Jul 13, 2020 2:51 PM ET
iCrowd Newswire – Jul 13, 2020
The Lithium Hydroxide Market is growing at a rapid pace. The market growth attributes to the large consumption of Lithium Hydroxide in the manufacturing of high water-resistant lithium greases like lithium stearate and others. Besides, increasing demand from electric vehicle (EV) battery manufacturers drives the market growth excellently. Battery manufacturers increasingly prefer LiOH over lithium carbonate for its properties that offer batteries extended life and EVs more range.
The extensive uptake of Lithium Hydroxide in various industrial applications escalates the market growth to furthered height. According to Market Research Future (MRFR), the Global Lithium Hydroxide Market is estimated to garner exponential accruals by 2023, growing at a substantial CAGR during the review period (2017-2023). Lithium Hydroxide (LiOH) is a key substrate used to make electric vehicle (EV) batteries. Additionally, substantial investments made by battery makers, influence the market growth.
Also, investments & developments n the production of electric vehicles, hybrid, and in the overall automotive industry are substantiating the growth of the market. Stringent government regulations for the uptake of lightweight auto components act as a significant tailwind for the market growth. Besides, investments made by industry players in LiOH production foster the growth of the market.
On the other hand, high initial investments required in the production of LiOH is a key factor projected to hamper the growth of the market. Also, the lack of expertise in the extraction of LiOH poses challenges to the manufacturers, demanding more investments. Simultaneously, price volatility and the demand-supply gap in the raw materials required for the production challenges the manufacturers in a big way. Nevertheless, the rising demand for portable electronics devices would support market growth throughout the assessment period.
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Owing to some of its special properties like thermal resistance, durability, minimal maintenance, and high energy density, LiOH, is widely used in some burgeoning end-use industries such as aerospace, automotive, marine, and electrical & electronics, among others. Moreover, the LiOH is extensively consumed in many industrial usages such as intermediates, adsorbents & Ion exchange agents, lubricants & lubricant additives, and oxidizing/reducing agents, among others.
Global Lithium Hydroxide (LiOH) Market – Segments
The report is segmented into three dynamics;
By Application: Batteries, Ceramic, Automotive, Chemical Industries, Lubricant & Grease, Glass, and Air-Conditioning, among others.
By End-use Industries: Automotive, Marine, Aerospace, and Electrical & Electronics, among others.
By Regions: Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Lithium Hydroxide (LiOH) Market – Competitive Landscape
Highly Competitive, the Lithium Hydroxide Market appears fragmented due to the presence of several players. Although well-established players in the market have great geographical proximity, the entry of several new companies poses a fierce competition. In such a scenario, these players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/technology launch to maintain their market position.
Players Leading the Global Lithium Hydroxide Market SQM (Chile), FMC Lithium (US), Albemarle Corporation (US), Jiangxi Ganfeng Lithium Co., Ltd. (China), Lithium Americas (Canada), Tianqi Lithium Corporation (China), Nemaska Lithium (Canada), Wealth Minerals Ltd (Canada), MGX Minerals Inc (Canada), and Galaxy Resources Limited (Australia), among others.
Industry/ Innovation/ Related News:
June 23, 2020 —- Piedmont Lithium Limited (PLL – Australia), an emerging lithium company, announced its partnership with Primero for lithium concentrator development. These firms have entered into a memorandum of understanding (MoU) that allows Primero Group, the Australia-based engineering firm, to deliver the planned spodumene concentrator at the Piedmont lithium project in North Carolina, USA. PLL would continue to evaluate other strategic partnerships to enhance performance in the design, construction, and operations of other aspects of its integrated Lithium Hydroxide business.
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Global LiOH Market – Geographical Analysis
The Asia Pacific region leads the Global Lithium Hydroxide Market. The largest market share attributes to the increased production of lithium batteries and burgeoning consumer electronics industries in the region. Besides, the growing adoption of lightweight metal in the making of batteries, glass, grease, air conditioning equipment, and others drive the regional market growth. Growing markets of India, China, Japan, and Korea lead the regional market predominantly.
North America takes the second leading position in the Global Lithium Hydroxide Market. The growing production of lithium-ion batteries and in electrical & electronics industries drive the growth of the regional market. Growing investments in end-use industries such as automotive, aerospace and others for the development of lightweight, thermal resistance, and high standard performance carriers impact the growth of the regional market. The Lithium Hydroxide Market in the US, Canada, and Mexico majorly contribute to the growth of the regional market.
The European Lithium Hydroxide Market follows the North American market closely. Stringent regulations implemented by the regional governments pertaining to the uptake of lightweight products in end-use industries boost the regional market growth. The UK, France, and Germany account for the major markets for Lithium Hydroxide in the region. Furthermore, growing innovation and technological advancement in lithium-ion batteries and other products contribute the regional market growth.
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