Forecast: Import of Lithium Carbonates to South Korea

The import of lithium carbonates to South Korea saw significant fluctuations from 2013 to 2023. In 2023, the value stood at 39.11 million kilograms. Over the last two years, the import volume experienced a slight decline in 2022 by 4.39%, followed by a moderate increase of 4.82% in 2023. Over the past five years starting from 2019, the compound annual growth rate (CAGR) was relatively modest at 3.35%.

Looking ahead, forecasts indicate a continued steady rise in imports, with an expected value of 47.75 million kilograms by 2028. The five-year CAGR from 2024 to 2028 is projected to be 3.02%, reflecting a growth rate of 16.05% over the period.

Future trends to watch for:

• The development of electric vehicles and renewable energy storage solutions likely enhancing lithium carbonate demand.
• Policy changes and advancements in battery technology impacting import volumes and supply chains.
• Global market fluctuations due to geopolitical and economic factors influencing the overall import strategy for South Korea.