Lithium Carbonate Market Size Worth USD 111.81 Billion by 2034 | CAGR: 15.3%

The lithium carbonate market size is expected to reach USD  111.81 Billion by 2034, according to a new study by Polaris Market Research. The report “Lithium Carbonate Market Size, Share, Trends, Industry Analysis Report By Battery (Lithium-ion Batteries, Lithium-metal Batteries and Others), By Grade, By Application, By Region – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The lithium carbonate market is witnessing robust growth, driven by rapid expansion of the electric vehicle industry, rising adoption of renewable energy storage systems, and supportive government policies promoting clean energy and EV adoption.

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Market growth is further supported by innovations in extraction and processing technologies, increasing production capacities, and rising investments in battery manufacturing and energy storage infrastructure, which together are enabling higher efficiency, sustainability, and broader adoption across automotive, electronics, and industrial sectors globally.

Lithium Carbonate Market Report Highlights

• Based on battery type, the lithium-ion segment dominated the market in 2024, supported by its widespread use in electric vehicles, consumer electronics, and energy storage systems due to high energy density and long cycle life.
• In terms of grade, battery-grade lithium carbonate held the largest share, driven by increasing demand from the EV and portable electronics sectors requiring high-purity lithium.
• By application, electric vehicles led the market, owing to rising global EV adoption and government incentives to reduce carbon emissions.
• Asia Pacific grew steadily in 2024, fueled by expansion of renewable energy storage systems and rising production of consumer electronics, including smartphones, laptops, and electric two-wheelers.
• North America accounted for a significant share, supported by growing lithium carbonate demand through the expansion of EV battery manufacturing plants and gigafactories.
• A few key global players include Albemarle Corporation, Allkem Limited, Bacanora Lithium Plc, Ganfeng Lithium Co., Ltd., Livent Corporation, Lithium Americas Corp., Mineral Resources Limited, Nemaska Lithium Inc., Orocobre Limited Pty. Ltd., Pilbara Minerals Limited, Piedmont Lithium Inc., Qinghai Salt Lake Industry Co., Ltd., Shenzhen Chengxin Lithium Group Co., Ltd., Sociedad Química y Minera de Chile S.A. (SQM S.A.), and Tianqi Lithium Corporation.

Polaris Market Research has segmented the market report on the basis of Battery, Grade, application, and region:

By Battery Outlook (Revenue, USD Billion, 2020–2034)

• Lithium-ion Batteries
• Lithium-metal Batteries
• Others

By Grade Outlook (Revenue, USD Billion, 2020–2034)

• Battery Grade
• Technical Grade
• Industrial Grade

By Application Outlook (Revenue, USD Billion, 2020–2034)

• Electric Vehicles
• Pharmaceutical
• Cement
• Glass & Ceramics
• Others

By Regional Outlook (Revenue, USD Billion, 2020–2034)

• North America

• US
• Canada

• Europe

• Germany
• France
• UK
• Italy
• Spain
• Netherlands
• Russia
• Rest of Europe

• Asia Pacific

• China
• Japan
• India
• Malaysia
• South Korea
• Indonesia
• Australia
• Vietnam
• Rest of Asia Pacific

• Middle East & Africa

• Saudi Arabia
• UAE
• Israel
• South Africa
• Rest of Middle East & Africa

• Latin America

• Mexico
• Brazil
• Argentina
• Rest of Latin America