New York, Oct. 18, 2023 (GLOBE NEWSWIRE) -- The global lithium hydroxide market size is estimated to attain at ~15% CAGR from 2023 to 2035. The market is expected to garner a revenue of USD 36 billion by the end of 2035, up from a revenue of ~USD 19 billion in the year 2022.The growth of the market is projected to rise on account of growing demand for electric vehicles. For instance, in 2022 globally, about 9 million electric vehicles were sold. This year, the number of sold electric vehicles is projected to rise by 34% making the total reach about 13 million. Hence, the demand for lithium compounds is rising due to the market for electric vehicles.
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EV batteries with high density and capacity typically employ lithium hydroxide. This is because when creating cathode materials, lithium hydroxide is merely synthesized with nickel, maximizing the energy density of the battery. Thus, nickel-bonded ternary batteries including NCM and NCA are the general category for secondary batteries produced with lithium hydroxide. As emphasis is drawn to high nickel batteries with a nickel content of more than 59%, demand for lithium hydroxide is increasing. Therefore, the market for lithium hydroxide is estimated to surge.
Growing Consumption of Renewable Energy to Boost the Growth of Global Lithium Hydroxide Market
The worldwide shortage of energy is causing a sharp acceleration in the deployment of renewable energy, with total capacity growth expected to nearly double globally over the next five years, overtaking coal as the primary source of electricity generation in conjunction the way and preserving the possibility of keeping global warming to about 1 °C. The capacity of renewable energy worldwide is currently anticipated to increase by about 2,399 gigawatts (GW) between 2022 and 2027, which is equivalent to China's entire power capacity. As a result, the market for lithium hydroxide is poised to increase in manufacturing of batteries in order to store the energy from the renewable energy.
Lithium Hydroxide Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Surge in Urban Population to Drive the Market Growth in Asia Pacific
The lithium hydroxide market in Asia Pacific is set to garner the highest market share by the end of 2025. This could be owing to the rising urban population in this region. Asia is home to a greater than 2.2 billion people, or 54% of the globe's urban population. In Asia, a further 1.2 billion people will live in urban areas by 2050, a growth of 50%. Hence, the demand for renewable energy in this region growing. Moreover, there has been surge in investment in renewable energy in this region which is further boosting the market expansion.
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Rise in Disposable Income to Influence the Market Expansion in North America
The market in North America for lithium hydroxide is set to have significant growth in the market over the coming years. This growth of the market in this region is projected to be dominated by growing disposable income in this region. In 2021, Americans' personal disposable income was about USD 14 trillion in total. In the same year, the per capita personal disposable personal income was close to 45,342 dollars. Consequently, the adoption of electronics is growing additionally driving the market expansion in this region.
Lithium Hydroxide, Segmentation by Application
- Lithium-Ion Batteries
- Lubricants
The lithium-ion batteries segment is poised to capture highest share by the end of 2035. The major factor to dominate the segment growth is growing consumption of lithium-ion batteries. Automotive lithium-ion (Li-ion) battery consumption increased by almost 64% to close to 549 GWh in 2022 from about 329 GWh in 2021, mostly due to an increase in electric passenger automobile sales, with new registrations increasing by approximately 54% in 2022 compared to 2021.
Lithium Hydroxide, Segmentation by End Use Industry
- Automotive
- Electronics
- Energy Storage
The automotive segment is set to have significant growth in the market over the coming years. The growth of the segment can be encouraged by growing government initiatives for the adoption of electric vehicles. For instance, the period 2022-2023 was important for the release of measures in the European Union and the United States, including new CO2 standards and the Inflation Reduction Act (IRA), which are bound to have a substantial impact on the path to zero-emission road transport. Hence, the demand for electric vehicles is estimated to rise.
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A few of the well-known industry leaders in lithium hydroxide market that are profiled by Research Nester are Albemarle Corporation, SQM (Sociedad Quimica y Minera de Chile), Livent Corporation, Ganfeng Lithium Co, Ltd., Tianqi Lithium Corporation, Jiangxi Ganfeng Lithium Co, Ltd., FMC Corporation, Lithium Americas Corp., China Lithium Products Technology Co., Ltd., Galaxy Resources Limited, and others.
Recent Development in the Lithium Hydroxide Market
- Albemarle Corporation: At its Silver Peak facility in Nevada, United States, Albemarle announced intentions to increase the production capacity of lithium hydroxide. In order to fulfil the rising demand for lithium hydroxide in electric vehicle batteries and other applications, the business wants to increase its yearly manufacturing capacity. The development is a component of Albemarie's plan to solidify its position as the top producer of lithium worldwide.
- The Ganfeng Lithium Co. BMW Group and Ganfeng Lithium struck a long-term supply contract. In accordance with the contract, Ganfeng will give BMW lithium hydroxide for use in the batteries of its electric cars. The collaboration seeks to support BMW's objectives to increase the number of its electric vehicle options while securing a steady supply of lithium hydroxide.
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