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Lithium Hydroxide Market Global Industry Growth Analysis, Size, Share, Trend, Future Demand 2023
According to Market Research Future (MRFR)’s assessment report offered, the Global Lithium Hydroxide Market is expected to grow steadily but constantly over the forecast period 2017 to 2023. The growth of the battery market is likely to augment the demand for lithium in the upcoming years. Lithium Hydroxide is excessively used in the battery industry to support the production & sales of consumer electronics as well as automobiles. The growth of the end-user industries is expected to drive the expansion of the market over the next few years.
Rapid industrialization is poised to unleash growth opportunities for the players of the Lithium Hydroxide Market. The growing demand for Industrial Lubricant is anticipated to revolutionize the growth trajectory of the market in the years to come.
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The rising inclination towards electric cars is likely to multiply the consumption of Lithium Hydroxide over the assessment period. Additionally, the increasing solar PV installations have also intensified expansion of the battery market. It is expected to catapult the Lithium Hydroxide Market on an upward trajectory. On the flip side, price volatility of raw materials is poised to restrict the growth of the global market over the next few years.
On the Basis of the Application, the Global Lithium Hydroxide Market has been into batteries, ceramic glass, lubricant grease, and air-conditioning segments.
On the Basis of End-Use, the Lithium Hydroxide Market has been segmented into automotive, electrical & electronics, marine, aerospace, and others.
The Global Lithium Hydroxide Market, by region, has been segmented into Asia Pacific (APAC), North America, Europe, Latin America, and the Middle East & Africa. Asia Pacific is expected to retain its command over the maximum share of the market in the upcoming years. The exponential growth of the battery industry is poised to dictate the acceleration in revenue creation across the review period. Major country-level markets that are expected to flourish in the region are China, Japan, South Korea, and India.
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The report indicates that North America is anticipated to proliferate significantly over the assessment period. Investments are likely to flow towards the market in the upcoming years. In addition, the substantial increase in demand for lithium-ion batteries is prognosticated to boost the future trajectory of the Lithium Hydroxide Market in the region.
Europe is forecasted to thrive significantly owing to the supportive laws and regulations. The enforcement supporting the adoption of light-weight components in the end-user industries are expected to propel the expansion of the Lithium Hydroxide Market in the region.
In February 2019, Albemarle Lithium, an industry leader in lithium and lithium derivatives, has awarded a contract to engineering company Civmec for the development of lithium hydroxide plant Kemerton Strategic Industrial Area, Australia. The construction cost will be around USD 1.3 Bn.
In February 2019, Quebec-focused Nemaska Lithium has ratified its multi-year lithium supply deal with a producer Livent.
In December 2018, Kidman Resources, Melbourne, Australia, has announced the signing of a memorandum of understanding (MoU) for the supply of lithium hydroxide to South Korea’s LG Chem from the Mt Holland lithium project in Western Australia.
In October 2018, Canada-based Critical Elements Corporation, has announced the successful conversion of spodumene concentrate from the Rose Project into battery grade lithium hydroxide at the Outotec Research Center using a thermal leaching process.
In September 2018, Ganfeng Lithium, China’s No.1 producer of lithium, has announced the signing of a deal with Tesla, which is an American automotive and Energy Company, for the supply of 20 percent of its total production.
In February 2018, Nemaska Lithium Inc., a lithium hydroxide supplier and lithium carbonate supplier, has sent lithium hydroxide monohydrate samples to potential customers as a part of its marketing strategy.
The major players operating in the Global Lithium Hydroxide Market are SQM (Chile), Albemarle Corporation (U.S.), FMC Lithium (U.S.), Jiangxi Ganfeng Lithium Co., Ltd. (China), Tianqi Lithium Corporation (China), LITHIUM AMERICAS (Canada.), Nemaska Lithium (Canada), MGX Minerals Inc (Canada), Galaxy Resources Limited (Australia), and Wealth Minerals Ltd (Canada).
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