Pharmaceutical-Grade Lithium Carbonate Market Size, Share & Trends Analysis Report By Application (Extended Release, Immediate Release), By Purity (99%, Above 99%), By Region, And by Segment Forecasts, 2023-2031

Pharmaceutical-Grade Lithium Carbonate Market Size is valued at USD 138.03 Mn in 2022 and is predicted to reach USD 179.91 Mn by the year 2031 at a 3.1% CAGR during the forecast period for 2023-2031.

Pharmaceutical-grade lithium carbonate, often known as the lithium salt of carbonate, has the chemical formula Li2CO3. Utilizing this white salt while treating mood disorders or working with metal oxides is common practice. The growing demand for lithium carbonate from sectors like electronics and electricity is the primary reason propelling the market forward. The use of lithium carbonate in batteries for portable electronics is also anticipated to boost the market during the forecast period. Lithium carbonate is also utilized to make glazes in the ceramics industry because of the high temperatures it generates. Lithium carbonate consumption is anticipated to increase as a result of these uses throughout the outlook period. However, rapid urbanization, industrialization, expanding access to energy, and rising degrees of automation across various industries are expected to boost the market.

However, pharmaceutical-grade lithium carbonates have limitations, such as side effects such as sleepiness, dizziness, weight gain, fatigue, and slight hand trembling are hindering the pharmaceutical-grade lithium carbonates market growth. In addition, the COVID-19 epidemic impacted a major market for lithium carbonate products: battery-powered automobiles.

All industrial activity has slowed as a result of the pandemic's disruption of supply lines around the world. Lithium carbonate production was impacted by lockdowns in multiple nations, as some critical manufacturing units and factories were closed. In the wake of the lockout, the increased demand for pharmaceutical-grade lithium carbonates in the manufacturing of electric vehicles, consumer goods, and technologies has contributed to the expansion of the pharmaceutical-grade lithium carbonate market.

Competitive Landscape

Some Major Key Players In The Pharmaceutical-Grade Lithium Carbonate Market:

• Livent Corporation (US)
• Albemarle Corporation (US)
• Jiangsu Lianhuan Pharmaceutical Co. Ltd. (China)
• American Elements (US)
• Globe Química (US)
• Jiangsu Nhwa Pharmaceutical Co., Ltd. (China)
• Panchsheel Organics Ltd (POLTD) (India)
• Blanver (Brazil)
• Zhenjiang Poworks Co., Ltd.
• Axiom Chemicals Pvt. Ltd.
• Hubei Rison Chemical Co., Ltd.
• Pharmaffiliates Analytics
• Synthetics P. Ltd.

Market Segmentation:

The pharmaceutical-grade lithium carbonate market is segmented based on Application and Purity. The application segment includes extended and immediate releases. As per the Purity, the market is segmented into 99% and above 99%.

Based On The Application, The Extended-Release Segment Is Accounted As A Major Contributor To The Pharmaceutical-Grade Lithium Carbonate Market

The extended-release pharmaceutical-grade lithium carbonate category is expected to hold a major global market share because Symptoms of several mental health conditions might change over time when drug levels fluctuate in the body. By gradually releasing their effects over time, extended-release drugs assist in evening out these peaks and valleys. Because they may precisely alter treatment strategies to fit each patient's particular needs, healthcare practitioners may choose extended-release formulations. Demand for pharmaceutical-grade lithium carbonate tablets with prolonged release is anticipated to rise for the above reasons.

The Immediate Release Segment Witnessed Growth At A Rapid Rate

The immediate release segment is projected to grow rapidly in the global pharmaceutical-grade lithium carbonate market. Medication with a quick release acts as rapidly as its name suggests. They enter the body rapidly and begin working to alleviate pain immediately. While they may provide temporary relief within a few hours of being taken, this is generally outweighed by the speed with which they function, especially in countries like the US, Germany, the UK, China, and India.

In The Region, The North American Pharmaceutical-Grade Lithium Carbonate Market Holds A Significant Revenue Share

The North American pharmaceutical-grade lithium carbonate market activity is anticipated to record the maximum market share in revenue in the near future. It can be attributed to the massive expenditures on medical research and development in order to enhance the effectiveness of existing drugs. Growth in North America's pharmaceutical-grade lithium carbonate market can be attributed to both rising pharmaceutical sector technology and increasing public awareness of the need for mental health treatment.

In addition, Asia Pacific is estimated to grow rapidly in the global pharmaceutical-grade lithium carbonate market. The public's growing familiarity with and acceptance of mental health treatment alternatives is largely due to the efforts of patient advocacy groups and mental health awareness campaigns. The demand for lithium carbonate used in pharmaceuticals is anticipated to increase as a result of this region.

Pharmaceutical-Grade Lithium Carbonate Market Report Scope