New York (US), June 22, 2023 (GLOBE NEWSWIRE) -- Lithium Hydroxide Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Lithium Hydroxide Market Information by Application, End Use, and Region - Forecast till 2032”, Lithium Hydroxide Market could thrive at a rate of 10.60% between 2023 and 2032. The market size will be reaching around USD 1.23 Billion by the end of the year 2032.
Market Synopsis
Lithium hydroxide (LiOH) holds immense significance as a crucial compound within the lithium-ion battery industry, serving as a fundamental component in energy storage systems. This inorganic compound is synthesized by the reaction of lithium carbonate with water. Lithium hydroxide plays a pivotal role in the production of high-performance lithium-ion batteries, which find widespread application in electric vehicles, portable electronic devices, renewable energy storage systems, and grid-scale applications. The usage of lithium hydroxide stems from its ability to facilitate the efficient functioning of lithium-ion batteries. These batteries rely on the movement of lithium ions between the positive and negative electrodes during charge and discharge cycles. Lithium hydroxide is essential in generating the cathode material, where it combines with other elements such as cobalt, nickel, or manganese to form the cathode compound. This compound is responsible for the battery's energy storage capabilities and determines its performance characteristics.
The demand for lithium hydroxide has surged in tandem with the rapid growth of electric vehicles and the increasing need for advanced energy storage solutions. Electric vehicle manufacturers heavily rely on lithium-ion batteries, with lithium hydroxide being a critical component in the production of high-energy density batteries that offer longer driving ranges and faster charging times. Additionally, portable electronic devices, such as smartphones and laptops, utilize lithium-ion batteries enabled by lithium hydroxide, ensuring prolonged usage and improved performance.
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Market Competitive Landscape:
The affluent companies in the Lithium Hydroxide industry include
- Albemarle Corporation
- Sociedad Química y Minera de Chile (SQM)
- Tianqi Lithium Corporation
- Ganfeng Lithium Co., Ltd.
- Livent Corporation
- Jiangxi Ganfeng Lithium Co., Ltd.
- FMC Corporation
- Galaxy Resources Limited
- Nemaska Lithium Inc.
- Altura Mining Limited
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size 2032 | USD 1.2381 Billion |
| Compound Annual Growth Rate (CAGR) | 10.60% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Dynamics | Increase in adoption of electric vehicles |
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May 2023
Albemarle Corporation, a supplier to Tesla, has announced plans to construct a lithium-processing facility to facilitate the production of 2.4 million electric vehicles annually. The new plant will be dedicated to processing 50,000 tonnes of battery-grade lithium hydroxide, supporting the growing demand for electric vehicles and sustainable energy solutions.
Market USP Covered:
Market Drivers:
The expansion of the automotive industry, driven by rising vehicle production and increasing demand for lightweight and durable components, fuels the demand for Lithium Hydroxide. POM's excellent mechanical properties and resistance to chemicals and wear make it ideal for automotive applications, driving market growth. The growing electronics industry, coupled with the increasing need for reliable electrical components, drives the demand for POM. Its electrical insulation properties, resistance to creep, and dimensional stability make it suitable for connectors, switches, and other electronic components, contributing to market growth.
Market Restraints:
Lithium reserves are geographically concentrated, and the extraction process can be complex and costly. Additionally, the increasing demand for lithium hydroxide from multiple industries, including energy storage and electronics, poses challenges in maintaining a consistent supply chain and meeting market demands. Furthermore, stringent regulations on the transportation and handling of lithium compounds can also impede market growth.
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COVID 19 Analysis
The COVID-19 pandemic had a mixed impact on the lithium hydroxide market. Initially, the disruption in global supply chains and the slowdown in manufacturing activities resulted in a temporary decline in demand. However, as economies recover and industries resume operations, the market is gradually recovering. The post-COVID scenario is expected to witness a resurgence in the lithium hydroxide market, driven by the accelerated adoption of electric vehicles, renewable energy projects, and increased investment in energy storage infrastructure.
Market Segmentation
By Application
By Application, the segment includes Batteries, Ceramic Glass, Lubricant Grease, and Air conditioning.
By End Use
By End Use, the segment includes Automotive, Electrical & Electronics, Marine, and Aerospace.
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Regional Insights
Asia-Pacific dominates the lithium hydroxide market, driven by the rapid growth of the electric vehicle industry and the presence of major battery manufacturers. China, Japan, and South Korea are key contributors to the market, owing to their robust battery production and strong government support for electric mobility.
North America holds a significant share of the lithium hydroxide market. The region's focus on renewable energy integration, the presence of prominent electric vehicle manufacturers, and supportive government policies contribute to market growth. The United States and Canada are key players in the region.
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