis, application, purity, end-user, and their futuristic growth opportunities.
Pharmaceutical Grade Lithium Carbonate Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 148.06 million |
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Revenue forecast in 2032 |
USD 197.61 million |
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CAGR |
3.7% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
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Segments covered |
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Regional scope |
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Competitive Landscape |
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Report Format |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
FAQ's
The global pharmaceutical grade lithium carbonate market size is expected to reach USD 197.61 million by 2032
Key players in the market are Albemarle Corporation, American Elements, Blanver, Globe Química
North America contribute notably towards the global Pharmaceutical Grade Lithium Carbonate Market
Pharmaceutical Grade Lithium Carbonate Market , exhibiting the CAGR of 3.7% during the forecast period.
The Pharmaceutical Grade Lithium Carbonate Market report covering key segments are application, purity, end-user and region.
