Lithium Hydroxide (LiOH) Market Analysis -Worldwide Opportunities, Revenue, Production, Demand and Geographical Forecast To 2023
Market Definition:
The Lithium Hydroxide (LiOH) market is growing briskly, mainly due to the extensive uses of this substrate in the manufacturing of high water-resistant lithium greases like lithium stearate. Also, lithium hydroxide is used in electric vehicle (EV) batteries. Battery manufacturers increasingly prefer LiOH over lithium carbonate for its properties needed to give batteries longer life and EVs more range.
Market Scenario and Growth Factors:
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.
The extensive uptake of lithium hydroxide in various industrial applications pushes up the growth of the market on a global level. According to a leading research firm Market Research Future (MRFR), the global lithium hydroxide market is estimated to garner exponential accruals by 2023. In its recently published analysis, MRFR also asserts that the market would register a substantial CAGR throughout the review period (2017-2023).
Substantial investments made by the battery makers and providers of the LiOH are paying off well, driving the market growth. Besides, 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 are, in turn, boosting the growth of the market, hugely.
On the other hand, high initial investments required in the production of the product and lack of expertise in the extraction of LiOH, are factors projected to hamper the growth of the market during the assessment period. Also, price volatility and the demand-supply gap in the raw materials required for the production are challenging the manufacturers of lithium hydroxide.
Nevertheless, contributions from the burgeoning consumer electronics industry led by the consumer preference & adoption of portable devices would support the growth of the market, increasing the production of lithium batteries.
Leading Players:
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.
Competitive Dashboard:
Highly competitive, the lithium hydroxide market appears to be fragmented characterized by the presence of several large and small-scale players. Although well-established players in the market have great geographical proximity, the entry of several new companies poses a fierce competition for them. In such a scenario, these players would incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/technology launch to maintain their market position.
Industry/ Innovation/ Related News:
September 24, 2019 –– Tianqi Lithium Corp (China), a leading global lithium producer, announced the signing of a long-term supply agreement with Northvolt Ett (Sweden), a lithium-ion battery maker. Tianqi had recently launched a processing plant in Western Australia. It will supply lithium hydroxide to Northvolt for its electric vehicle (EV) batteries process plant.
September 24, 2019 –– Wesfarmers Limited (Australia), a conglomerate with interests predominantly in retail, chemicals, fertilizers, coal mining and industrial, and safety products, announced the completion of its acquisition of Kidman Resources Ltd. (Australia), a leading lithium developer. The acquisition would give it joint ownership of the Mt Holland integrated lithium project with Sociedad Quimica y Minera de Chile (SQM – Chile), a lithium producer.
Wesfarmers had also confirmed that it would be investing around AUS $600 MN (around USD 408 MN) in the integrated mining, processing and downstream project aimed at producing over 45,000 t/yr of lithium hydroxide for electric vehicle batteries. Construction of the lithium hydroxide plant is expected to start in 2020, with completion targeted for 2022.
Global Lithium Hydroxide Market – Segments:
The report is segmented into three market dynamics to widen the scope of understanding,
By Applications : 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, North America, Europe, and the Rest-of-the-World.
Regional Analysis:
The Asia Pacific region leads the global lithium hydroxide market with the largest market share. The growing adoption of lightweight metal in the making of batteries, glass, grease, air conditioning equipment, and others drive the regional market growth, predominantly. The region is would retain its dominance, growing at the highest CAGR throughout the forecast period. 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 industries such as automotive, aerospace and others for the development of lightweight, thermal resistance and high standard performance carriers are impacting 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.
Access Comlete Report Details @ https://www.marketresearchfuture.com/reports/lithium-hydroxide-market-988
