Lithium Carbonate Market

The lithium carbonate market is forecasted to decrease in consumption and performance over the next eight years, with China leading in both consumption and production. Chile dominates exports, and prices vary by country. The market is expected to see a downward trend in value and volume, with China and Chile playing significant roles in the global market.

Market Forecast

The lithium carbonate market is expected to start a downward consumption trend over the next eight years. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -6.4% for the eight-year period from 2022 to 2030, which is projected to depress the market volume to 855K tons by the end of 2030.

In value terms, the market is forecast to contract with an anticipated CAGR of -4.2% for the period from 2022 to 2030, which is projected to bring the market value to $7.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Lithium Carbonate

In 2022, the amount of lithium carbonates consumed worldwide skyrocketed to 1.5M tons, jumping by 402% on 2021 figures. In general, consumption saw a significant increase. As a result, consumption reached the peak volume and is likely to continue growth in the immediate term.

The global lithium carbonate market size surged to $10.2B in 2022, rising by 387% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption saw a significant expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Consumption By Country

The country with the largest volume of lithium carbonate consumption was China (1.1M tons), comprising approx. 74% of total volume. Moreover, lithium carbonate consumption in China exceeded the figures recorded by the second-largest consumer, South Korea (145K tons), sevenfold. Japan (102K tons) ranked third in terms of total consumption with a 7% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +41.0%. The remaining consuming countries recorded the following average annual rates of consumption growth: South Korea (+26.9% per year) and Japan (+23.1% per year).

In value terms, China ($6.9B) led the market, alone. The second position in the ranking was held by South Korea ($1.3B). It was followed by Japan.

In China, the lithium carbonate market expanded at an average annual rate of +43.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (+32.9% per year) and Japan (+29.0% per year).

The countries with the highest levels of lithium carbonate per capita consumption in 2022 were Chile (1,306 kg per 1000 persons), Japan (817 kg per 1000 persons) and China (759 kg per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +40.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Lithium Carbonate

In 2022, the amount of lithium carbonates produced worldwide soared to 1.3M tons, rising by 390% against 2021. Over the period under review, production showed a significant increase. As a result, production attained the peak volume and is likely to continue growth in the immediate term.

In value terms, lithium carbonate production reduced to $1.4B in 2022 estimated in export price. In general, production recorded resilient growth. The most prominent rate of growth was recorded in 2016 with an increase of 91% against the previous year. Global production peaked at $2.2B in 2018; however, from 2019 to 2022, production remained at a lower figure.

Production By Country

Chile (1.2M tons) constituted the country with the largest volume of lithium carbonate production, comprising approx. 90% of total volume. Moreover, lithium carbonate production in Chile exceeded the figures recorded by the second-largest producer, China (62K tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume in Chile stood at +34.2%. In the other countries, the average annual rates were as follows: China (+10.0% per year) and Argentina (+11.3% per year).

Imports

World Imports of Lithium Carbonate

In 2022, global lithium carbonate imports surged to 1.5M tons, rising by 662% on 2021. Overall, imports continue to indicate a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, lithium carbonate imports soared to $10.6B in 2022. In general, imports showed significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

China represented the largest importer of lithium carbonates in the world, with the volume of imports resulting at 1.1M tons, which was approx. 72% of total imports in 2022. South Korea (179K tons) held a 12% share (based on physical terms) of total imports, which put it in second place, followed by Japan (6.9%). The Netherlands (33K tons) held a little share of total imports.

China was also the fastest-growing in terms of the lithium carbonates imports, with a CAGR of +54.7% from 2012 to 2022. At the same time, the Netherlands (+44.6%), South Korea (+29.2%) and Japan (+23.1%) displayed positive paces of growth. From 2012 to 2022, the share of China increased by +56 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($6.7B) constitutes the largest market for imported lithium carbonates worldwide, comprising 63% of global imports. The second position in the ranking was taken by South Korea ($1.7B), with a 16% share of global imports. It was followed by Japan, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +59.6%. In the other countries, the average annual rates were as follows: South Korea (+38.3% per year) and Japan (+31.5% per year).

Import Prices By Country

In 2022, the average lithium carbonate import price amounted to $7,188 per ton, which is down by -8% against the previous year. Over the period under review, the import price, however, saw pronounced growth. The most prominent rate of growth was recorded in 2017 an increase of 43%. Global import price peaked at $13,196 per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($10,604 per ton), while the Netherlands ($5,981 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+7.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Lithium Carbonate

For the fourth consecutive year, the global market recorded growth in overseas shipments of lithium carbonates, which increased by 680% to 1.3M tons in 2022. Overall, exports enjoyed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, lithium carbonate exports soared to $9.6B in 2022. In general, exports showed a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports By Country

Chile prevails in exports structure, accounting for 1.1M tons, which was approx. 87% of total exports in 2022. The following exporters - China (52K tons), South Korea (34K tons), Belgium (30K tons) and the Netherlands (29K tons) - together made up 11% of total exports.

Exports from Chile increased at an average annual rate of +35.6% from 2012 to 2022. At the same time, the Netherlands (+60.2%), South Korea (+56.3%), China (+33.3%) and Belgium (+19.6%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing exporter exported in the world, with a CAGR of +60.2% from 2012-2022. From 2012 to 2022, the share of Chile, South Korea and the Netherlands increased by +17, +2 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($7.8B) remains the largest lithium carbonate supplier worldwide, comprising 81% of global exports. The second position in the ranking was held by China ($683M), with a 7.1% share of global exports. It was followed by South Korea, with a 4.2% share.

In Chile, lithium carbonate exports expanded at an average annual rate of +41.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (+42.3% per year) and South Korea (+69.0% per year).

Export Prices By Country

The average lithium carbonate export price stood at $7,225 per ton in 2022, stabilizing at the previous year. Overall, the export price showed a perceptible increase. The most prominent rate of growth was recorded in 2016 when the average export price increased by 45%. Over the period under review, the average export prices reached the maximum at $13,328 per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($13,029 per ton), while Belgium ($6,528 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+8.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform