How Fast is the Lithium Carbonate Market Growing?

The global lithium carbonate market is set to grow from US$ 3.18 billion in 2025 to US$ 7.39 billion by 2032, expanding at a CAGR of 12.8%. Once the driving force behind the electric vehicle (EV) revolution, lithium carbonate experienced a price boom before a sharp crash in 2024 due to oversupply, particularly from China. Despite volatility, the market outlook remains strong, fueled by the rising demand for EVs, energy storage systems, and battery innovations. Battery-grade lithium carbonate dominates with 48% market share, while Asia Pacific leads regionally due to its EV manufacturing capacity. Recycling and favorable policies in North America and Europe’s renewable energy push further support future growth.